Is Elmer J. Fudd Your Guru?

Quick.  When I say, “I own a mansion and a yacht” — who do you think of first?  Elmer J. Fudd?   Of course you do.   Well, it turns out that Mr. Fudd has become a financial role model for many people.  I just hope you aren’t one of them.

As you may know, Elmer was one of Bugs Bunny’s arch rivals.  Mr. Fudd was a very wealthy man who had a slight speech impediment.  He is best known for uttering the words,  “Be wewy wewy quiet.  I’m hunting wabbits!”

Elmer spent most of his time and money hunting “wabbits.”  And I wonder if you “dweam” of a “wetirement” hunting “wabbits” too.  Let me expwain…oops…I mean explain.

Fictional Mr. Fudd is a colorful illustration of how narrow our lives can become.  Elmer made a choice — probably an unconscious choice — to spend his time and money hunting.  The cartoons paint a picture of a man obsessed with his pursuit of Bugs.  It’s as if Elmer has no choice but to mindlessly hunt Mr. Bunny.  How does this apply to you?

As a result of recent “financial reversals” you might be focusing your energy too narrowly as well.  You might be doing that without thinking about it.  Mr. Fudd just “knew” he had to get Bugs.  No other possibility existed for Elmer.  His life became all about getting Bugs Bunny.

So, the question is this: Are you chasing your own “bunny”?

Is your mind made up on getting back all the money you lost in the market as quickly as possible?  If so, it’s a mistake.  You’ll take too much risk.  I wrote about one such person who tried this not long ago and learned this lesson the hard way.  And I talk to people every day who take long-shots on stock investments.  Long-shots they never would have taken before.  Sadly, I fear their results will be poor.

But making up for investment losses by taking on too much risk may not be your personal “Mr. Wabbit”.  You might be fixating on working over-time on weekend jobs, investigating small business ideas 24/7 or shredding your spending.  These might be good steps to take as long as you do so in a balanced way.

When the market started its slide and my income dropped dramatically, I know I fell into this trap.  I immediately held a family pow-wow and we embarked on a super-ambitious campaign to slash spending.  Much of it was good.  Some of it was unnecessary, unhelpful and simply an emotional reaction.

Financial decisions, like any important decision, have to be made in an adult, awake state.  If I allow my fears to control my life, I become just like Mr. Fudd and my life will become very narrow (wewy wewy nawwow).  In fact, it will be just like a cartoon.  Only it won’t be all that funny.

Have you been chasing rabbits or have you been able to maintain a balanced approach to your life and finances?