A lunch companion asked if I still "follow the market" (apparently someone had informed him of my jaded view of publicly traded stocks since my own blowup a few years back, which altered my perspective on stocks and economic activities, to say the least). I replied the usual, along the lines of "well, not really; I keep up with headlines, read some economics and finance blogs, analyze an earnings release and a few financial statements every now and then for fun," with my usual open-ended follow-up of "why do you ask?" He's wondering what to do with his investments, of course, so after a quick appraisal of the current environment (Dow 1000-point plateaus being reached too quickly, private equity firms cashing out of their holdings by going public themselves, etc. - you can see where my sentiment lies), I offered the following advice:
1. you will not get rich from stock investing
2. you will not retire "early" due to your stock market holdings
3. you will pay taxes to the government and thereby not get to keep all of what you earn every time you are lucky enough to GUESS correctly, and you will not be reimbursed by the government for any of the times you get it wrong
4. find something, preferably TODAY, that you could do and get paid for and enjoy, or at least not despise, doing until you are 70 years old, since that's how old most of us will have to work until in order to pay for our longevity, our lack of adequate health care, our debt, and our materialistic motivations
5. once the thing has been identified, take your 1st step towards it today, if you have time; if not, then tomorrow, 1st thing when you wake up, after setting the alarm clock for a little earlier than normal, if necessary.
This is not as pessimistic as it might sound. Who doesn't want a good reason to stop doing what makes them miserable on a daily basis, 10 hours a day, 5 days a week (or more)? And short of that, short of stopping the thing the makes one miserable, the very next best thing one can do is to engage in what brings him or her joy or at least hope for the future, so that the next stage in life can be commenced as soon as possible. The knowledge and act of preparation even makes the daily drudgery of present economic existence not only less miserable, but actually downright bearable!
If you have always wanted a degree, or a more advanced degree, or even a PhD, or you have wanted to learn electrical wiring, or if you have wanted to become an expert in anything at all, you can get there in 10 years. This is what psychological studies of human performance and "expertness" tell us. Of course, you have to work hard at it for 10 years, and you have to work at it every single day of the week (no Sabbath for you!), but not all day every day. Just like practicing piano scales. If you do that, you will very likely be considered an expert in the field after 10 years or possibly even sooner, depending on your current background in the field.
So if you are 50 and want that Geology or Psychology or Accounting or Engineering knowledge that your heart has always longed for, get going today, and by the time you are 60 you will be an acknowledged expert in the subject (probably much sooner than that though until you are serviceable and employable and revenue-generating). You can then ply your craft for a good 10-15 years before retiring, but then, since you love it so, you will probably be one of those who never truly retires and stays current in the field until the day you die. How's that for a happy ending?
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