Impulse is your enemy, time your friend

Through the 1980's, and especially into the 1990's, I was diligent about putting savings away for retirement via 401K and IRA's, as well as taxable accounts.  Knowing that over the long term stock market equities returned 10% to 12% on average this is where I placed the bulk of our investments.  I researched mutual funds and narrowed my choices to those with low fees and good track records.  I also invested in individual stocks.

I survived the 1987 market crash just fine, staying invested and reaping the gains that followed right away in 1988.  The market drop in 1990 was pretty discouraging as well--I think it was about this time that I came across the quote that titles this post, and tried to stay upbeat about the market.  In other words, I didn't give up and sell my stocks at the market bottom.  Indeed, the great bull market that persisted the following decade was remarkable, and a boon to our net worth.  I was convinced that I was a stock picking genius.  I don't know if I realized that a monkey picking stocks randomly could so as well in such a market.

The next significant bear market began in 2000 with the dot com bust.  Suddenly I wasn't such a genius anymore, and tried to remember that impulse was my enemy.  I had to stay patient through the next decade, a tough time for the market, including the terrible recession and market drop beginning in 2008.

In retrospect, I have weathered all these stock market ups and downs, never giving up hope, staying invested, and doing just fine, thank you.  I have stayed diversified and avoided wild speculations.  As I approach retirement I have modified my asset allocation to be more conservative, at least for the amount of funds I would need for the first several years of retirement.

"Impulse is your enemy, time your friend."  This applies to more than just stock investing.  I think it is wise counsel for many aspects of our lives.  Not only does time even out the bumps in the stock market, and lead towards historical positive returns, but time heals wounds and broken relationships.  It erases or tempers unpleasant memories.  Have you ever done something very hard, and declared afterwards you would never do that again, only to find yourself a few months later remembering the experience fondly, and planning for the next time?  Speaking or acting impulsively can have so many negative and lasting consequences.  Time is such a blessing in our lives.

Quiet Waters

My wife wrote a great blog post last year about Quiet Waters Outreach.  Our son, Daniel, spends several weekends there each year, including this past weekend.  Each weekend has a theme, with activities associated with the theme.  It might be the county or state fair, or pizza (they went to Papa's Pizza this time), or Portland Rose Festival, or pet weekend, or firestation, etc.

The home where Daniel goes is called Martha's place.  I took a few pictures and had Daniel give a guided tour on video.

They have a Christian slant, as can be seen by this wall decoration.

And here is an exceptional video produced by Quiet Waters, and features Daniel and Suzanne.




I am moved every time I watch this video.  We are grateful and pleased that Daniel has the opportunity to visit Martha's place, and he enjoys it a lot.

Idaho Potatoes

In the summer of 1978 I connected with an old college buddy who was working for IBM and was motivated to interview for a job with them (in Tucson, AZ).  While I was at it, I also interviewed with HP in Boise, ID, and with Bentley Nevada in Minden.  We decided to uproot and accept the job offer with HP, and moved up there in December.  Would you move to a state with license plates that said "Famous Potatoes"?  Well, it didn't stop us.

We found a 1/2 acre subdivision in Meridian and contracted to buy a new home to be built.

Another new house, and big yard projects.

We had a marvelous large garden in our backyard.

HP was the premier company for electrical engineers to work at.  In Boise I worked in the Disc Memory Division, initially working on servo design for the 7908 disc drive.  I thoroughly enjoyed my work and the company.  Benefits were great and employees were treated so well.  I carpooled the five miles to work with two other employees from my neighborhood.

The Poor Among Us

I thought this post and this post by my wife were so thought provoking.  They have also dovetailed into further discussions we've had regarding the presidential election and comparisons between rich vs. middle class vs. poor.

I confess that, absent my opportunities of service related to my church, my life's personal experiences would remain solidly in my middle class cocoon.  I still  have had very little exposure to the truly rich, but I have had many occasions to interact with the indigent.  Here are some of my thoughts regarding that.

For one thing, I have had several experiences seeing the criminal justice system at work.  I have visited inmates, I have seen the havoc wreaked on the families left behind.  Thankfully, the vast majority of the population has not developed life skills having to do with bailing someone out of jail, or interacting with public defenders, or figuring out jail visiting rules.

One thing that still perplexes me--how does someone with poor credit history, no assets, and is un- or under-employed qualify to rent an apartment?  I'm aware of many cases where the Church has stepped in to help with temporary motel lodging, or up front deposits to get a family into an apartment.  Or to pay the rent to avoid someone getting evicted and ending up unable to find a new place.  I'm aware there are government subsidies and helps, but it seems every case I was involved with the waiting lists were years long for such assistance.  (I suspect many "lifers" consume the available resources.)  What does someone do without the help of a church, or some other benefactor?

I have had extensive experience trying to help people get back on their feet financially and be self sufficient.  This is always the goal.  As bishop I was spread too thin to deal with all the nuts and bolts of every case--in one case I worked closely with a very competent and experienced home teacher to help an indigent single person to manage his money better--create a budget, map out future income and expenses, etc.  This was a person with past history of using payday loans, gambling, and giving money to his daughter.  As a condition of continued church help he needed to cooperate and impose self discipline, and even turned his checkbook over to his home teacher to pay the bills.

It was pretty rough going. and it took several stops and starts to finally achieve some success.  I sometimes find that those in financial distress have a poor grasp of financial basics.  Specifically, everything is "now", and there is no notion of future--limited grasp of budgeting, no need to economize, spend the money in hand and don't worry about tomorrow's bills.  I wonder whether this is a cause or effect.  Is financial distress caused by these poor money management skills, or does the condition of financial distress cause a frame of mind to feel hopeless about the future, so might as well spend now?

