Lessons From The Other Buffet

Everything you need to know about money, you can learn from a Buffett. Just not the Buffett you might be thinking — Jimmy Buffett, not Warren Buffett.

I would be lying if I told you that I am a huge Jimmy Buffett fan. I am not. I am a fan of being successful at doing what you love and clearly Jimmy Buffett had that part down. As I heard about his passing, I wanted to write a column about some of the things we can learn from the musical Buffett. Another advisor friend of mine, Gregory Ostrowski, wrote an article like this a few years ago, and I really liked it. Now that Jimmy Buffett has passed away, I thought it would be a good idea to remember the financial gems he sang about.

One of the real masterpieces Jimmy Buffett wrote about money is a song called “I Used To Have Money One Time.” Now the title alone should be a forewarning of something you never want to say to yourself, especially right before retirement.

A few things to think about for those who are familiar with the song. The first verse lays down some great life lessons by reminding all of us that what goes up will eventually come down. What’s down will eventually come up. That is at least how things have been historically. It is always important to keep that in mind.

The last verse has perhaps the wisest message: take care of your needs and watch out for your greed. Having some sort of budget to live on is one thing, but sticking to it is another. Ask yourself, is this a want or a need?

The last point to consider falls in the chorus, “But who’s gonna tell a fool.” Clearly, here he is talking about regret and that it’s difficult to accept once you have realized a mistake has been made.

Many of us have benefited from the good vibes and wonderful songs Jimmy Buffett wrote and sang about. It’s a real artist who can turn those songs into action and have a real message. Warren Buffett is obviously the more established Buffett when it comes to the market, but Jimmy also has provided some great lessons to live by. Rest in peace, Jimmy.

Jason LaBarge, financial advisor and president of LaBarge Financial. 7 Riggs Avenue. Severna Park, MD 21146 443-647-4321.

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