A Gift to My Children

by Jim Rogers

  THE ARROGANT ARE BLIND TO THE TRUTH.

  If you let vanity and self-importance take over, you will lose all that you have achieved. And fast.

  You need only look at the United States. Some Americans have no interest in the world yet believe they are the center of it. They just do not understand why the United States has ceased to be as competitive as it once was. They believe that devaluing the currency is the key to selling American products. With that kind of logic, there is no way that the U.S. dollar can remain strong for very long.

  Throughout history, many countries have tried debasing their currency as a way to revive the economy by making it a bit more competitive. It has never worked over the long run or even intermediately. It can work in the short term, but not always. Only quality and service work over time.

  Ignorance is born of an outsized sense of self-importance. Never let yourself become arrogant. Study hard. The more you learn, the more you will realize how little you know—and armed with this humility, you will never lose sight of the distance that separates self-confidence and self-importance.

  DO NOT STOP WHEN YOU ARE WORKING

  TOWARD YOUR DREAM.

  While I was driving around the world with your mother, my father became ill with cancer and eventually passed away. But I did not stop our journey to return to my father's side. That might sound selfish or coldhearted. And so I want you to know why I made this choice. For me to go on a round-the-world trip was my father's dream as well as mine. He insisted that I not cut the trip short for his sake. When his condition worsened, it was important to me to tell him how proud of him I was and how much I loved him. I phoned Dad frequently and wrote him numerous letters. But I did not return to the United States. I still cry about it when I remember those days and his wishes.

  I want you to fulfill your dreams. That is my dream too. As your father, I wish for you a lifetime of happiness and fulfillment. I want you to pursue, without pause, whatever it is that stirs your passion. Keep working toward your dream, not someone else's, and not mine, either. A lot of people try to live for others—their children, their spouses, their parents, their friends—and in doing so twist themselves into knots attempting to meet their often outsized and/or unrealistic expectations. That leaves little space for personal growth and progress, and creates resentment for lost opportunities.

  I will always offer you advice about what I think you should do, but the decision is yours about whether or not to accept it! I do not want you to live your lives for me. Because I love you, I encourage you to be true to yourselves. Every effort that you make to live to the fullest only deepens my affection for you. I am your father, but you need to set your own goals, envision your own futures, and find your own paths. I will do my best to help you avoid mistakes, but I know that you will make some anyway. I would do anything to prevent you from suffering setbacks or hurts; that's what fathers do. (I mean, I still cringe every time one of you winces during a vaccination.) What I'm trying to say is that in the end, your success and happiness are up to you!

  You both probably will marry some day. I made a couple of mistakes in this area so I know how debilitating this can be. I had acted despite my own doubts and judgment, so I acted foolishly, at least partly because I felt it was too late to back out. Your mother was smarter in what is often the single most important decision in a person's life. Be extremely careful—even reluctant—before marrying. Do not do it if you have any doubts at all even if it means walking away from the altar at the last minute. Your mother and I will always stand by you.

  PASS THIS MESSAGE ON TO YOUR CHILD.

  I really look forward to conveying to you lessons that my parents and grandparents taught me. I know that raising both of you will be the ultimate adventure of my life. Happy, when you were still in your mother's womb, I bought a map of the world and a globe for you, along with a piggy bank. Of course, I have done the same for Baby Bee. I hope that someday you'll share with your own children the wisdom that your mother and I have imparted to you.

  Epilogue

  The devil of life is always in the details, so I thought I'd close by giving you a series of little rules that have guided me well.

  Always buy quality products. They last longer and retain more value.

  Always eat before you go grocery shopping! If you're hungry when you go, you'll end up buying more food than you need!

  Anything that is a “must see,” “must try,” “must read,” should almost certainly be avoided, especially if it is popular. Use good manners no matter where you are or whom you meet. They are an eternal verity that will always distinguish you. Be sensitive to the mores of each society because “good manners” are often different in various cultures.

  Beware of all politicians everywhere. They excelled at recess when they were in school but have excelled at little since.

  Never ask someone how much money he or she makes, or how much something costs. Never tell someone how much your things cost. Never discuss how much money you make or have. My parents and grandparents ingrained this in me because it is ostentatious and poor manners, at least for us. Prove yourself by your actions rather than by talking about money. There are many folks these days who love discussing their money and flashing it about, but it is not the way I hope you will live.

  If and when you borrow money, pay it back on time, if not in advance. Good credit is vital. A bad credit record will haunt you for years.

