From Hammer to Hollywood: Investing Lessons from Harrison Ford’s Unconventional Path to Fame

I recently read a fascinating story about Harrison Ford, renowned for his roles as Han Solo in Star Wars and the whip-wielding Indiana Jones, and how he began his acting career. His journey offers invaluable lessons that every investor should learn.

Harrison Ford embarked on his Hollywood adventure in 1964.

Upon his arrival, he noticed that many aspiring actors were were in a hurry to achieve success and make money. If they didn’t achieve this quickly, they abandoned their dreams, primarily because financially they couldn’t afford to persist.

When everybody is thinking short-term, do the opposite

Ford, however, decided to take a different route.

He decided to lenghten his time horizon.

Instead of chasing quick fame, he picked up a hammer and nails. That’s right, he became a carpenter!

“By doing carpentry,” he explained, “I was able to wait it out.”

He created an income stream for himself, so while most actors had to abandon their pursuit of stardom, he had the financial stamina to persevere. Plus, he figured that being a carpenter in Hollywood might just be his backstage pass to acting gigs, given how everyone knew everyone.

He self-taught the craft, studied hard, and worked hard.

He soon earned the title “carpenter to the stars,” crafting wood wonders for big names like Francis Ford Coppola, James Caan, Richard Dreyfuss, and Joan Didion.

But here’s the twist: while building a fancy entrance at Coppola’s place, George Lucas popped by. He asked Ford to help out by reading some lines for a little project called “Star Wars”. Ford thought he was just helping with auditions, but the Force had other plans. A few weeks later, he was handed the keys to the Millennium Falcon as the iconic Han Solo.

And the rest is history!

Two key investing lessons from Ford’s galactic journey

Harrison Ford’s journey from carpentry to iconic roles offers some valuable investing lessons:

Lesson #1: Patience pays off

Ford didn’t rush his acting career. Because he had another source of income, he could take his time and wait for the right opportunity. Similarly, in investing, it’s the long-term game that yields the best rewards.

Patient investors have a significant advantage over those oriented towards the short-term.

When I started my investing course in 2012, my guideline was to simply invest a large percentage of the portfolio in index funds: global index fund, tech index fund, and similar. These funds have had many ups and downs over the last 11 years.

But because of our long-term focus, we didn’t sell them when stocks encountered bumps on the road, for example, during the virus crisis of 2020.

If we had panicked and sold our tech fund, we would have missed most of the gains that occurred in the last two years.

Lesson #2: Have a backup plan

In investing, always keep a backup plan handy because the future is as unpredictable as a plot twist in a Hollywood movie. You simply can’t afford to go all in on a single investment.

Diversifying your investment means spreading your money across different asset categories like stocks, bonds, cryptos, and precious metals. This strategy helps cushion the blow during volatile times. Just as carpentry skills ensured Ford had a steady income even when acting roles were scarce.

Imagine putting all your money into one thing, say crypto, and watching it plummet. You’d be tempted to hit the panic button and sell everything, probably at the worst time. But by investing in a mix of assets, you spread the risk. If one takes a nosedive, others might still be flying high, giving you a safety net.

In short, Harrison Ford’s journey reminds us that whether you’re aiming for an Oscar or a profitable portfolio, it’s wise to think long-term and always, always have a plan B.

And remember, if all else fails, carpentry isn’t a bad gig!

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