In Episode 1: The Phantom Menace, Qui Gon Jinn bets his spaceship that Anakin will win a pod-race in order to free Anakin from Watto, a slimy merchant for whom Anakin provides valuable slave labor. After Anakin wins the race, Watto says, “You swindled me. I lost everything.” Qui Gon replies, “Whenever you gamble my friend, eventually you lose.”
Kiplinger’s Jedi tip: In Knight Kiplinger’s 8 Keys to Financial Security, he tells us, “In investing, as in baseball, those who swing for the fences do hit the occasional home run. But they strike out a lot too, and their lifetime batting average — average annual total return — suffers accordingly. So shy away from highly volatile stocks, Initial Public Offerings (IPOs), buying on margin and commodity trading. Don’t try to time markets, because no one does it consistently well. Use dollar-cost averaging to invest regularly in markets good, bad and lackluster. Have the patience to wait out the occasional (and inevitable) bear markets.”
Personal Finance Lessons From Star Wars
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