Why You Should Learn From the Many Diverse People Around You
"The measure of a person,” says Mark Cover, “is not only how many people show up at his funeral, but how much variety there is in the group of people who show up.” The more variety, the richer the life.
“I’m not sure where I learned this,” he continues, “but somewhere in my twenties, I realized that I could learn from literally every single person I came into contact with. I think a lot of lives get short changed because many people don’t believe that.”
Related: Timeless Wisdom: The Golden Mean
Mark came from a rural farming community. Growing up, he had no idea what a real estate developer even was. No one would have ever predicted that he would become the CEO for a division of a multi-billion-dollar real estate development firm. He jokes that when he first graduated from college, all he had was a couple polyester suits, a smile, and debt. It is that humble beginning that taught him about the many opportunities available to someone with an open mind and a willingness to learn without preconceived judgments.
Although, at this point in this life, it would be easy for Mark to limit his contacts to business colleagues, investors and neighbors in his affluent neighborhood, he goes out of his way to cultivate relationships with diverse groups of people he wouldn’t typically run into in the normal course of a day. Every Sunday, he and his wife drive 35 minutes to a church that is in a neighborhood very different from their own. Sure, they could go to the church that is only a few minutes away. But, Mark doesn’t believe he can serve or learn as much close to home.
Parenting, Money and a Learner’s Permit
One group of people Mark has had the pleasure of learning from are private wealth holders. Because of his career, Mark has had the opportunity to meet the ultra affluent and financially savvy. And he’s observed what wealth can do to family dynamics. Inheriting great sums of money doesn’t always lead to more freedom. In fact, Mark says many second- or third-generation wealth holders are “frozen in fear.” They are afraid they will mismanage the money and ruin their family’s legacy.
“That’s why,” he says, “I’m a big believer in enabling young people with a sense of wonder, excitement and optimism for their personal opportunity and ability to accomplish things that matter to them.”
He also believes that parents must reflect respect for their children from an early age and that is how he raised his four children (now adults). Mark and his wife had a parenting philosophy in which they openly talked with their children, shared insights and wisdom and “always gave them a little more rope than they expected.” For example, in Texas, you can get a learner’s permit when you are 15. So, Mark says he pushed each one of his children to get their learner’s permit as close to their fifteenth birthday as possible. Lots of other parents were terrified to have their children start driving in the big city, but Mark has always viewed things from the other side. “It’s your life,” he says. “It’s short. Go out and grab it by the horns. As long as it doesn’t hurt yourself or someone else, go for it!”
Most Read IRIS Articles of the Week: March 19-23
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 19-23, 2018
Click the headline to read the full article. Enjoy!
Let’s pretend you are a US investor that wants to deploy some of your money overseas. You think international developed market stocks are attractive relative to US stocks, and you also think the US dollar will decline over the period you intend to hold your investment. — Chris Shuba
I had a chat with The Financial Times the other day, and provided lots of background as to why I don’t think cryptocurrencies are the choice of criminals. The comment that was reported was the following ... — Chris Skinner
During the tumultuous red and green gyrations of the capital markets this year have your clients anxiously called to ask: “What’s going on with my portfolio?” What do you do when the usually smooth ride in your luxury automobile becomes as bumpy as Mr. Toad’s Wild Ride in the Happiest Place on Earth? What does the average investor do? — Ted Parker
Inflation is a bad thing, right? It make things more expensive, right? For those of us of, let’s say, a certain vintage, we recall the runaway inflation of the late 1970’s and early 1980’s. So why does the Federal Reserve – in charge of managing the country’s currency and value thereof – actually try to create inflation? It’s called the inflation targeting and it matters to your money. — Bill Acheson
As you near your 60’s, your prime earning and saving years will transition into a period of time where you get to enjoy the “fruits of your labor,” a.k.a retirement. We call this segueing from accumulation to decumulation, the period when you will be drawing from your accumulated nest egg. — Dana Anspach
Exchange traded funds (ETFs) are popular vehicles for market participants looking to engage in thematic investing. Thematic investing looks to take advantage of future growth trends, including disruptive technologies. Given that forward-looking approach, stock-picking in the thematic universe is equally as hard, if not harder, than in traditional market segments. — Tom Lydon
It’s not enough for your salespeople to be product experts, they also need to be capable of having the kind of conversations that position them as business experts and even strategic resources. — Lisa Rose
Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher
It’s undoubtedly true that investors’ financial security is no laughing matter, and this is reflected in the stolid, dour, reliable imagery and branding that is, by and large, the industry standard. This is hardly surprising—investors need to believe they’re placing their hard-earned money in the hands of experienced, trustworthy professionals. — Alexandra Levis
The number one question advisors ask when exploring a move to independence is how the economics compare to accepting a recruiting package from a major firm. It’s certainly a valid concern, because while the recruiting deals being offered by the wirehouses are down, it is still very possible for a top advisor to get a really attractive hard-to-pass-up offer. — Mindy Diamond
Municipal bonds might not be the first thing that comes to mind when you think of a sexy investment. They don’t typically command news headlines like the stock market or bitcoin. — Frank Holmes
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