Another thing I found is that bad things come in multiples.  In other words, someone loses their job and also wrecked their car.  Or they get an eviction notice and their car was impounded due to illegal parking.  Or the husband was thrown in jail and the kid has a bad illness.

Some of these misfortunes come as a consequence of bad choices, and sometimes they just happen as a natural part of human experience.  When due to bad choices, we teach and encourage repentance, and how to change behaviors.  The engineer in me would tend to get discouraged, because I would want to fix things.  But often I was powerless to do so, and it required action by the afflicted party, and it was distressing when they wouldn't follow through.  And sometimes, in those cases, you just have to let the consequences result, difficult as they might be.

California or Bust

As I approached graduation in late 1976 from BYU in electrical engineering I was excited about the prospects of gainful employment.  As we considered potential jobs we narrowed our choices down to a location with warm or mild weather, and in the western states.  I did not pursue interviewing with Hewlett Packard (the premier engineering company at the time) because we didn't really want to live in Colorado.  Nor did I interview with IBM for an Endicott, NY, opportunity.  I interviewed with Intel, ESL, and another company in the San Jose area, and with Burroughs in Mission Viejo and Santa Barbara.  I got attractive job offers from all, but was most interested in pursuing Naval Weapons Center in China Lake, CA, because of reasonable proximity to both our folks (2.5 hours drive), inexpensive real estate (compared to other California locations), and job security and benefits working for the civil service.

NWC was anxious to hire me, but initially could only offer a GS-7 position, whereas, with my masters degree, I qualified for GS-9.  I held out and within a couple of weeks the GS-9 offer came through, so we loaded up all our possessions into a '66 Chevy wagon pulling a U-Haul trailer and it was "California or Bust".

We moved into a duplex on base and started fitting into the tight-knit community of Ridgecrest/China Lake, and started our lives as "normal" people, instead of students (as we used to joke about and long for).

Here is the Michelson Laboratory where I worked.

I rode my bike to work most days, as well as a Honda CB100 motorcycle.  Winters were rather nice, summers quite hot.  And it would get windy at times.

My primary job for the two years I worked there was as a design engineer on the Sidewinder 9M missile.  It was very interesting and rewarding work, mostly analog circuit design, as well as analog and digital computer simulation work.  The field tests were exciting and memorable. 

After only four months we were able to buy a new home off base.  It was a lot of work putting in the yard and other improvements.  But we loved our new home and were pleased to be on the elevator of appreciating home prices.

But, as the project wound down I started getting itchy to work in the private sector.  We were sad to leave our friends and first home.

Where's Waldo?

Just for fun, I'm going to pick some photos from our family archives and let you guess who, where, and when for each, and any other interesting circumstances.  (Edited with answers in parentheses.)

Photo #1  (Blair, early 1977, Fowler St., China Lake)

Photo #2  (Suzanne and Sandra, summer 1976 in Europe, probably Vienna)

Photo #3  (Spring 1977, our new home in Ridgecrest)

Photo #4  (A beautiful woman, AKA Suzanne, on ferry from Amsterdam to Harwich, June 1976)

Photo #5  (Blair, Alyson, Daniel, Eric, Jason, Dec. 1978, Roy Utah)

Photo #6  (Suzanne and Glade, Holland, Aug. 1976)

Photo #7  (Blair in our Ridgecrest home, early 1978)

Photo #8  (Our new home, Meridian Idaho, early 1979)

Photo 9  (Barry's graduation, Riverside CA, 1966--I can't help but laugh every viewing of this photo)

Thousands of photos

A few years ago we hired someone to convert all our 8mm home movies to digital.  I continued with the task of converting all our home VHS and Hi-8 family videos, as well.  So I have been able to edit them on my computer and burn DVDs to give to each family member.  I'm still not done with the project--I'm up to about the year 2000.

Similarly, we have thousands of slides and prints stashed away in boxes.  We bought a flatbed scanner with photo scanning capabilities some years ago.  We scanned some of our slides with it but it was obvious the job was tedious, and the quality was disappointing.  Doing some research on the problem I discovered the unanimous opinion seemed to be the Nikon 5000ED was the preferred equipment for the job.  They fetched about $1200 to $1500, but I thought we could buy one, scan all our slides, then one of our kids could hire himself out to scan others' slides for a fee.  A cushy job for a teenager.

This Nikon scanner model had been out about five years, which is forever in the technology world, so I dragged my feet and figured a newer, better model would come out.  The next time I checked things out Nikon had discontinued making slide scanners at all, and used ones were selling on ebay for over $2000.  This discouraged me further.

Then, last December, one of our friends mentioned they had a model 4000ED Nikon scanner that they would be happy to loan us.  So my multi-day project last Christmas season was scanning 4000 slides, covering the years 1972 through 1996.  Fortunately, the scanner had a batch autoloader for slides, so, except for when it jammed, I could walk away for an hour, then return to load the next batch.  This has been great, as these slides are much more accessible for viewing and are archived digitally.

Now we have boxes of prints (and their negatives) that need to be converted--about 5000.  There really is no convenient way to batch scan prints or negative strips with a high quality scanner like the Nikons.  For now our plan is to do the tedious job with a more recent flatbed photo scanner we bought.  I figure it will take 50 to 80 hours of near constant attention to do the job.  Needless to say, we haven't started yet.

Just to spruce up this post, here are a few slides from our inventory.

My parents and younger siblings at LAX upon my return from my mission in 1973

My brother's family and others from my family overlooking the Rhine River, Germany 1976.

Dingle, Ireland, parish records, 1976

Baby Blair at BYU, 1976