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These days, I’m thinking a lot about money. In some ways, I’m completely unprepared for what’s going on. In other aspects, I’m completely at ease and realize… that I’ve put in a lot of effort to get to this position, and I’ll gladly assist anyone who needs a shortcut. So here are 16 fast money lessons for Saturday morning. I’m hoping they reach out to you.
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1. No matter how difficult or gnarly anything appears today, I guarantee it will be more difficult tomorrow. Procrastinating on money matters, whether it’s debt reduction, investing, or achieving a financial goal, is something that many of us dislike doing since it feels too difficult or complicated at the time. And every time, I realize days, weeks, or months later that it never gets any easier. Today is a fantastic day. So now, when I realize I need to do something, I stop what I’m doing and do it now, knowing that it won’t miraculously become simpler tomorrow.
2. Many financial decisions (such as getting life insurance) seem excessive. In 2016, I made the decision to file as a S Corp. Because I wasn’t making much yet, it felt like overkill. It’s strange to do something before you actually need it. It appears to be excessive. It scares you because you think to yourself, “But what if this is the best it can get?” Then you over-prepared yourself. When it comes to money, do it regardless of how things turn out, even if it feels like overkill.
3. Understand your numbers. Even if they’re horribly ugly and dismal, you shouldn’t imagine that not knowing them will make things better. Face the facts. On this, I can speak from personal experience.
4. As you earn more money, money management will consume an increasing amount of your time. As a result, there are entire disciplines of knowledge dedicated to wealth management. Go for it if you want to make managing cash and investments your full-time job. Otherwise, find an expert who isn’t biased toward one sort of investment and follow their recommendations!
5. You could believe that debt is the scariest financial concern… yet it’s actually not as bad as you think. When you see how much debt is used by businesses and even the government, you realize why we are so ashamed of something that many of the world’s wealthiest individuals rely on to keep cash flowing. Sure, you want to avoid debt, but it’s not the terrifying monster Dave Ramsey wants us to believe.
6. Your long-term emotional, spiritual, physical, and mental wellness is your most valuable financial investment. I used to believe that allocating funds for therapy, coaching, or development was a luxury or a “exception.” Now I recognize that the development of myself and my children is the most important way I prefer to spend money. Whatever people require and however it seems, it is provided in plenty.
7. It is always too difficult until it isn’t. In my life, there are some financial decisions that feel debilitating. And the anticipation is worse than actually doing it. So, the next time you find yourself worrying about money in the future, remember yourself that the act of worrying is far more painful than stepping out of whatever it is you have to accomplish.
8. Surround yourself with people who regard money as a tool rather than an end goal.
9. Determine your *enough* figures. The sum required to live the life you desire. The exact sum. The sum required to retire. When you haven’t plotted the coordinates for a target, stop chasing it (because of fear, lack of know how, etc.).
When you focus on skills, mindset, and connections, you can always start afresh. Your three pillars are as follows. What skills can you promote in the future? What mindsets do you need to avoid thinking you’re stuck with no options? What connections are important to you and provide you with life and energy, and which ones do you need to let go of?
11. Money will play a role in whatever big life changes you make. If you’re afraid of it, you could not make the necessary changes because you don’t want to face your financial reality. It’ll always be the justification you employ.
12. There’s a reason it’s so cliche. More money will not bring you happiness. However, avoiding making money a source of pain and suffering, resolving to get back in the driver’s seat rather than burying your head in the sand, and viewing the money conversation as merely unlocking a new “level” in the video game of life will bring you more peace.
13. According to Parkinson’s Law, labor expands to cover the time given for completion. Even though you could have done it in 30 minutes, if you had two hours or two weeks, you will use the entire time. The same idea applies to money. Whether it’s $1.00 or $1,000, it’ll be spent. So why not set some goals for where you want it to go?
14. As you sit here now contemplating a future financial goal, realize that the person you will become in order to achieve that objective will adapt and transform. So don’t be surprised if it doesn’t feel how you anticipated it to when you arrive.
15. Get a different viewpoint. Seriously. Stop thinking of yourself as strange or abnormal. You aren’t. We’re all doing our best on this spinning blue ball, and I promise you’re not alone. All of the money that we will ever require is already present. We only need to change our attitude toward money in order to gain access to it.
16. I’ve had a lot of debt and no money. I had some cash and a small debt. I’ve had a lot of money and have never had any debt. I’ve had to loose money that I thought would last forever. If there’s one thing I’ve learned from my path, it’s that money is an inside job. A job for the heart and mind…with a little help from the hands.
I invite you to join the Future Fund community if you haven’t already. Although the course is available at all times, Aryeh and I will be hosting a free office hour and Q&A session for all students on Wednesday, April 27th at 2pm EST. All current students are welcome to attend.
This is your chance to ask questions in a world of rapid inflation, turbulent markets, burgeoning crypto and blockchain technology, a crazy housing market, and a rapidly changing digital landscape. I look forward to seeing you there!
