Financial Archives - Page 8 of 13

Key Skills In Life

Posted on August 31, 2021

You need five key skills in life. That is all. Not 2,000 and not even 200. Nor are they difficult. But without these you will struggle.

Learn to work diligently and with pride.

Be appropriate with money. This includes spending less than you earn.

Be selective with your time. Enjoying time spent is one thing. However, wasting it, especially repeatedly, is an entirely different story.

Learn to be kind to others. This also includes being well mannered.

Finally, be grateful and appreciate all of the people and things that are in your life.

Yes, you could list more here. I could even break some of these down to be more specific. But generally, if you can manage to do these five things, within the broader context of your life, you will do well. By which I mean you will earn a decent living, be joyful, live with little stress and retire on your own means.

Work on these five key skills in life every day.

Financial Gratitude Reframe your thoughts

Treasure Your Goals

Posted on July 9, 2021

Do you remember having dreams, wishes and goals in life? Are they hard to recall? You need them back. Treasure your goals, your dreams and your wishful thinking.

The wonderful yet challenging thing about life is that we can change our mind. However, we can also get distracted or busy with the day to day activities.

We sign up to things, groups and challenges as we become aware of them. But unless we are steadfast in our thinking, we can easily drift away from our original desires.

We might meet new friends that shift us in a different direction. Our new job might draw us further way from our mission in life.

These things happen so slowly we rarely notice the tug on our arm. We might look back and think we will be there again. So we head off on our new adventure and allow time to bury the dreams we grew up with.

It can happen to some and often seems to happen to many. But you can do something about that now. Because you are aware that this has happened, you can adjust things. However, it is easy to do nothing as well. You can simply continue on the path you are on.

You can allow other people to distract you with their desires (lets go out, join me on holiday, let’s speak on the phone, meet me for lunch). Although it may not get you any closer to your true desires and dreams.

Get clear on what brings you income and what brings you joy. Eliminate all else. Do the work but treasure your goals.

Action Financial Progress Reframe your thoughts Time

Enjoy Endless Possibilities

Posted on July 4, 2021

Often our lives seems to follow a particular track. There are a lot of repetitive tasks and situations. Although, you can enjoy endless possibilities and alternative realities.

But be honest about those. Are you willing to give up what you have and are to be what you could be, do and have? Oh, and there are no guarantees that your new future will be any better. However, it may not be any worse. It might just be different.

That in itself is enough to scare most people into inaction. This is unfortunate for you and the Universe. The more that each individual can optimise their life, the better. It is better for the individual and better for all of society.

Do one or two things just a little differently today. Go down a different road to get to your office. Call an old friend for 15 minutes. Try doing some stair steps while you are on the phone. Rather than sit there and talk, walk and talk. Do some heel lifts. Lift some light dumbbells while you are on your call.

Try to spend less than 5 minutes reading the paper today. Call that supplier and ask for a discount. Whatever it is you try, do it with great intentions. Do this type of thing everyday and in a week you will have done 14 things differently. That will set you on a different path.

Enjoy endless possibilities. Then enjoy the multitude of new results.

Action Financial Health & Fitness Think About It Time

Stop And Think

Posted on June 21, 2021

When did you last do this? It can change your life if you do it. Many people are so busy getting through life, they don’t stop and think.

Take 15 minutes later this evening and consider some things. If you are really brave, get a pen and some paper and write out your thoughts. I say brave because it is rarely comfortable confronting the brutal facts of reality.

Now I suggest you write out some of the great highlights of your life first. You may be able to note down 12 years of schooling or an advanced degree. Perhaps you’ve travelled or have had an illness you’ve had to overcome. Maybe you donated some money to a friend that was doing some fundraising. You may also have maintained a successful relationship, built a career, bought a house, raised good children or simply made it through life to here.

Well congratulations! There are so many skills you have and so many more you could acquire. You are far better and more impressive than you give yourself credit for. And you can do so much more than you even begin to imagine.

Recall all those times you got the thing you wanted. You bought the car, went to the concert, got the job or went out on that date. When you really wanted something, you went after it. You got it or something similar.

What else do you really want? How serious are you about it?

Stop and think. You can achieve anything.

Now, go make it happen.

Financial Think About It Time

Think Longer Term

Posted on June 20, 2021

It would be great to have everything right now. No waiting or requirement for patience. However, if you think long term, you can get a lot of what you want now and have a good long term too.

It is so easy to spend money and time. It is more difficult to keep an eye on them and guard them. But it makes sense to do so. Living for today is a great and exciting way to live life. However, if you sacrifice 100% of your future to maximise today, things could get challenging later.

