Generosity and financial success
Lifestyle inflation
Inflation has been rising, and we all feel it in one way or another. At least for the short term, some believe things are levelling, but the future is unknown.
Recently I read an article that spoke about becoming a “High earner, not rich yet a person.”
Now you may or may not be a higher earner, but there are some great thoughts for all. You can read the article by Katherine Mclaughlin here. Let me share my thoughts.
Enticed to Spend
One challenge for us all is the enticement to spend as more money comes in.
The temptation to spend more money is something we all face. The author calls it Lifestyle creep or lifestyle inflation. “The idea is spending when an individual’s income goes up.”
The author challenges the reader to be aware of lifestyle inflation; it can leave us struggling with debt and saving for retirement.
As the author points out, it is not just high earners that can fall into this lifestyle inflation. It happens slowly, a cup of coffee here, a meal there, a toy here, a credit card swap here or there.
The author Katherine challenges us to plan for our raises or increases income.
In my life, one season, we made a choice to continue to live at a lower rate of income even though we had increased revenue. This allowed us to pay down debt and be debt-free. We have lived on one income for all of my married life; from time to time, my wife got odd short-term jobs here and there that helped. However, we lived off one income. It has been tight at times but allowed us to stay debt-free and her to be home with the kids. That extra money helped with additional bills or vacations or a fun night out.
For those with a two-income family, what if you just lived off one income? What could you do with an extra 20 to 50 K a year?
We will all spend money if there is no plan for it?
There are some other great thoughts in the article, such as
- Create habits while you are young
- Pay yourself first
- Correcting lifestyle creep
If we do not have a plan for the money, we will spend it, and it will master us.
Are you looking for help to create a plan?
Are you not sure what your options are?
Looking for was to correct the lifestyle creep softly?
Let’s take an assessment of where you are at and where you want to go?
10 Ways to bring your money to life.
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*originally found at https://www.experiorfinancial.com/expert-financial-analysis/
Life insurance a foundation for financial success
(Part 6)(Part 5) (Part 4) (Part 3) (Part 2) (Part 1)
I waited too long in my life to get life insurance. I was one of those who thought I really should get life insurance but never got around to it. I guess I am lucky as we got through the younger years of kids, and I am still here.
But that is just it, what if something happens to me, who would take care of my family.
Life insurance is about replacing income lost if I am not around. It is about helping my family as best I can financially. I have learned I should have got insurance when I was younger. The reason being it is cheaper, but there is no time like the present.
Life insurance is about trying to manage the potential of disruption and the financial impact upon my family. As a Dad, it is about taking responsibility for my family. My family and wife depend upon my income.
If we are going to master our money, it is also about managing risk in our life. There are many options available out there for insurance. Even if you have been denied, some solutions can be looked at. Don’t give up so easily.
Up to this point in this series of posts, we have been getting things organized and finding out where we are and where we want to go.
Now is the time to lay a foundation to build a financial foundation and win at life.
Through Experior Financial (I am currently training with them), if a solution that is affordable and meets your needs, and protects your family, are you interested.
Life insurance is the next step.
Habits and Financial success
Series: Money Fit Club
(Part 5) (Part 4) (Part 3) (Part 2) (Part 1)
Habits
Understanding your habits will help you find financial success. Some of your habits are stopping you from experiencing financial success.
To find financial success, it is not just `about getting more money.
matthewlaker.com
1) To find financial success, it is about understanding yourself and growing your self.
2)To find financial success, you need to know your current habits and the habits you will need.
For Example, in 2019, the financial consumer agency of Canada released a study (https://www.canada.ca/content/dam/fcac-acfc/documents/programs/research-surveys-studies-reports/financial-well-being-survey-results.pdf) on the financial well being in Canada.
It shares, “Financial behaviours, such as saving and borrowing, were more strongly related to financial welling being than elements such as income, employment status and homeownership.”(p.28)
Your behaviours, your habits set the direction of your financial success.
Financial Succes is less about finding motivation and has more to do with developing habits, rhythms, and routines that lead to the goals we want to reach.
So here are the steps you need to take.
Next Steps:
1)Try a personality test – Yes, this is just a tool to help you understand yourself. If you want financial success, you need to know about how you work and how to grow.
Two great resources –
https://www.yourenneagramcoach.com/types
https://www.enneagraminstitute.com/how-the-enneagram-system-works
2)Track your time
Download below the worksheets to help. How you use your time says a lot about your priorities and values.
Financial Succes is less about finding motivation and has more to do with developing habits, rhythms, and routines that lead to the goals we want to reach.
3) What habits do you need to work on to find financial success?
Series: Money Fit Club
Part 1/ Part 2 / Part 3 / Part 4 / Part 5