Lending Money To Family: 10 Pieces of Advice for Setting Boundaries

Lending Money To Family: 10 Pieces of Advice for Setting Boundaries

June 27, 2023 by Saad Muzaffar

Hey there, moneybags! It’s time to get your financial act together and be mindful of your own situation. If your family hits you up for a loan, how do you set effective boundaries with them? After someone asked for advice, I grabbed the ten best tips from the discussion to help with the situation.

1. Know Thyself Financially

Consider letting the person know clearly if you cannot lend money. However, remember that you are not obligated to lend money, and it is okay to prioritize your own financial well-being.

You can always be transparent by admitting destitution. Someone rightly mentioned that people are less likely to ask a favor of you if you yourself are in a pickle.

 2. Take Care of Your Heart

Many people discussed how lending money caused extreme distress or even depression. One user recalled being severely depressed when their relatives did not return the favor. Remember to view your time and energy as finite resources.

3. When in Doubt, Fib it Out!

Remember that a little white lie can go a long way if you’re in a real pinch. As someone suggested, tell them you’d help if you could, but unfortunately, you’re currently living like a pauper.

So, technically, you are just being honest about not having a surplus after you’ve allocated your finances to your primary areas of expenditure.

4. Set a One-Time Gift Amount

Consider setting a one-time gift amount with the understanding that they can never ask for money again. Now, remember that you have to be strict with this boundary.

As one person mentioned, if you have lent them money despite their continued violation of your boundary, separate your feelings from the matter and put it to a stop.

5. Don’t Mingle Love and Loans

To continue reading, please go to the original article here:

https://investedwallet.com/lending-money-to-family-members-advice-boundaries-set/

One of the Toughest Things to Master for Your Financial Health

One of the Toughest Things to Master for Your Financial Health

by Todd Kunsman  Financial Health

When it comes to your life, you want to stay physically and mentally healthy. And this also applies to your personal finances, which is commonly called your financial health.

While your physical and mental health is far superior to your financial health, it’s still crucial to work on this too. And as I know and you may too, finances can cause some serious stress. That financial stress can then put a toll on your body, mind, and relationships.  Yet, when it comes to your personal finances and financial well-being there is one area that is critical to master: self-control. The challenge is, it might be the toughest thing to be consistent with throughout your lifetime.

What is Financial Health?

Before we get into how self-control affects your financial health, I think it’s important we are all on the same page on the definition.

Financial health is the term used to describe your own personal finances and how healthy it is. This includes things like how well your saving, what you put away for retirement, how little debt you have, etc.

There is a bit more to it than that, but for the sake of this post, we’ll keep it that simple.

Why Self-Control Matters to Your Financial Health

As I mentioned in the introduction, I think self-control is one of the toughest things to master for your financial health.

Your ability to control certain desires or urges with your money, can really determine your overall financial stability and results in the long-run.

It’s also incredibly challenging, especially if you are just starting to take control of your personal finances.

I see a need for discipline and self-control in four key financial areas:

To continue reading, please go to the original article here:

https://investedwallet.com/your-financial-health/

8 Ways to Prepare and Protect Your Money

8 Ways to Prepare and Protect Your Money

Experts Explain Hyperinflation and 8 Ways to Prepare and Protect Your Money

September 27, 2022 Financial Pilgrimage

Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling day after day. This situation might sound like a fictitious movie plot, but it has happened many times before in our world. It’s called hyperinflation, and it can wreak economic devastation on people.

Right now, the increasing prices of goods and services across the board have already stretched people’s budgets. That’s just called inflation. But during hyperinflation, things would get dramatically worse. While the odds of this happening in the U.S. are small, there is no better time to get your financial house in order.

Financial planners and experts share their best tips and personal finance advice to prepare for any economic scenario, including hyperinflation.

But First, What is Hyperinflation?

Inflation can signal that an economy is growing and demand for goods and services is rising. However, hyperinflation is not just about high growth in the cost of goods.

“The biggest misconception about hyperinflation is that we’re in it now,” said Mike O’Leary, co-host of early retirement and frugal living podcast Friends on FIRE. “Economists typically define hyperinflation as a month-on-month increase of 50% or more. We’re currently experiencing an uncomfortable but fairly normal inflationary cycle.”

Why Does Hyperinflation Occur?

