09-21-2021, 06:20 AM
A couple more things I forgot to mention
I read the first two parts of Ramit Sethi's 'I can teach you to be rich'. This takes the reader through a 6-week programme of organising finances; starting with optimising credit card use and ending in investing (hence the credit card step above). It's not a book about 'making it rain' but rather about how to spend money in a way which is fulfilling and results in long term financial success. This however sits in a context where financial systems are changing (and are likely to change significantly); so i don't know how true this is. My other takeaway is that you can't know everything so at some point you have to decide on a course and just take it (which is why i set up my index fund investment in spite of misgivings about the system).
My key takeaway so far, which chimes in with 'Atomic Habits' by James Clear is that the goals matter, but they are nothing without the systems and attitudes that support those goals. So if you're going to live a rich life and you're not a trader then spending your time picking stocks, obsessing over financial news and price movements isn't really going to cut it, it's better to automate payments into a tracker/index fund and not think about it more.
Similarly you want to be able to be intentional about what will bring you the happiness (and from there get a sense of how much you need; the goal then isn't money but the things that you're trying to buy with that money). This is a small shift in attitude because it's helped me to stop getting caught up in an abstract number and start to ground my goals in reality - above i mentioned air miles; well I want to take my family travelling every year and i can part fund that for free through my existing spending with the right credit card (and rewards from that card).
I approached someone with a business asking them questions about how they got started, to not much avail. What I was trying to say in a whiny way above is really that I feel ignorant about the right mindset for making a business and I feel blocked by the fear of financial loss, especially since I have little capital at the moment to 'bet' on a business idea. I'm stuck here so if anyone has any ideas about good books or resources which would help with the right mindset then I'm open to suggestions.
I read the first two parts of Ramit Sethi's 'I can teach you to be rich'. This takes the reader through a 6-week programme of organising finances; starting with optimising credit card use and ending in investing (hence the credit card step above). It's not a book about 'making it rain' but rather about how to spend money in a way which is fulfilling and results in long term financial success. This however sits in a context where financial systems are changing (and are likely to change significantly); so i don't know how true this is. My other takeaway is that you can't know everything so at some point you have to decide on a course and just take it (which is why i set up my index fund investment in spite of misgivings about the system).
My key takeaway so far, which chimes in with 'Atomic Habits' by James Clear is that the goals matter, but they are nothing without the systems and attitudes that support those goals. So if you're going to live a rich life and you're not a trader then spending your time picking stocks, obsessing over financial news and price movements isn't really going to cut it, it's better to automate payments into a tracker/index fund and not think about it more.
Similarly you want to be able to be intentional about what will bring you the happiness (and from there get a sense of how much you need; the goal then isn't money but the things that you're trying to buy with that money). This is a small shift in attitude because it's helped me to stop getting caught up in an abstract number and start to ground my goals in reality - above i mentioned air miles; well I want to take my family travelling every year and i can part fund that for free through my existing spending with the right credit card (and rewards from that card).
I approached someone with a business asking them questions about how they got started, to not much avail. What I was trying to say in a whiny way above is really that I feel ignorant about the right mindset for making a business and I feel blocked by the fear of financial loss, especially since I have little capital at the moment to 'bet' on a business idea. I'm stuck here so if anyone has any ideas about good books or resources which would help with the right mindset then I'm open to suggestions.
