Dear Michael,
I have some random thoughts and advice for your future.
You left Israel almost two years ago and are now ready to embark on a path that will afford you great opportunity. After serving in the IDF, leaving confines of the protected nest of the USA, you have learned many life lessons.
Margot is your wife now, Yona is a new reality.
I have some advice to offer you.
You spent 5 years learning to live on your own including learning another language, Hebrew, a great accomplishment although a fairly useless language outside of Israel. You have a proclivity for languages. Now learn Spanish and Chinese. Knowing these two languages will open up many doors for you.
Opportunities to own land and property will open up for you, sometimes even in foreign lands – have the balls to invest in land, even if is a sliver at a time.
Invest long term in the stock market; don’t take short term gains off the table. You should reinvest them.
Good move buying your first house, next time buy bigger than you can afford. Your salary will increase; you will be able to afford more. Buy a house on the water – it will appreciate faster than a house inland.
Buy a condo in Utah one day, not a timeshare – rent it out when you don’t use it, watch the appreciation. Know this – Timeshares don’t appreciate in value.
Start a college fund for Yona immediately, don’t wait.
Don’t buy shit – most of it will get thrown away some day. Stop watching infomercials – you really don’t need that donut maker. Do not impulse buy – save tons of money buying only what you need. Make a list before going to the supermarket and stick to it. Budget for impulse buys, at around 4% of your income, no more.
Don’t drink soda, it’s bad for you.
Get an annual checkup with a great Doctor who is close to your age. Older doctors die. You want a Doctor who will be alive when you get old.
Stop smoking – it is bad for your health and wallet.
Don’t start drinking alcohol (you don’t drink now, why start?) – it too costs money and makes you do stupid things with your life and money.
Be a slumlord, don’t buy houses though, too time consuming. Buy more apartments, townhomes, duplexes, and condos.
Stay in shape.
Don’y sell and stock to pay for your next home. Borrow more money instead.
Be a better father – learn to be more nurturing and spend more time in the early years being a great dad.
Learn to delegate – you can’t do it all.
Don’t tolerate assholes or negative people – they drag you down.
Be slower to hire and quicker to fire.
Don’t count on your friends or so called friends to give you a hand – depend on yourself and Margot. If your friends step up, that is great, but don’t count it. As they get older, they will become detached and selfish and value friendship less.
Find a hobby – boating, tennis, skiing but keep them in moderation.
Find investments that will pay you 10% + annually and keep reinvesting.
Be more romantic and affectionate towards Margot – she will deserve your attention and it will pay back in spades, even if you are tired or not in the mood.
Have 4 or more kids, you will get pleasure from each of them.
Sincerely,
Michael
