8 Ways To Alleviate Your Retirement Anxiety by Fixing Your Finances

8 Ways To Alleviate Your Retirement Anxiety by Fixing Your Finances

Cameron Huddleston   Fri, July 21, 2023

If you’re stressed about your retirement plans, it’s probably for a good reason. With economic uncertainty, rising living costs and the ever-changing landscape of retirement benefits, ensuring a comfortable and secure future can feel overwhelming. If you’ve woken up in the middle of the night thinking about your finances, you’re not alone. A recent survey conducted by Allianz Life Insurance found that “61% of Americans say they are more afraid of running out of money than they are of death.”

Still, worrying about your money problems won’t make them go away. In fact, it can cause more stress and lead you to make mistakes, said Scott Bishop, partner and managing director at Presidio Wealth Partners.

When you’re drowning in financial uncertainty, it’s time to take stock and make a plan. To rest easier at night, you should try to understand what it is exactly that you’re afraid of. This will empower you to get your finances on track and stop worrying about money. Read on to identify which of the following fears is troubling you.

1. You’re Afraid That You Don’t Understand Your Money Situation

The first step to take to stop worrying about money is to identify your assets — house, investments, savings — and your liabilities, or debts, said Michael F. Kay, a certified financial planner and founder of Financial Life Focus. Once you know what you have and what you owe, you can identify your biggest problem and assess what needs to change. For most people, it’s too little savings and too much debt, he said.

“Before you can stop worrying, you need to know where you stand financially,” Bishop said. “The best way to do that is to get a handle on or snapshot of your current situation.”

2. You’re Worried That You Don’t Know Where Your Money Is Going

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

https://finance.yahoo.com/news/8-ways-alleviate-retirement-anxiety-170002929.html

7 Costliest Mistakes People Make When Planning Vacations

I’m a Travel Agent: 7 Costliest Mistakes People Make When Planning Vacations

June 5, 2023 By Jacob Wade

It’s vacation season!

With summer in full swing for most of the U.S., you might be putting the finishing touches on your vacation plans. Or you might be planning a winter getaway for later this year. Either way, before you take off on an epic road trip or fly to a desirable destination for some rest and relaxation, you might want to make sure you avoid making these massive travel mistakes.

We tapped Greg Johnson — expert world traveler, travel blogger at ClubThrifty.com and owner of Travel Blue Book Travel Agency — to share his insights on the costliest mistakes travelers make when planning vacations.

Not Planning Ahead

Failing to plan is planning to fail. Having a plan in place can help alleviate travel headaches and save you money at the same time.

“Most travelers book their vacations a few months before traveling,” Johnson said. “By that time, availability is usually low — which causes prices to rise. Depending on the trip, this can increase your costs substantially. 

“To get the best deals, consider booking your trip as early as possible. Prices for flights, resorts and cruises are typically near their lowest when they first become available. By booking 11 to 12 months in advance, you can literally save thousands.”

Being Inflexible With Dates and Destinations

Flexibility is key to saving money while traveling.

“One of the best ways to save on travel is to be flexible with your dates and destinations,” Johnson said. “If you don’t know exactly where you want to go, consider choosing your destination based on the price of flights. Likewise, being able to fly on a Tuesday could save you big money compared to flying on a Friday. The same goes for resorts and cruises.”

He also said, “Do a little price shopping and play with dates before committing to specific travel dates, hotels or cruises. It’s not always possible, but being a little flexible can go a long way.”

Traveling During Peak Times

Peak travel means high prices, period. Johnson advises against it, if possible. “If you can avoid peak travel season, do it. Traveling during shoulder seasons and off-peak times can save you up to 50% on the cost of your trip. Plus, you won’t have to fight as many crowds, which can make your trip much more enjoyable.”

Using a Mobile Phone Without an International Plan

Staying connected when traveling overseas can be costly.