Hyperinflation is complex. There are many reasons why hyperinflation could occur. Every country’s economy is different and has its own unique path that could lead them down into this nightmare scenario.

However, common underlying causes of hyperinflation include:

A rapid increase in the supply of money without a currency backing such as gold

A rapid rise in the demand for goods and services

In the past, some governments have rapidly increased the money supply by printing money. Hyperinflation occurs when excess money is rapidly added to an economy, such as Brazil’s 1995 hyperinflation. From 1985 to 1994 prices rose by a mind-boggling 184,901,570,954.39%.

Common Hyperinflation Misconceptions

To continue reading, please go to the original article here:

https://financialpilgrimage.com/hyperinflation/

Wealth & Income Are Not The Same

Wealth & Income Are Not The Same

Hillary Hoffower

 A woman who studied 600 millionaires says there's a misconception about wealth that just won't die

Wealth does not equal income, but people often mistakenly think they're the same thing.

Wealth is the net worth of a household, whereas income is what's reported on an income tax return.

Being rich isn't about how much money you make or spend — it's about how much money you keep. ...

There are a lot of myths about wealth, but one seems to strongly persist: The idea that income equals wealth.

"It continues to be the assumption of those who increase consumption as their income increases that they are the same," wrote Sarah Stanley Fallaw, director of research for the Affluent Market Institute, in her book, "The Next Millionaire Next Door: Enduring Strategies for Building Wealth, in which she surveyed more than 600 millionaires in America.

She added: "And believing this myth gives the false perception that those who appear to be rich (neighbors driving luxury cars or friends in $200-plus jeans) are wealthy when in fact it only means they spent more than real millionaires on these purchases."

Point blank, income and wealth are not the same thing.

Wealth refers to the net worth of a household, i.e. all of its assets minus of all its liabilities, Stanley Fallaw explained. Household income is merely realized income to be reported on one's personal income tax return.

Even the Tax Foundation gets it wrong, referring to "millionaires" in terms of their income tax returns versus their net worth, Stanley Fallaw said. In reality, a millionaire's income is only 8.2% of their wealth, she found through her research.

This myth is problematic, Stanley Fallaw added, because it "distorts" the numbers people focus on when trying to achieve financial independence.

Wealth isn't about how much money you make or spend — it's about how much money you keep

To continue reading, please go to the original article here:

https://www.businessinsider.com/difference-between-wealth-net-worth-income-2019-1

Security Tips From Security Pro Part 2 of 2

Security Tips From Security Pro Part 2 of 2

Think Security - Serious Info on ALL Safety Measures Good Read

Think Security  

What is the first thought when I say bodyguard? I'll bet you thought of   a 250 lbs weightlifter, ex-football player, all star wrestler or the like. A big muscle bound man standing around your front door with folded arms and an Uzi under his suite coat. Right?  

Well maybe in the movies, but certainly not real life. Take me for example: I am 5'9" I can't lift my own body weight above my head more than a few times, I might be able to do ten pushups without collapsing and chin ups - forget it!! I am a normal guy.

I'm not a nerd, jock or playboy I am just an ordinary average single dad with four wonderful kids that like to wrestle in the living room and they usually always win.

My history. (There is a point.)

In 1987, I attended and graduated Executive Security International, a school located in Aspen Colorado. This is the premier school for professional executive protection specialists. My instructors were former Secret Service agents, top of the line protection agents, navy seals, and bodyguards for the super wealthy.  

The training included shooting with top competitive shooting champions, driving with top race-car drivers, Martial arts with navy seal instructors etc. The point is that this school trains and qualifies hundreds of agents each year.  

Many go on to work in law enforcement, special ops etc. in order to get endorsed by the school you must graduate as what they refer to as level 3. Anything below that and you do not get an endorsement a referral or as much as a good word.

ESI only refers or places the top of the top the best of the best and my point of all this is, I myself, even as a graduate of this incredible school will be interviewing and hiring agents for my family protection from there.

Heck I might even be real nice and hire one for my ex-wife. Only the kidnapers would pay me to take her back!  My class had about twenty students; only four of us graduated level 3 and got endorsed and placed. One went on to work at the white house with the Secret Service.

Two went to Tanzania to protect executives for Exxon. I went on to protect the family of a wealthy cookie company executive in Utah. You have probably all had free samples in a mall somewhere.

After that, I worked for a wealthy newspaper executive from India, and many other wealthy executives and a presidential candidate who you all know as the governor of the state of CA.