  As you get older, you will have to deal with boys. I expect always to be giving you advice and warning you about boys. The basic principle to remember is this: They need you more than you need them. They will make you millions of promises in their frantic pursuit of you. Take it from someone who knows; I can tell the stories better than they can. Just ignore them and stay true to yourself. Use your common sense when you start hearing absurd promises, compliments, and flattery. Do not follow a boy to a different school, city, or job. Make the boys follow you.

  When you get older, remember that you will gain little from singles bars—the bartenders will learn and earn more from the experience than you will.

  Be wary: Learn that many men who look old enough to be your father or grandfather do not think of you as their daughter or granddaughter.

  Do not get married until you are at least twenty-eight and know a bit more about yourself and the world.

  It is vitally important to maintain boundaries between work and life. Skip going out for drinks with the gang after work every night. You will notice that the boss does not do it, which is one reason that he is the boss. And while we are discussing the boss: There is rarely, if ever, any sound reason for you to have a drink with him or her alone, much less dinner. And while we are discussing drinking, never drink at a business lunch. Finally, and importantly, avoid in-office romances. They usually end in personal and professional disaster for one or both parties.

  Always use the toilet before you set out on a long drive or make an appearance in public.

  Learn to type and to sew. I never did, and I regret it often, on both counts.

  Learn to do as much arithmetic and figures as possible in your head. This may sound strange, considering that calculators are everywhere, but you will have a leg up by understanding the numbers better than others, while also noticing anomalies others miss. Besides, what will they do when they've left their calculators at home? This will be a huge advantage for you as few will be able to keep up with you.

  Finally, take care of yourself! It's difficult to be successful if you aren't healthy and rested. You know how your mother is always putting sunscreen on you? She is exactly right.

  Learn to stay calm—especially in times of pressure or turmoil. You will make much better decisions plus everyone will soon notice you are calm under pressure when others are not. I have gotten better, but still am a hothead too often—and always regret it later.

  Always be early for appointments. You will be much more efficient with your time and will make a very good impression since many arrive
late—some repeatedly late.

  Once you do get to know and understand yourself, remember who you are and stay with it. I still get carried away at times and act emotionally or do things at which I am not good. I always look back and try to kick myself into remembering I need to be true to myself. For example, I sometimes jump into an investment when it is moving up only to remember later it was emotion overcoming my own self awareness. I always regret it when I do not stay with my own best abilities—whether in investing or anything else.

  For more wisdom and advice from Jim Rogers,

  visit www.jimrogers.com.

  ABOUT THE AUTHOR

  Born on October 19, 1942, JIM ROGERS had his first job at age five, picking up bottles at baseball games. After growing up in Demopolis, Alabama, he won a scholarship to Yale University. Upon graduation, he attended Balliol College at the University of Oxford, where he earned his first Guinness record as coxswain of the rowing crew. He cofounded the Quantum Fund, a global investment partnership. During the 1970s, the portfolio grew 4,200 percent, while the S&P rose less than 47 percent. Rogers then decided to retire—at age thirty-seven—but he did not remain idle.

  Continuing to manage his own portfolio, Rogers served as a professor of finance at the Columbia University Graduate School of Business and as a moderator of The Dreyfus Roundtable on WCBS-TV and The Profit Motive on FNN. At the same time, he laid the groundwork for his lifelong dream: an around-the-world motorcycle trip of more than one hundred thousand miles across six continents, his second Guinness record. That journey became the subject of Rogers's first book, Investment Biker (1994).

  Rogers's Millennium Adventure 1999-2002, his third Guinness record, took him and his wife, Paige, through 116 countries (and about fifteen civil wars) and over 152,000 miles. His second book, Adventure Capitalist, chronicled that incredible journey.

  He lives in Asia with his wife and daughters and is a media commentator and lecturer worldwide.

  He can be reached at www.jimrogers.com.

  A Gift to My Children is a commonsense guide to personal finance.

  In practical advice books, as in life, there are no guarantees, and

  readers are cautioned to rely on their own judgment about

  their individual circumstances and to act accordingly.

  Copyright © 2009 by Beeland Interests, Inc.

  All rights reserved.

  Published in the United States by Random House,

  an imprint of The Random House Publishing Group,

  a division of Random House, Inc., New York.

  RANDOM HOUSE and colophon are registered

  trademarks of Random House, Inc.

  LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA

  Rogers, Jim

  A gift to my children:

  a father's lessons for life and investing / Jim Rogers.

  p. cm.

  eISBN: 978-1-58836-776-1

  1. Investments. 2 Success. 3 Conduct of life.

  4 Success in business. I. Title.

  HG4521.R685 2009 650.1—dc22 2008025207

  www.atrandom.com

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