“Your life journey is about learning to become more of who you are and fulfilling the highest, truest expression of yourself as a human being. That’s why you’re here.”. – Oprah Winfrey
This is a significant part of our journey on this earth. We explore. We experiment. We fail. We win. We serve others. We contribute.
This is the sense of freedom I believe we all would like to obtain by leveraging our resources for what matters most to us. This includes our time, networks, colleagues, and certainly our wealth. However, much of the typical advice surrounding our finances takes wealth away from us and our ability to impact and contribute how we wish.
The U.S. Navy SEALs have a saying: “Get comfortable being uncomfortable.” If you can be comfortable being uncomfortable, you’ll be prepared to handle whatever situation comes along in your own life. Now, you don’t have to subject yourself to the extremes these individuals do, but progressing in any part life will likely require you go through some uncomfortable stages.
Richard Kiyosaki, author of the best seller of “Rich Dad, Poor Dad” typically states that there are three sides to every coin (Heads, Tails, and The Edge). Your ability to understand contrasting points of view and your ability to glean what information you believe to be valuable from each side is a crucial skill.
This is key in all aspects of your life that you deem important and is especially important as it relates to your personal finances and wealth. Yes, it will require you take responsibility for your success, but the control, wisdom, and wealth can be so rewarding. Let’s get to work.
In the fast paced world we live, it requires that we become professional jugglers. We have to balance so much from work, our businesses, family, finances, health, relationships, and even our hobbies. For many it may feel there just isn’t enough time to manage it all and have time for ourselves.
In the effort to take responsibility for our lives, we seek to control whatever we can to help us relieve stress and give us confidence. Unfortunately, it’s all too easy to focus on things we actually cannot control instead of the things that we can.
The Martin Luther quote said it well, “You can’t stop the birds from flying over your head, but you can keep them from building a nest in your hair.”
“Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer”
– Grant Cardone
With so many options to grab attention from my digitally native children such as YouTube, social media and online gaming, it’s often difficult to pull them away to engage in a simpler manner. Back in childhood we did have video games, but we were more likely outside in a pickup game of basketball or football. If we were inside, we played a myriad of boardgames like Monopoly, Life or Chess to keep us entertained.
● You’ve worked incredibly hard to build your assets. There’s a 90-percent chance it will all be gone within two generations.
● The vast majority of families treat money as a taboo subject—and that’s where the breakdowns begin.
● Have honest money conversations with your family and make sure you are in alignment about shared values.
● Becoming your family’s banker can work wonders for your wealth preservation and liquidity.
Stock Picking Fun and Games
Stock and mutual fund-picking contests are a way to test the expertise and various philosophies of different money managers.
Or perhaps, they’re a way to prove that success in the stock market is truly based on nothing more than luck and speculation.
Ask most and they would likely respond that banks make a signficant amount of money. As proof, the U.S. banking industry’s profits reached a record $62 billion during the third quarter of 2018, fueled in large part by the corporate tax cut. Without the tax cut passed by Congress last year, the industry’s profits would have been $54.6 billion, according to the Federal Deposit Insurance Corp., a banking regulator…still a pretty hefty figure.