“When you are traveling internationally, be sure that your mobile phone plan offers coverage at your destination before using it,” Johnson said. “Not doing so can be an enormously costly mistake, potentially costing you thousands.

“If you already have an international phone plan, make sure that the country you are traveling to is covered under your plan. If you don’t, call your mobile company and inquire about adding one during your trip.”

Johnson also said, “Cruisers should be sure to turn off their data when not docked in port, as many international plans don’t cover you while sailing in international waters. You could easily rack up thousands of dollars in accidental bills if you’re not careful. We like to flip our phones to airplane mode and use the ship’s Wi-Fi throughout the cruise instead.”

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

https://www.gobankingrates.com/saving-money/travel/travel-agent-costliest-mistakes-people-make-planning-vacations/?utm_term=related_link_3&utm_campaign=1237686&utm_source=yahoo.com&utm_content=5&utm_medium=rss

Fed Launches New Payments System That Lets You Send Money In Seconds

Fed Launches New Payments System That Lets You Send Money In Seconds

Jennifer Schonberger·Senior Reporter  Thu, July 20, 2023

The Federal Reserve Thursday officially launched its long-awaited instant payment service FedNow, which allows consumers and businesses to send and receive money in seconds.  The system lets Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other. It will be available 24 hours a day, every day of the year, with full access to funds immediately.

FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure for instant payments by linking banks. Transactions occur between bank accounts and enable funds to be transferred from a sender’s bank account to a receiver’s bank account immediately.

The limit per customer credit transaction will be $500,000, but the initial setting of the transaction limit will be $100,000. The money can move from consumer to consumer, from consumers to businesses, or from business to business.

"The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell.

"Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid."

Federal Reserve Chairman Jerome Powell speaks during a meeting at the Spain's Central Bank in Madrid, Spain, Thursday, June 29, 2023. Federal Reserve Chair Jerome Powell says the central bank may have to tighten its oversight of the American financial system after the failure of three large U.S. banks this spring. (AP Photo/Manu Fernandez)

FedNow is different from apps like Venmo, which require holding balances in the app rather than sending and receiving money directly to or from your bank account. And it isn’t instantaneous.

"Consumers might also have the impression that sending money through Venmo is instant, but Venmo doesn’t do real-time settlement," said Rusiru Gunasena, SVP of RTP Product Management and Strategy at The Clearing House. "There’s no money in hand in your wallet. There’s a lot of gymnastics behind the scenes needed to settle the payment, and thus [it's] not true real-time payment."

FedNow is also different from traditional payment rails of check, ACH, and wire services. ACH transfers are electronic bank-to-bank money transfers processed through the Automated Clearing House network.

The service launches with the participation of 35 banks of different sizes, including JPMorgan and Wells Fargo as well as credit unions.

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

https://finance.yahoo.com/news/fed-launches-new-payments-system-that-lets-you-send-money-in-seconds-140305052.html

The Economics of Happiness By John Robbins of Baskin-Robbins

The Economics of Happiness By John Robbins  of Baskin-Robbins 

Research is clear: Money doesn’t buy happiness, reports best-selling author John Robbins. So why do we continue to think that it does?

By John Robbins  of Baskin-Robbins   JULY 20, 2010

When I was 21, I told my father that I didn’t want to work with him any longer at the ice cream company he co-founded, Baskin-Robbins, and I didn’t want to depend on his financial achievements. I did not want to have a trust fund or any other access to or dependence on his money. I wanted to discover and live my own values, and I knew that I wasn’t strong enough to do that if I remained tethered, even a little, to my father’s fortune.

I left Baskin-Robbins and the money my father had made selling ice cream because I didn’t want to live a life of affluence based on a product that could harm people’s health. I also recoiled at the idea of inheriting a life of privilege while so many others had to struggle for their basic livelihood.

I didn’t take the steps I did because I thought money is bad. On the contrary, I believe money is good and important. Without it, it’s impossible to thrive in the modern world and difficult even to survive. But money isn’t a god. It’s something to use. Not something to crave or to worship, and certainly not something that should rule our lives.

