OPE! Mixtape #43: 19 Money rules for writers (any anyone else)

Being rich vs being wealthy

Welcome to OPE!, the weekly newsletter by writer and rock critic Brady Gerber. This is where I share my favorite new (and new-to-me) songs and links, as well as the occasional announcements and life updates. All typos are intentional.

Well, hello there. How are you?

I had a lovely time in Seattle this past week. Thank you, Suzie, Catherine, Max, Michelle, and Jack, for the great trip. The Pacific Northwest is quite beautiful in the Fall. I already miss the teriyaki.

When I got back to LA, I got into a groove of reexamining the state of my current freelance finances, which I usually try to do around this time each year and see what changes I want (or need) to make for the coming year. This usually entails me rereading Morgan Housel’s The Psychology of Money and Andrew Tobias’s The Only Investment Guide You’ll Ever Need, both great books that I recommend to anyone wishing to learn more about personal finance. Inspired by these books, I’ve developed a sort of finance cheat sheet (more of an outline of rules and reminders to live by) that I’ve fine-tuned over the years. These rules have been a lifesaver, especially during the volatile ups and downs of life as a writer.

Below are my money rules to live by, inspired by those two books, all my business classes from college (I got lucky with some wise professors), and all my trials and errors in life so far.

1. Being rich (e.g., working out at the gym so you can eat whatever you want) is not as sustainable or rewarding as being wealthy (working out and eating less, eating slowly, and eating well).

2. How to be wealthy: Don’t spend money you don’t have, and spend less money than you have. Save the difference. Watch it grow.

3. Having “enough” is not too little.

4. Nothing is as good or bad as it seems.

5. "I want you to be successful, and I want you to earn it. But realize that not all success is due to hard work, and not all poverty is due to laziness. Keep this in mind when judging people, including yourself." (Housel)

6. The sign of good financial health: A bad investment here and a missed financial goal there won't wipe you out, so you can keep playing until the odds fall in your favor. Good financial health accounts for that room for error provided by the universe (aka all the cosmic unknowns of life).

7. Better to be pretty reasonable than coldly rational.

8. We can always benefit from improving our "hurt" tolerance. (My example: I have a bad money habit of spending a lot of money on takeout to counter any days that are especially stressful (aka eating my feelings). What I’m working on: How can I counter and deflate that stress in a more meaningful way that also saves takeout money?

9. My financial plans and goals will change in ways I can't expect or plan for. A 35-year-old parent will have different goals and expectations than a 19-year-old college student. That's OK.

10. Market volatility is a fee, not a fine.

11. Marriage: Be nice to each other, and find humor in the compromises. (I’m not married but I find this to be wise, especially since most marriages break down over, among other things, money.)

12. The hardest financial skill: getting the goalposts to stop moving. (Again, you probably have enough.)

13. Better to play your own game well (with your own goals and skills) than try to play someone else's game poorly.

14. Investing is not like treating polio—finding a one-and-done solution—but more like treating the flu: maintaining a healthy lifestyle and not punishing yourself for sometimes getting sick.

15. Sure things are boring.

16. Only invest money you don't have to touch for a while.

17. It’s easier to spend less than to earn more.

18. "What do I own, and why?"

19. Always work towards a six-month emergency fund before investing in other stuff.

I hope this helps anyone who needs it.

Here are this week’s links and songs, which include a lot of catching up from last week.