I then started my own protection agency where we guarded high profile executives, celebrities, country music performers and even other presidential candidates.

The point is this. If after you read the rest of Part 3 you decide that you do want to hire a professional, I have nothing to gain by telling you that I will be hiring someone from ESI, probably a female agent since I have small kids and a woman tends to be a lot more observant.

So before we go on let me say this, the best security that you can employ is simply, secrecy! The fewer people that know you have money or access to it the better off you are. (Hands down) I believe that the NDA, which I have read so many complaints about, will be the best thing for you over all. Create your story and stick to it. I do believe that the NDA is there for your own protection.

 Think about it, if signing the NDA is for the contract rate only what is to say that those that take the street rate won't go write books and make movies. It is because they won't walk away with as much money. The ones who really need to keep their mouths shut are the ones making the big bucks and are more likely to be targets of the bad guys.

So you are now worth a few million dollars, some of you billionaire is the word. But, why does anyone, and I mean anyone need to know that? Keep your financial affairs in the lowest part of the kitchen drawer.

Don't flaunt your wealth; don't expose yourself to the pirates from the beginning. Yes, they have their feelers and you may get exposed through them but the more you can do to avoid un-needed attention the more you can rest assured that you are less of a target.

RECOMMENDED: a book called "the Millionaire Next Door" Read it! Read it again and live it. '

Do you know that Sam Walton lived in a modest home in a normal neighborhood and he drove a 1970s pick-up truck? Most people around him had no Idea he was a billionaire. The guy that started and sold Micro-soft lived in my hometown and nobody knew he was worth billions when it sold. He drove the same old VW bus around.  

He eventually bought a really nice home in a secured neighborhood but not for several years and not until his kids begged him to move to a bigger home. Most millionaires are average people with the same wardrobe that I like, T-shirts and jeans, my boots are the most expensive things in my closet and it will stay that way even post RV.

I will not buy or drive a Bentley or a Ferrari. A new truck and maybe a Dodge Challenger is my extreme. I will not be chauffer driven except for a limousine that takes my four kids and I to the airport to go on our vacation.  Yes average, ordinary people splurge sometimes and limo's are the max of that rare splurge.

If you must buy Lamborghinis, mansions and high roller toys do it in the name of an offshore corporation. Many people believe that the super wealthy use things like bank accounts in the Bahamas as tax avoidance but the downright truth is its hiding their wealth from the pirates of the world.

Its about 90% privacy and maybe 10% tax avoidance. Your financial planners and wealth advisors can help you manage your funds and maintain you privacy. However, don't forget pirates have well paid feelers everywhere.

If you own your own business, if you bought an expensive yacht, you moved out of your modest 200 k home into a 3 million dollar home on the beach, if you come across as a person of means with access to big money. You may still be considered a target and the surveillance begins.

Remember I told you that a successful kidnapping requires information, observation, and tailing the target. Your protection agent should be an expert in surveillance and counter surveillance. A master martial artist or a quick draw and a dead aim are cool talents to possess, however none of the professionals that I worked with nor myself ever carried a gun. The best talent a security expert has is observation skills.

Now pay attention. The name of my agency was Silent Shadow Detectives. The name says it all. My mission was to protect the client and the client never knew we were there. We were silent and we remained in the shadows. Nobody and a do mean nobody knew we were there. 

I will apologize now for the length of this writing but I feel this is important so I want to share a story to bring home my main point when it comes to hiring a top protection team.

When I worked for the cookie company, she was a Mrs. and her name was their brand. Her husband ran the company and did all the hiring and firing. One day I turned in an invoice and he did not want to pay me. During our meeting he said he would not pay for services not rendered.

 I gave him the detailed report of where his wife and family had been at every moment of the day, I included all the routes she had taken and what car she had taken and then switched throughout the day as she was instructed to do in our initial training. I also gave him detailed descriptions of the Private Investigator that he hired to follow her while watching for us.  

His PI had lost the trail of his wife four different times, as my team was able to derail him in his pursuit. As far as we knew initially he was a watcher for the bad guys until our research team identified him as a local Private Detective. I did have to apologize for the three flat tires and his disabled vehicle.

Nevertheless this executive was comforted to know that his family could be themselves, live their lives and live as normal as possible without muscle bound goons in suites standing around every corner.

