ringling bros and barnum  bailey circus operated clown college from 1969 to 1997 i attended in fall 1978 in venice fla home of ringling’s winter quarters clown college was a onesemester tuitionfree rigorous training program in clowning after completing general electric’s ge twoyear financial management program i wanted to do something different i applied to both the wharton mba program and clown college to my surprise i was accepted by both the decision was easy i turned down wharton to go to clown college during the day we had classes in pantomime juggling stilt walking unicycling slaps and falls makeup costuming building props developing routines and even elephant riding we spent evenings watching comedy films sewing our costumes making props and practicing skits in the 1970s ringling employed 60 clowns in its two traveling shows since the average career of a ringling clown was two years they needed 30 new clowns each year clown college had 60 students upon graduation half were offered contracts to join the show if offered a contract we were obligated to accept life in the circus was rigorous the show was three hours long and usually moved to a new city each week there were two shows a day tuesday through friday saturday and sunday had three shows each day on sunday night the show was torn down and packed on the train monday was a travel day and tuesday a new cycle began i was not offered a contract so in january 1979 i started at wharton truth be told i didn’t try hard to get a contract i had been dating a young woman and was worried what it would mean for our relationship if i traveled across the us for a year by not joining the circus i could continue the relationship happily we were married within a year read ‘where should i live and what am i going to do’ retirement advice we’re not getting from financial advisers clown college teaches nothing that helps with asset allocation or retirement withdrawal rates but it did illustrate five important financial lessons 1 we can be happy without many possessions ringling shows traveled by train one car was the clown car it had a small communal kitchen and common toilets a clown’s room was 3 feet wide and 6 feet long two seats faced each other with a small table between them at night the table dropped down and turned into a bed above the window was a shelf that was 18 inches wide and 6 feet long all your worldly possessions had to be stored on that shelf it worked well and people were happy today i have a large home filled with a lifetime’s accumulation of stuff i would like to downsize but i struggle to get rid of things i have to remind myself that my possessions are not the source of my happiness i would not be happy today living in a threebysixfoot room but i could be happy with far fewer possessions read mistakes retirees make and how to avoid them 2 supply and demand matter in the late 1970s clowns were paid pitifully little about 150 a week show girls were paid twice that even show girls admitted that clowns’ work was more demanding why the discrepancy in pay for clowns ringling is the pinnacle clowns aspire to work with ringling we were told that clown college had 3000 applicants each year there were 60 of us vying for just 30 spots but no show girl aspires to work for ringling a show girl wants to work on broadway or in las vegas show girls have to be paid better to get them to join we need to remember supply and demand it explains a lot of what we see around us 3 be prepared one of my favorite quotes is “i am a great believer in luck and i find that the harder i work the more i have of it” why was i one of the lucky few to be accepted into clown college i have no idea but i believe at least some of it was because i had already taught myself juggling and stilt walking i was prepared others who showed up at the audition seemed to be there because they had seen the ad and had nothing better to do that day we can’t expect our investments to do well if we know nothing about investing we don’t need a doctorate in finance but we can’t expect the best results unless we know something about investments and financial markets check out not sure where you want to live in retirement try our personalized tool 4 unions are not always effective clowns and other circus performers used to be represented by agva the american guild of variety artists when i was in high school i attended the circus when it was in town i talked to some of the clowns after the show and they invited me backstage that day many of the clowns were complaining about the union they hated to pay union dues and believed they received absolutely no benefit from the union by the time i attended clown college clowns were no longer unionized if unions want to represent employees employees have to be convinced of the value of unions 5 sometimes it makes sense to quit while you’re ahead karl wallenda was the patriarch of the flying wallendas the wallendas walked the tightrope and never used a safety net karl died at age 73 while walking a wire stretched between two buildings the wire slipped because of improper rigging and he fell to his death i attended a talk by tino wallenda karl’s grandson and an accomplished wire walker in his own right during the questionandanswer session someone asked tino what lessons he had learned from his grandfather’s accident tino thought for a moment then smiled and said “quit wire walking before you reach 73” this lesson applies to both our financial portfolio and our career sometimes things don’t turn out well when we continue to invest aggressively after having enough sometimes we continue to work when our faculties have diminished i always encouraged my college students to lead lives of reflection if i can find financial lessons or life lessons in something as outlandish as clown college we can all find lessons in our own experiences this column first appeared on humble dollar it was republished with permission larry sayler is the only person with a wharton mba who also graduated from ringling bros and barnum  bailey’s clown college earlier in his career he served as cfo for three manufacturing and service organizations for 17 years before his retirement larry taught accounting at a small christian college in the midwest his previous articles include gifts with interest and making a difference