Simplify Life - Finances
At the beginning of the new year the Powerball jackpot was $450 million, and Mega Million was $420 million. Like any other gatherings I had with my friends and family, we pooled some money because the jackpot was high, and we have to pay to win. But the odds of winning one of the jackpots is roughly one in 259 million for Mega Millions and one in 292 million for Powerball. With that odds, the new year’s pool was a loser. But I can tell you that the discussion about what to do with the money if we win was so much fun.
According to Tiki Kustenmacher and Dr. Lothar J. Seiwert, authors of How to Simplify your Life that we have to let go of unproductive fantasies about sudden wealth. Unrealistic dreams block the flow of money into your life. They advised to forget about creating wealth but focus on creating financial independence.
Pay off your debt
The first step to financial independence is to pay off your debt. So true that Mark Cuban reaffirmed that freedom from debt is worth more than any amount you earn. Debt is unhealthy because it creates stress and anxiety. During your pay day, take two-tenths of all earnings and divide among your creditors.
This a discipline to really make sure to pay within the two-tenths of the earnings and do not borrow again. You can try the Snowball or Avalanche Debt pay off method.
Take care of your career
Continues training is important in your career which I can relate to my favorite story about sharpening the ax:
Once upon a time there were two men in a wood-chopping contest. They were tasked with chopping down as many trees in the forest as they could from sun-up to sun-down. The winner would be rewarded with both fame and fortune.
From morning till noon, both men steadily chopped and chopped. By noon they were neck and neck, but then one man took a break and stopped chopping. The other man saw this and thought to himself: “The lazy fool, he’s probably taken a break for lunch. He’s given me a chance to get ahead of him and I will without doubt win this contest!”
A while later the man got back to work. As the day continued he chopped more trees than his hard-working and hungry competitor and by mid-afternoon he had taken a clear lead.
When sundown came, the man who had taken the break at noon had chopped almost twice as many trees as the other man, who was drenched in sweat, hungry and exhausted.
“How did you beat me?” he asked puzzled. “You were lazier than I and even took a break for lunch!”
The other man said, “Well, I did take a break, but it was during that break, that I sharpened my ax.”
Evaluate your skills, professional progress and outlook. Personal development is as much important as technical skills. Evaluate yourself, and set a career goal. Consider also looking into entrepreneurship, new career, or second job.
If you want to stick on your current career, stay on top of the job market. Study what other company is offering. Glassdoor.com is an online website that publish company employment reviews and compensation. Connect with your current and previous co-workers at Linked-In as your first step in establishing your network. During your annual review or when you apply to a new position, you can negotiate a higher salary when you know your market value.
High Ethical Standards
If you have a better self-image, you will accomplish more. A career marked by fair dealings, praise for others and sound ethics will lead to success. And success will translate to more money into your life. Do not be greedy. Be generous with your time, talent, and treasure for the old adage is true that you will receive more than you give.
You can have less or you can have more but as long as you have the ability to be happy that is a sign of true wealth based on simple living.
How to Simplify Your Life - Seven Practical Steps to Letting Go of Your Burdens and Living a Happier Life
by Tiki Kustenmacher and Lothar J. Seiwert