The point is this; you can have protection without having your life style cramped by a bunch of armed men in fatigues.

So you want to hire the best. Call ESI arrange for interviews with several agents. As the agent comes into your office for the interview excuse yourself for five minutes and then leave. Come back, make yourself comfortable, ask some basic qualifying questions and then ask them to describe the picture on the wall directly behind them.

Remember observation skills are the most important skills a protection agent has. So, he/she can't tell you the color of the balloons or exactly how many clowns but they do at least know it is a picture of a circus. Get the point?

Then move on to the critical test. If they are not willing to do this test, then move on whether you are interviewing ESI grads or PI agencies from the yellow pages I would conduct this test on any protection team I am considering, ask them to follow and report on a brother, friend, neighbor or anyone willing to take detailed notes of their day.  

Several potential agents have followed my bother before I hired then to work on one of my protection teams. Compare the notes from your assigned target with the notes of your interviewee.

Do not forget, a great counter surveillance operative is going to be an expert at surveillance, especially if you are hiring a team.

Once you have hired the right agent to work for your family you should have daily contact and they should be able to tell you where you have been where your children have been. If they discovered any possible watchers for the pirates and what counter measures were taken to thwart even possible surveillance operations.

It is true that on a daily basis you, your family members are going to come into contact with strangers. What you do not need is some overzealous bozo jumping out of the bushes to tackle every unknown passerby.

What your agents are looking for is watchers and then they eliminate all possibilities for these watchers to gain any usable info. At some point the pirates figure out that you have real pros working for you and they simply move on to the next target.

Thank you for reading this I hope this information is helpful.  I personally thank God every day that I know about this opportunity. If this information I have shared has done nothing more than to start you thinking then I am at peace with myself.

So, I will leave you now with this final thought. How many times in your life did your bicycle NOT get stolen because you had a good lock on it? We will never know. So how many times will your family be kept safe because you have a true professional watching the watchers? Think about it.

The best advice the security team told us on what to do once the RV hits, Is to keep your mouth shut & Mind your own Business!...

Millionaire Next Door - Thomas J. Stanley - Audiobook
https://www.youtube.com/watch?v=aicyobUTJrQ
 
"Taken" For "Ransom" Trailer (recut)
https://www.youtube.com/watch?v=rpiicbMzi7Y
 
Man on Fire (2004) Trailer
https://www.youtube.com/watch?v=ALKCTuH79iE

Security Tips From Security Pro Part 1 of 2

Security Tips From Security Pro Part 1 of 2

A Post From Dinar Recaps Archives

Think Security - Serious Info on ALL Safety Measures Good Read

I just wanted to pass on a bit of caution. As a former professional Executive Protection Specialist (Bodyguard to the Super Rich) Many of you will walk out of the bank as millionaires, multi-millionaires and some of you Billionaires.   You have been given great advise when it comes to Identity and computer security and some things to do to protect your identity. (All Computers should have VPN protection and encrypted emails -)

All great information and thought. But, please think about this! Please don't let the most blessed day of your life be the beginnings of some of the most frightening and horrific experiences of your life!

That's when you get that dreaded call that your daughter, son or wife will not be coming home unharmed until a paper bag full of un-marked 100 dollar bills is brought to this remote location and traded for the safe return of your beloved. (please, please, please) don't think this plot is reserved for the movies.

It happens all the time, 100s of kidnapping cases each year occur and are never on the daily news channel. These unscrupulous types are what my team always referred to as land sharks. Yes they are out there, they are hungry and they are dangerous. It is true these land sharks smell blood 1000 miles away and the blood these pirates smell is money, Easy money!

 The day you walk out of that bank with that receipt for 1 mill plus, your blood trail just started! They will be watching, car, yacht, expensive homes etc. being purchased. Don't think for a second that don't have feelers out there, car dealers, bank employees, construction workers, you name it.  Yes, even Baby sitters. These dirty players have feelers everywhere.

 One case a team member worked on shortly after I got out of the business involved a baby sitter who gave out security codes, travel plans, work schedules and this teenager even left the lock on the basement door unlocked all for a few hundred bucks.  

The bad guys walked in, the three year old girl was taken, the parents forked out 3 million dollars and the money was gone in a flash and the three year old is still a picture on a milk carton somewhere!! I really don't want to scare you or insult your intelligence. But you WILL be a target of these evil players.  