There seem to be two schools of thought about the relationship between money and happiness: On the one hand, there are those who say money isn’t that important. “You can only become truly accomplished at something you love,” writes Maya Angelou. “Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.”

In her camp is the environmental advocate John Muir, who once said that he was better off than the billionaire E. H. Harriman. “I have all the money I want,” Muir explained, “and he hasn’t.”

On the other hand, there are those who say that money is essential, and that there is something spiritually pretentious and elitist about pretending otherwise. It’s not the love of money that is the root of all evil, they would say, but the lack of money.

Maybe money can’t directly buy happiness, but it certainly can buy lots of things that contribute tremendously to happiness. While it is possible to be happy with less, it is far easier to be happy with more. They would argue that those who believe money is not important have probably never watched their children go hungry.

I believe there is truth in both camps. Up to a certain point, money is vital to happiness for almost everyone. It can buy food, clothing, and housing and provide for other basic needs. Once a person’s basic needs are met, though, money takes on a different meaning.

For a family barely scraping by, $500 could be the difference between paying the rent or being evicted—between having a place to sleep and being homeless. To someone more affluent, $500 might simply mean a few hours spent shopping for clothes, or that much more financial security and increased savings.

But what does science tell us about the relationship between money and happiness?

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

https://greatergood.berkeley.edu/article/item/the_economics_of_happiness/

If You Aren’t Saving for These 7 Things, You Will Regret It

If You Aren’t Saving for These 7 Things, You Will Regret It

Andrew Lisa  Thu, July 20, 2023

Whether they do it or not, everyone knows they’re supposed to save money. But it’s easier to squirrel away cash when you know what you’re saving it for. The terms “savings” and even “emergency fund” are too broad to count as achievable goals. The trick is to segment your savings targets into individual must-have pots of money on the side.

These are the things to save for today so you’re not stuck wishing you had tomorrow.

Vacations — Or Your Little Luxury of Choice  First, focus on the truly important stuff and dedicate at least some of your savings to the things that make life worth living.

“Life’s milestones are not all practical and responsible,” said Samantha Hawrylack, a personal finance expert, retirement mentor and co-founder of the personal finance site How To FIRE. “Vacations are also important and should be saved for, but it’s better to wait a few years until your vacation fund is fully funded rather than going into debt for an expensive tropical holiday today.”

If trips to the beach aren’t your thing, save for dinners out, renting a sports car for a weekend or whatever makes you feel alive.

Bouts of Unemployment

While vacations are vital to life quality, you’ll regret taking one before you save enough to survive the involuntary vacation from work that might be just around the corner.

“Navigating through periods of unemployment can be a daunting experience,” said Tim Schmidt, founder of IRA Investing. “I remember a time when I had to close down one of my early businesses due to market changes. However, having a safety net made the transition less stressful and allowed me to bounce back quicker than I’d have done otherwise.”

Retirement

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

https://www.yahoo.com/finance/news/aren-t-saving-7-things-120040298.html

If Money Could Talk

If Money Could Talk

By Greg Habstritt
 A Powerful Perspective You’ve Never Heard Before –  "If Money Could Talk" 
Most people think they know me.   They don’t. 

I am not what most people think I am. I am not the paper in your wallet, or the coins that jingle in your purse. I am not quietly sitting in your bank account, hoping to be used one day.

You cannot see me, feel me or touch me. I am an idea. I am energy. 

I’m neither good nor evil. I am only what you decide that I am, and I fulfill the role that you create for me. 

 I don’t care how smart you are, where you live, what you do, or where you come from.  All I care about is your energy. 
Your energy decides what thoughts you have, and therefore your thoughts will determine the relationship you have with me. 
I have very simple needs, and simple rules.  I am infinite. 

