The Coach's Corner

Archive for February, 2018

Common-Sense Spending Advice

February 19th, 2018 // Tom Doescher //

Tom Doescher - Doescher Advisors

For most of my adult life, I have considered myself “cheap.” For example, I’ve been known to say things like: “Why buy something new when the old one still works?” or “Why pay more when I can get essentially the same thing for less?”

In Chapter 6 of Your Money or Your Life, by Vicki Robin, the author states: “Frugality is enjoying the virtue of getting good value for every minute of your life energy and from everything you have the use of.”

After all these years, Robin helped me understand me. There are times where I will spend/invest money — a lot of money, in fact — and feel good about it, but I’ve never understood why. So, using her words, I’ve realized that I’ll buy/invest if I believe I’m getting good value.

That being said, Robin provides a common-sense list for helping us save money:

  1. Stop trying to impress other people.
  2. Don’t go shopping.
  3. Live within your means.
  4. Take care of what you have.
  5. Wear it out.
  6. Do it yourself.
  7. Anticipate your needs.
  8. Buy it for less.

It’s not rocket science, but I’m guessing these are the habits of the Millionaire Next Door.


Mastering Bitcoin for Dummies

February 5th, 2018 // Tom Doescher //

Tom Doescher - Doescher Advisors

For the past couple of years I’ve felt I should know something about Bitcoin, as it’s becoming more mainstream, so I recently purchased Mastering Bitcoin for Dummies by Alan T. Norman. Have you ever had one of those moments when someone is speaking to you about a technical subject and it’s as though they’re talking in a foreign language?

As I read the book, it occurred to me that Bitcoin was developed by a computer programmer, while the author of the book is a self-proclaimed “geek” whose career goal is to become a security hacker for the U.S. government. As a result, there are many words used in the book that are probably common in the programming world, but their programming-specific meaning is definitely not familiar to me. These include wallets, blockchains, cold storage and mining.

In addition, it seems like I need to download some software to my Mac, which is a very scary thought!

In posting more than 180 blogs, I’ve never solicited a response — but if you use Bitcoin for spending, payments, or receipt of payments and are willing to talk to a limited-knowledge Mac user and teach him a little about Bitcoin, please hit reply to this blog and let me know.

p.s. If I do learn some basics, I’ll share them with my readers in a follow-up post.

The Advisor’s Corner

Tom DoescherYou’ll find stories from the trenches, business lessons, and pertinent questions to help you find inspiration, professional growth, and leadership savvy.