How do you protect your family and yourself? you contact a professional security specialist, a reputable Private Investigation firm can direct you. I strongly suggest that you get a hold of ESI (Executive Security International) it is a very well run Bodyguard training center.  

The instructors are former Secret Service Agents. They train hundreds of protection specialist (both men and woman) They are the best of the best and can hook you up with the right people.  

It is not my intention to scare anybody, I hope you find this information useful and thought provoking. If this post makes it and gets your attention I would be glad to write part 2 and tell you how to make sure you are hiring a true professional and not being taken by con men.

Security is a business full of snakes and I will tell you how to   avoid them as well as some things you should start doing right away to prepare for your wealthy future Think Security

I suppose that after such a tremendous response to my post called Think security part 1, I owe it to my new friends to post part 2 and to answer some great questions when it comes to the security of your family and I will share how I will go about protecting my own family. Also I will attempt to correct my writing skills to make this more readable.

According to Sun Tzu in "The Art of War" It says ""If you know the enemy and know yourself, you need not fear the result of a hundred battles." Based on this idea, let me use a scenario to illustrate the point.

Put yourself in the position of the land pirate. Remember that most pirates run with a crew. They work as teams and they don't care who gets hurt as long as they get what they want and we all know that is money!

They have done some snooping and have identified you as a potential target. In clandestine interviews with neighbors etc. These deviants learned that you have a wife, four kids at the ages of 2 to 8 yrs. old. They learn that your oldest son attends the local elementary school and that he rides the bus, which leaves and arrives at the same time every day.  

These criminals sit outside of your home and take diligent notes on what time you leave for work and the fact that your wife stays home with the other kids most of the day occasionally leaving at random times to run errands etc.  They make tedious notes about the activities and routines of your family. Information is vital to these scurvy dogs.  

They have to decide how they will get you to part with your money and the easiest way to do that, extortion, blackmail, theft/robbery or kidnapping. Kidnapping is one of the most common methods with the least risks on their part. You are now the distraught loving parent and are under their control.

You are too afraid to call the authorities and you are now motivated to give up the money because they have your child or wife and we all would do anything on earth to keep our loved ones safe.

Ok, let me drive to the point and this is a crucial point when thinking about what security expert or agency you hire. These pirates have already determined through multiple ways, paid off bank employees, yard workers, remodeling contractors etc. (these info sources are endless.)  

That you are a target and that In order to be successful they must gather as much information as possible in order pull off a successful kidnapping to assure that you willingly give them the money they desire. By watching your every move and noting the activities of each of your family members they can determine how vulnerable your family is as well as the best plan to make their move. 

Ok I know this is very long and to spare you having to read all day I will post part 3 this evening I will go over all about hiring professional executive / family protection specialists and how they function in and around you family to keep you safe.  Here is a parting tip.  

Start getting used to changing your routines. This is the first thing  a protection specialist should train you to do is to change the times you leave, the times you come home, especially your routes, start taking your kids to school, stop sending them on the bus, that is too predictable.

Change all the established patterns that you do day to day. Deviate your routes as much as possible. I must implore, don't, and I repeat! DO NOT live your life in fear, just go about your life, live well and help others as much as possible just take necessary precautions. Follow the advise of your protection agent like you will your wealth managers, attorneys etc.   

In Answer to a question about how many bodyguards will you need to hire. (you are millionaires now, you can afford it) One good agent can train and protect your family, he/she will work with alarm companies to set up the best security system around your homes he/she will also work with trained dogs. Will you have them or not? I will have very well trained Dobermans and German Shepherds.

 Your agent should be a counter surveillance expert. Stopping the free information flow simply cuts out the bad guys ability to plan any event against you or your family. Most protection experts work with teams as well.

Keep These Financial Records in Your 'Go Bag'

Keep These Financial Records in Your 'Go Bag'

Lisa Rowan

But even if you don’t live in a hurricane-prone area like I do, there’s no excuse for not having an emergency kit ready for the worst-case scenario, whether it be a wildfire or a flood or an earthquake.

Beyond evacuation essentials like clothing, toothpaste and a flashlight, you’ll also want to have a substantial amount of financial information on hand.  This information can help you make payments, access assistance, and otherwise go about daily life during or after an emergency. Since cell phone or internet service may not be available, it’s important not to rely on just having your username and password memorized to access various financial services.