I have no limits, except for those you place on me with your mind. There is no limit to the energy in the world, and because I am simply energy, I cannot be restricted or controlled. 
I crave abundance. 
I am attracted to those who think without restrictions, who like to think big. When you believe there is enough of me to go around, I am naturally magnetized by that thinking. 
I despise scarcity. 
Because there is no limit to me, I avoid those who think from a win/lose or scarcity perspective. Those who believe I am in short supply, or difficult to receive, will find that very reality, because I choose to avoid those who think small.
I love value. 
What magnetizes me most is the creation of value in the universe. I move to places where value is created, because creation is energy. If you wish to attract me into your life, focus on creating value for others, and I will appear. 

I avoid entitlement and complacency. 

No one ‘deserves’ to have me, and I am always moving to the place I am most respected and where value is created. It has nothing to do with ‘fair’. Those who take me for granted or become complacent with my energy will find me gone.

I only have one job, and that is to serve you. 

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

http://museologies.blogspot.com/2011/10/if-money-could-talk.html

How Does Valuing Money Affect Your Happiness?

How Does Valuing Money Affect Your Happiness?

Two new studies find that tying your self-worth to financial success hampers happiness and well-being—even for the well-off.

By Jill Suttie

It may seem that money is a sure path to prestige and happiness. After all, many of our most well-paid citizens are held up as role models of success, leading seemingly perfect, enviable lives. Still, some people embrace the opposite idea: Money can’t buy you happiness. So, which of these is right?

In recent studies, scientists have found that the connection between wealth and well-being is not clear-cut. While some studies seem to tie wealth to well-being, others show that, after a certain point, a higher income will not bring more happiness or life satisfaction.

Now two new studies shed further light on the relationship between wealth and happiness. Their findings suggest that money doesn’t fulfill basic psychological needs, like belonging and competence. That’s why making more of it will not increase your happiness, even if you value money above other things. In fact, it may do the opposite.

What Money Can And Can’t Do For You

In one study, University of Buffalo researcher Lora Park and her colleagues investigated what happens when people tie their self-worth to financial success, scoring high on the “Financial Contingency of Self-Worth” scale, or FCWS. The researchers found that doing so made people engage in more social comparisons, experience more stress and anxiety, and feel less autonomy than those who didn’t tie their self-worth to income, regardless of their actual economic status.

“People in this society are often focused on pursuing money, and they don’t think there is anything bad about that,” says Park. “But in terms of your psychological well-being, there are all kinds of negative consequences.”

It also might affect your problem-solving ability. Park and her colleagues randomly assigned participants to write about their dissatisfaction with either an aspect of their financial situation—like not having enough money to pay rent—or their academic performance, like getting a bad test grade. Afterwards, they reported on what coping strategies they would use in response to the situation.

Research assistants analyzed the essays and found that participants who scored high in FCSW used more emotionally negative words and reported more disengagement strategies—like giving up or avoiding solutions—when writing about a financial stressor versus an academic stressor than people scoring low in FCSW. None of the results were affected by the actual income of the students.

People who are facing a problem should, logically, be focused on figuring out ways to solve it, says Park. “But what we found is that high financial contingency of self-worth somehow blocks that response.”

Why would this be?

Park believes that when people feel their self-concept is threatened in some way, they will become more self-protective so as not to experience low self-esteem. So, if your self-esteem is tied to money, a financial stressor will cause a lot more stress than it would for someone who doesn’t feel that way. Some support for her argument comes from another part of her experiment, where having participants high in FCSW remind themselves of their character strengths—like their intelligence or sense of humor—seemed to negate these avoidance effects.

When your self-image takes a hit, reflect on what matters

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

https://greatergood.berkeley.edu/article/item/how_does_valuing_money_affect_your_happiness

Here’s Why “Plan A” Really Stinks

Here’s Why “Plan A” Really Stinks

Notes From the Field By Simon Black Sovereign Man  July 18, 2023

The legendary walls of Constantinople were supposed to have been impenetrable. At least, that’s what the citizens thought. But shortly after midnight on Tuesday, May 29, 1453, they watched in horror as Turkmen mercenaries from the Ottoman Empire breached a section of the walls that had stood proudly for more than 1,000 years. The city fell hours later.

