“It Might Get Loud”…has some tips for all of us!
This weekend the kids and I spent some time watching “It Might Get Loud,” a documentary by Davis Guggenheim featuring guitarists Jimmy Page of Led Zeppelin, The Edge from U2, and Jack White of White Stripes. For a guitar fan, it was fascinating, educational, and just pure fun to watch three masters share their craft and knowledge. As I watched, I also came to realize that it had key points we can all use in business, investing, and life in general.
Now, don’t reckon I spend all my time thinking about finding information to use for IRA’s and retirement investing…I was watching the video for the pure pleasure of seeing the craft of, in my opinion, 3 outstanding guitarists. You do not have to automatically be a fan of any of them, or their respective groups, to appreciate the ways they have helped shape music – all with the same instrument, yet all in a different manner. This leads us to the first lesson we can all use: It is not the uniqueness of the tool, but the creative and disciplined way in which the tool is used that makes a difference.
How does this apply to IRA’s, 401(k)’s or investing? Well, it applies in many ways. For one, we all need to remember that IRA’s, 401(k)’s, rent houses, and business investments are all just really tools we use to reach some financial goal. It is the use of these tools in creative and disciplined ways that get us results different, and hopefully better, than others with the same tools. A excellent example are rent houses. In simple terms many are just “brick boxes” with basic income fundamentals. But, it is how we market, color (paint, siding, landscaping, etc), and run these that make a common house have uncommon returns. In the case of IRA’s, it is the creative approach to look at alternative (non stock market) investments, and to avoid the “just let the money sit there” attitude, that brings us better opportunities than the masses.
Another area that is made very apparent in the film is that these guys started out pretty rough around the edges talent wise, yet honed their craft to unmatched levels through disciplined learning. It is no different with investing – you need to make it a focused part of your life, continuing to learn and hone your craft. Jimmy Page, for example, started by playing skiffle…a style of improvisation often done with domestic instruments…then had a number of years as a session musician. He even did tedious sessions recording Muzak tracks, more commonly known as elevator music. Why is this vital you question? Because by the time he had done all this, he knew music and more particularly music that could be generated via a guitar like few others…it was then that he let the creative juices flow to levels which few can match. You need to become the expert of your tool/plot, over time, to expect the best returns on your investment.
Dave Evans, more commonly known to us rock fans as Edge or The Edge from U2, gives a very fascinating look at taking something very basic…a musical note or two…and using creative mechanisms to make sounds that when heard, people say, “That must be The Edge.” So what can we learn from this? Well, how about taking something as simple as a basic self-directed IRA account, and figuring out ways to make it “ring out” with income by keeping it invested 24×7 and earning 10% at a minimum? Possible…yes. Simple… no… not as a beginner, but with the right training and discipline, certainly possible.
Lastly, the last limb of this triumvirate, was Jack White. For those that are not familiar with him, let me just say he is a guitar player who, if stuck in the woods with nothing more than some sticks and thread, would make a guitar we would doubtless all want to buy. He shows not only that you can make something out of nothing (and play it), but that with the right effort level and again, disciplined approach, you can make a cheap pawn shop copy guitar ring out like a classical beauty. What do take way from him? Simple…you do not need expensive internet programs, guru seminars, or the best of the best “tool” to make something excellent and successful happen. It applies to music and it really applies to investing – hard work, continued learning, disciplined approaches, and focus on ones craft will lead you to the top even with the most basic of tools.
Lastly, for those that may reckon there is nothing to gain from watching ancient rock stars talk about guitars, remember: It is not the messenger that we should be automatically interested in, but more so the content, character, and depth of the message that can gives us clues to the direction to head, or avoid. I dare say we as a whole would be better off if more would take this approach.
So… Now, I question you – Are you ready to place in the time? Are your ready to get the education you need? Come see us at Newman Asset Management and we will help you craft some gorgeous music with your investing.
In anticipation of next time…
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Tags: 401(k), guitars, investing, IRA, Jack White, Jimmy Page, Led Zeppelin, music, Retirement, The Edge, U2, White Stripes