Plus, you’ll need a lot of that financial information to help you rebuild: For instance, you may need to show proof of income if you apply for Federal Emergency Management Agency (FEMA) disaster relief assistance. And the last thing you want to be doing as you’re trying to rush your family out of your house is trying to dig up your last pay stub.

The following are the financial documents you should pack copies of in your evacuation bag.

Identification

Driver’s license and/or passport

Social security card

Birth certificate

 Contact numbers for family, friends or neighbors

School registration forms

Family

Alimony payment agreement

Child support payment agreement and payment receipts

Elder care payment records

Will or trust

Power of attorney

Home

The deed to your house or your rental lease

Home or renter’s insurance policy

Other home loans, like a home equity line of credit

Photos of your property, including photos of valuable items that have separate insurance coverage

Flood insurance policy

Property tax statement

Car

Title or loan records

Registration

Insurance policy  Banking, Investing And Credit Cards

Account numbers, routing numbers, verification codes and institution contact information

Account information for stocks, bonds or mutual funds

Retirement account records

Other Financial Records

Most recent tax return

Employment record (an offer letter or pay stubs) and contact information for workplace

Government benefits documentation (Social Security, TANF, veterans benefits)

Utility account information

Student loan agreements

Cash

Along with your documents, you’ll want to have cash available for expenses if payment systems are unavailable or the power is out. How much should you have handy?

To continue reading, please go to the original article here:

https://lifehacker.com/keep-these-financial-records-in-your-go-bag-1835947477

9 Little Ways to Be Better with Your Money

9 Little Ways to Be Better with Your Money

By Chris Reining

Some random guy from the internet emailed me wanting to meet up. This happens more than you think, and usually I’d say no because saying no to everything was the only way to protect my time so I could focus on my goals in life.  But now that I have my time back I’m starting to say yes. So we meet up and he’s not weird or anything like that, and we talk about a lot of stuff but one thing really stuck out: How broke we used to be.

When you’re in your 30s you start forgetting about your early 20s. How hard it is being an adult and trying to make it on your own. He’s telling me about selling his saxophone for money, and that makes me remember when I had to borrow money for my first apartment.

But here’s the thing. Starting out broke with no money or advantage or anything like that is how you should start out. Because if you’re just given everything you’ll never appreciate what you have. I mean, we all know that spoiled rich kid that doesn’t appreciate anything.

Anyways, I’m going to tell you what I’ve learned about money so you can start using it. Right now. So here are 9 little ways to be better with your money.

1. Increasing Your Value Increases Income

When you’re continually becoming better at your profession what you’re doing is becoming more valuable, and when you’re more valuable people will pay you more for what you do. And you’ll have more options, too. I spent most of my 20s partying and horsing around until I realized if I wanted to earn more I had to become more valuable. So read books, get mentors, and surround yourself with the right people.

2. Start Marrying Together Skillsets

Learn skills like public speaking, psychology, writing, design, conversation, persuasion, technology, a second language. Because when you’ve plateaued in your profession you’re going to need these skills to earn more. This is like the architect who’s a great public speaker and writer. Or the personal trainer with a mastery of psychology, persuasion, and conversation. (Btw, I learned this from Scott Adams.)

3. You Get To Choose Your Lifestyle

To continue reading, please go to the original article here:

https://chrisreining.com/9-ways/

Beware the Advice of the Rich

Beware the Advice of the Rich

Chris Reining

Does it seem like everyone but you is becoming fabulously rich and famous?

It makes for a good story. Someone goes from living out of their car to driving a Ferrari. The problem is when they go on to say their success is a result of their morning routine or this one book they read or some random tactic.

You’ve probably heard business icons or celebrities giving this advice. It typically goes something like: “Look, all you need to do is this one thing, and then you’ll be rich and famous too.”

It’s nice of them to share what worked for them. It’s often useful advice. You can apply the little tip to your life, and see what happens.

But isn’t it like saying if you do a few things Justin Timberlake did to become Justin Timberlake you can be the next Justin Timberlake? (Or LeBron James, Oprah Winfrey, Bill Gates, whoever.)

The point is, if it were possible to rerun history with everything seemingly identical it would generate a different winner each time. Justin Timberlake would become popular in this world, but in another version he’d be a nobody, and someone you’d never heard of would be in his place.

Why? Luck.

Luck is why there’s tons of talented and hardworking people in this world who will never reach the level of success they want, because the level of success they want is maybe half “the things you do” and half luck.