Although, consider the future you and how much they will thank you for being a little patient. If you do, you might do things differently. If you eat well and exercise in the present, your 40, 60 and 80 year old self will greatly appreciate it. Saving and investing 1%, 10% or 20% of your monthly income could make the retirement era you very happy indeed.

I know it takes time to set these plans in place. But, if you can do it, you’ll be better off. Both the time you have in your later years and the money comforts will be greatly appreciated by the older you.

Think longer term. Future you will be glad you did.

Financial Gratitude Think About It

Feeling Grown Up

Posted on June 13, 2021

At what point do people feel like an adult? There are many times that people say they feel 18, 23 or 28. Feeling grown up means different things to different people.

Some people feel grown up when they can drive a car on their own. Others are instilled with civic duty, so voting is their grown up moment. For others it could be travel overseas on their own, getting married, having kids, buying a property or having a senior role in a prestigious company.

There probably isn’t just one grown up moment for anyone. Different moments will elicit a range of feelings and emotions. Perhaps they build on each other until you feel you are doing grown up stuff all the time.

There can be a lot to unpack in just how people approach this term. Are you grown up because you are serious or take on a level of responsibility? Owning an impressive house can feel grown up to some. It may depend on what they say ‘grown ups’ do or what seemed to be expected for that group when they were young.

Being grown up may just be moments of taking particular responsibility for yourself, your future and others around you.

Feeling grown up can be a mental burden for some. Remember to let your hair down occasionally.

Action Financial Observe Reframe your thoughts Time

The Power Of Compounding

Posted on June 11, 2021

Following on from the last few days, I’m combining retirement thoughts with compounding. The power of compounding is quite incredible.

I read an article recently about setting aside almost $3,000 for a child when they are born. This money could come from parents, grandparents, uncles and aunties or even from crowdfunding, I suppose.

The idea was that you could put that $3,000 into a low cost S&P 500 index fund and just let it sit there for 65 years. You would not take any out, nor would you need to put any more in. You would just let it roll over and compound.

Using the figures from the article, it noted the S&P had delivered an average annual return of between 10% and 11% in its nearly 100 years of existence. If it continued to average that rate, or even a little less (9.5%), the account would be worth over $1m by their 65th birthday.

This is more than 90% of what people would have in their retirement savings. By doing this one thing, during pregnancy or within the year after their birth, you would set them up for retirement. Regardless how their financial habits developed, they could always count on their $1m retirement fund when they turned 65.

The power of compounding is compelling.

Financial Observe Think About It

The Retirement Idea

Posted on June 8, 2021

Is it a myth or reality? Even if it was realistic for everyone, would everyone want to do it? The retirement idea is an interesting one.

Leaving one’s job and ceasing to work is roughly what the Oxford dictionary says it means. The ceasing to work is the bit that I find most interesting.

The idea that you do not work at all from that magical date, might be alluring for some. However, many others may find it a bit stressful not working at anything. So we have to dig at its meaning a little more.

Would it have to be no paid work or simply no working at all? What if you like your work? Many older people continue to work at their career job well after retirement age. Musicians and actors are both groups where we see some people working into their 70’s. Entrepreneurs and business owners can also be found working into their 70’s, 80’s and even 90’s.

Other people who work in occupations outside of the spotlight can also carry on working past the official retirement age.

For some, they like keeping busy. For others, they don’t have something else they would necessarily like to do. Others do it to keep some money coming in, even if they don’t really need it. Still others continue to work because the extra income helps them have the income they want or need.

The retirement idea may need a rethink.

Action Financial Health & Fitness Think About It

We Invest in AI Not IAM

Posted on June 5, 2021

We teach machines more than humans. Some people are more interested in creating robots that learn and not children. We invest in AI not IAM. Despite the incredible progress and benefits of the AI industry, perhaps we are missing something.

Some studies I have seen suggest we need USD 36 billion to teach the rest of the children not already being taught. Meanwhile USD 73.4 billion was raised by AI startups in just the fourth quarter of 2020 alone!

We are trying to get a machine to learn and think. Investors are putting more money and intelligent resources into how to improve AI rather than in teaching children to be better.

It does seem a little odd. All those people out there who could learn and improve but few do. It is partly that they do not want to but more often they are not aware it is an option.

Sure there may be more efficiency in AI and robotics. But we have the people available. And while we are at it, could we get the curriculum to include money, financing, budgeting and self-discipline. Perhaps they could teach goal-setting and a few other life essentials.

Teach children phrases like I am amazing or I am winning.

Unfortunately, we invest in AI not IAM.