Do young people appreciate what working does for a person? It brings them an income, self-esteem, pride and a sense of confidence. Few things accomplish so much as work. Get out there!
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Category: Financial
Make Plans 5 Years Out
It’s difficult to achieve worthwhile goals in just 5 minutes. And there are a lot of hurdles and obstacles to get in your way. In addition, almost everything takes longer than you think it will.
So make some bigger, exciting plans 5 years out. You don’t have to know how you’ll get it done. Just commit to doing one thing a day towards achieving each goal. Slowly the end will come into focus and you’ll more rapidly progress to, or beyond, your goal. That is pure magic and joy.
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Plan Your Golden Years Now
Even if you’re only 15, start planning now. You might simply note the years that you’ll be 60, 70, 80 and 90. Perhaps you’ll write down how much money you’d like to have flow into your pocket each month from your passions, savings and investments. Then you know what you need to accumulate to reach that income goal in 50 years.
Sort your will, funeral arrangements and inheritance planning. Get an outline of these things together and speak to people in these areas or read books and magazines about it.
Spend some time and money to create a very simple and effective plan. You’ll sleep better knowing it’s done and everything has been taken care of. And your family will greatly appreciate it when you’re gone as they can focus on mourning you rather than racing around to sort out the estate, plans and time-constrained challenges.
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Take A Chance
If it’s moral and no one should get hurt, take a chance. Sometimes it will work out well in the short term, others in the long term and some not at all. The experience will be worth it.
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Trying To Make Things Better, Can Make Them Worse
Whether it’s welfare, tractors in Africa, lower lending standards, or government covid policies, when people with good intentions get involved, the long run outcome can be worse.
Of course the immediate benefit is observable and often desirable. Unfortunately, the second and third order implications can be less beneficial, or even damaging or disastrous. (Though rarely for the people that initiated the policy).
Many of the world’s modern issues are derived from well intentioned people getting in the way and trying to control outcomes. Most often, people would be better served if there was less human intervention and they let the natural course of events take place. There is balance in the universe. Sometimes we should respect that and be patient.
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Get Your Costs Down
If you would like more calm in your life, then get your costs down. Most of what you buy could be foregone or purchased with a cheaper alternative.
This goes for clothes especially but also works for food, travel and entertainment.
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Plan!
Few people want to plan for later life and ageing but the sooner you do it, the easier and better it is.
Don’t leave the tough decisions about DNRs, funeral arrangements, inheritance, finances, POA, care, assisted living, long term care, and medical decisions to the last minute. You’ll be too tired and disinterested to do it. You might not be thinking straight or you may have dementia.
Plan ahead while you’re younger and energetic and clear headed. You can thank me later.
FYI: Amazon has a deep sale on and my book can be purchased for the price of a coffee but could help you become a happy millionaire! (Great value!!)
Grab a copy or two as gifts for some friends and family! At these prices they won’t last long. I just saw a half dozen purchased in the last half an hour. And there are now less than a dozen left! Act now!
Amazon.co.uk
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Credit Card Debt
Ideally you will never pay more than 4% per year on any credit card debt.
This means you pay it off in full, and on time, every month. Or you have done a Balance Transfer or Money Transfer deal. This usually means you’re paying 0% interest for 9, 15 or even 36 months! And the fee they charge for this is often 2.9%, which is incredibly low, especially when spread across 3 years!
If you currently pay more than £25 per month in interest payments on any one card, or combined across several cards, you can save that money if you learn a few key concepts.
Let me know if you would like any help.
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Know Where Your Money Flows
You should have a plan for every penny. That would be ideal. Get as close as you can to this idea. Direct 10% to your savings and investments pot. Get it out of your account with an automatic payment, as soon as your income goes in.
If you have any money left over at the end of the month, pay down your personal debt more aggressively.
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Big Purchases
A house, a car, long haul flights and an all-inclusive or five star hotel stay can be some of the biggest purchases you’ll make in life.
Note how you feel when you consider the 5, 6 or 7 figure sum for the first time. How does that change once you’ve decided to take the leap and pay the bill? And once it’s been paid? It’s an interesting mental transition.
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