So how do you know which is which. In other words, can you separate work ethic from luck?

To continue reading, please go to the original article here:

https://chrisreining.com/beware-advice/

The Effects of Trauma on Personal Finance

The Effects of Trauma on Personal Finance

Tawnya Redding  02/11/2023  Money Lessons

A plethora of things effect our personal finances and the development of our financial habits.  From family, to culture, to media, to unprecedented global pandemics, our money lives are constantly being molded and shaped by things both within and beyond our control.

While the majority of things that help shape our financial lives are relatively easy to see (but not necessarily to change or resist), there is a silent epidemic running throughout the world. One that affects as many as 70% of people in the U.S.

This silent epidemic is trauma.

Trauma is a pervasive aspect of our society that affects every aspect of the lives of those who have experienced it. Although the link between trauma and personal finance may not be clear, rest assured that it is there.

This article will discuss some of the main effects of trauma on personal finance.

First, we’ll define trauma and its prevalence. Next, we’ll discuss how trauma effects brain development and one of the most eye-opening studies ever done regarding trauma and its effects.

Finally, we’ll conclude by making the connection between trauma and personal finance crystal clear and offer ways to combat its effects.

What Is Trauma?

According to the American Psychological Association, trauma is “an emotional response to a terrible event.” It occurs when the extreme stress of the event(s) overwhelms the person’s ability to cope.

People impacted by trauma often have feelings of fear and helplessness, and their inability to cope or escape the trauma often leads to the development of maladaptive means of coping.

Experiencing trauma can be the result of a one-time event such as an accident, assault, or natural disaster, but it can also be the result of persistent negative experiences such as abuse or neglect.

While not all who experience traumatic events are severely affected by trauma long-term, it is safe to say that the majority are.

As previously mentioned, 70% of U.S. adults (or 223.4 million people) have experienced a traumatic event at least once. Furthermore, 90% of clients in public behavioral health have experienced trauma.

Post-traumatic stress disorder (PTSD) is a common manifestation of trauma and is characterized by flashbacks, nightmares, and acute anxiety.

While most commonly associated with soldiers returning from war, PTSD is far more prevalent in our everyday society.

And one of the most startling populations of victims is children.

Almost all children who witness parental homicide or sexual assault develop PTSD. Furthermore, 90% of those who’ve experienced sexual abuse, 77% of those who’ve experienced a school shooting, and 35% of those exposed to community violence will also develop PTSD.

Aside from the high likelihood of developing PTSD, experiencing trauma is linked to a host of other negative outcomes, especially when experienced in childhood.

Adverse Childhood Experiences (Aces)

There have been a host of studies linking childhood trauma to negative outcomes later in life, but the largest of these was conducted by Kaiser Permanente in the mid-90.

Called the Adverse Childhood Experiences (ACE) Study, researchers surveyed over 17,000 individuals about their childhood experiences and correlated them with later life outcomes.

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What Everyone forgets About Money

What Everyone forgets About Money

By Chris Reining

Washing dishes was how I earned my first paycheck. When you’re 15 years old and don’t get money from your parents to buy things then you have to work. So there I was scrubbing dishes in the filthy kitchen of a small family-owned Italian restaurant, and it’s where I learned a little life lesson.

Work is nothing more than trading time for money. A medium of exchange.

You provide one hour of time to an employer and they provide an hour’s wage. I quickly discovered teenager’s time isn’t worth all that much, a measly $4.25 per hour.

Not long after starting that job I wanted this Blind Melon album. You might remember their catchy song “No Rain.” One Saturday afternoon, wandering the aisles in Kmart’s electronics department, I saw it for sale. “Cool, I’m getting it.” The price was $16.98. For whatever reason I did the mental math to figure out the album didn’t really cost me $17.

No, it cost four hours on your feet washing never-ending streams of bus tubs overflowing with half-finished plates of meatballs. “Is this CD worth four hours of my time?”

In this case it was, but more importantly you realize the money tucked in your wallet isn’t money at all, it’s time disguised as money.

In fact, it was Benjamin Franklin who said, “Time is money.” But in our hectic day-to-day lives it’s easy to forget this.

That when you spend your money what you’re really doing is spending your time. Which means if you waste your money you waste your time.

To continue reading, please go to the original article here:

https://chrisreining.com/time/