My father, Kent Esplin, was an entrepreneur. The word wasn’t much in style in his day, and I never heard him refer to himself as an entrepreneur, or even say the word. Nevertheless, my father was an entrepreneur. He grew up in Southern Utah during the Great Depression. His family lost their sheep ranch near…
Some of you are probably familiar with the famous Marshmallow Test. In the 1960s psychologist Walter Mischel designed a simple experiment to test the self-control of preschoolers. Mischel would let the students pick from a variety of treats. He would then tell them they could eat the treat immediately, or they could wait until he…
Men do not desire to be rich, only to be richer than other men. – John Stuart Mills (1806-1873) There is a great old Jewish folktale in Rabbi Harold Kushner’s book When Bad Things Happen to Good People. The story is about two competing shopkeepers in a small town. Their shops were right across the street…
If you want to take volatility out of your portfolio, check it less often. –Ronald H. Muhlenkamp, American investor and businessman I am not a “dog person.” I didn’t grow up with dogs and as an adult I didn’t have any desire to own one. My wife, Alice, and I agreed on this. However, we didn’t…
Some investors tend to avoid risk when it comes to their investments. They want returns without any risks, but avoiding all risk is the same as avoiding potential returns. –Mark T. Hebner, businessman, investor, and author The Parable of the Talents I love the parables of Jesus from the New Testament. One of my favorites…
Many years ago I heard a story that illustrates the principle of investing in a memorable way. I can’t remember where I heard it, or who I heard it from, but I have never forgotten it. The story is about a young boy named Tommy growing up in a much simpler time than today. Tommy’s…
In the heart of the world-famous red-rock country of Southern Utah, about five miles from what is presently the entrance to Zion National Park, lies the small town of Rockville, Utah. On January 20, 1863, not long after the town was settled by hardy Mormon pioneers, my great-grandfather, Jacob Heathcote Langston, was born. Family legend…
It was Labor Day, 1966 and a young father, with his wife and four-month old baby boy, were driving across the high plains of Wyoming late at night. The father thought he had enough gas to make it to Rock Springs but with the lights of the town in sight the car sputtered and rolled…
I have always believed that sharing what we have with others is an important part of personal finance. This idea was reinforced in an unforgettable manner for me and my family in December of the year 2000. My wife Alice and I had four children ranging in age from 3 to 12. I had quit my…
Stories are great teaching tools. One of my favorite stories related to personal finance was told by Thomas S. Monson, president of the Church of Jesus Christ of Latter Day Saints, about a visit he made to a church school on the Island of Tonga. As he peeked in one classroom he noticed that the students were paying unusually…
