Three Things We’re Worrying About Right Now
This is our first pandemic, and there are three things
April 8, 2020
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This is our first pandemic, and there are three things
When you’re first starting out in life, after finishing your schooling and getting your first job as an adult, the most important thing you can do to help your finances is to save first and spend second. This is the one common denominator we see with people who have successfully accumulated wealth over time – they took this to heart early on.
You’ve likely heard of Marie Kondo, organizer extraordinaire. In 2014, she came out with the book The Life Changing Magic of Tidying Up, which led to a number of products and services, plus a wildly popular Netflix series, Tidying Up With Marie Kondo. She provides people with a framework to make decisions about their possessions, freeing them from their clutter and helping them to live more organized lives.
There’s a book that came out in 1961, Catch-22, which became a movie in 1970. You’re probably familiar with it. In fact, Art Garfunkel played a pilot in the movie. The important thing about it is the catch-22 scenario.
One of the things we do here at Coyle is put together various kinds of programs to help people through different major issues. In fact, we have four separate programs available that you can either take or download to assist you with a variety of financial situations.
I’ve heard many people refer to the maxim, “charity begins at home,” when we talk about charity, and you’re probably familiar with the phrase as well. But you may not have heard of something called a family bank. What’s a family bank?
A good friend — a fellow advisor — from North Carolina talked about what he calls the “seven economic sandbags” in his recent newsletter. This was his first newsletter since Hurricane Florence made landfall. I really like the concept and want to share tips with you about your overall financial situation, based on this concept.
One of the smartest things I’ve ever done in my life and continue to do to this day, is having really great mentors. I can count about five of them since the time I was a young boy until now, and they have made a huge impact on my life. I’m a pretty good mentee, at least that’s what I’ve been told, and that’s because I listen to what my mentors have to say and try to execute what they tell me to do.
As many of you know, I like to keep things simple. For instance, I learned a long time ago that 95 percent of fear is caused by one of two states of mind: Either I’m afraid I’m not going to get what I want, or I’m afraid I’m going to lose what I already have.
Chances are, you or someone close to you has shown up for work on a Monday or Friday morning, and was handed a pink slip out of the blue because an entire department was being closed. It’s terrible getting sucker-punched like that, and it can really make you feel cash-starved and uncertain about your future.
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