Ottoman soldiers looted and pillaged Constantinople with such barbarous ferocity that their ruler, Mehmed II, was said to have wept when he inspected the city three days later, remarking, “What a city we have given over to plunder and destruction.”

Prior to the Ottoman siege, Constantinople had been the capital of the Byzantine Empire… which was for centuries one of the most powerful empires in the world.

Byzantium was the legitimate continuation of the original Roman Empire; Constantinople was even initially known as “Nova Roma,” or New Rome.

But over time, the Byzantine Empire became weaker and weaker, just as the Roman Empire before it.

And, similar to Rome, many Byzantine emperors were legendary for their incompetence. A 2012 study from the medical journal Geriatrics & Gerontology International, in fact, concluded that at least seven Byzantine emperors exhibited signs of pathological confusion consistent with dementia.

Byzantine rulers squandered the empire’s wealth, inflated the currency, and failed to secure their borders.

They engaged in disastrous trade and economic policy. They adopted highly unpopular social positions that were out of touch with mainstream citizens… then canceled anyone who disagreed with them. Some ideological dissidents were exiled, while others were blinded or had their tongues cut out.

Political blunders led to humiliating defeats of the Byzantine’s once-dominant military, causing a severe loss of the empire’s reputation around the world.

They failed to keep up with their rising adversaries; as rivals like the Ottoman Empire and Venice grew more powerful, many Byzantine rulers ignored the obvious threats and continued to mismanage the empire.

Just like Rome, there were occasionally strong Byzantine emperors who undid some of the damage of their predecessors. But they couldn’t stop the inevitable decline.

And by the time the Ottoman armies approached in the spring of 1453, the Byzantine Empire was done. It wasn’t even an empire at that point; at just a few square miles, it was no larger than the size of a small county in Rhode Island.

Yet even with such an obvious decline-- and even with an invading army moving towards their city-- the residents of Constantinople clung to the past… to the idea that their empire and city were still invincible.

As a result, many people did absolutely nothing in the face of such obvious danger. They just sat and watched Ottoman engineers chip away, brick by brick, until the walls fell.

This is what I call “Plan A”, i.e. do nothing. Hope for the best.

Misguided optimism is a powerful force in human nature: our instincts are great at detecting threats. But our brains make us want to ignore these threats and assume that everything will be OK... because it always has been in the past.

This is why people consistently misplace their confidence in a system that produces terrible leaders who have a track record of deceit, corruption, or incompetence. And this irrational trust in a broken system is at the core of “Plan A”.

The fall of Constantinople is just one example; “Plan A” is very common throughout history… and we can certainly see a lot of it today, especially in the West.

To illustrate, here are a few obvious examples of some serious challenges facing the United States:

1) It was only four months ago that the US financial system was in dire straits. Multiple banks failed due to the negative impact of rising interest rates on their bond portfolios. And then, poof, ‘confidence’ was restored and everyone started pretending like the problem had gone away.

And yet even the FDIC announced last month that banks are still sitting on over $500 BILLION worth of unrealized losses in their bond portfolios. Meanwhile, bank customers withdrew $472 billion worth of deposits last quarter-- the largest withdrawal EVER since record keeping began in 1984.

This massive flight of deposits coupled with historic unrealized bond losses is one of the worst combinations for a bank to suffer. And this doesn’t even include the potential losses that banks will suffer from a looming commercial real estate meltdown.

Yet most of the market is still happy to pretend that everything is just fine, and to misplace their trust in a financial system that has consistently deceived them. It’s classic Plan A.

2) Social Security is another example. The program’s trustees state very clearly that Social Security’s key funds will run out of money within 10 years.

What is the government doing about it? Nothing. What are most individuals doing about it? Nothing.

It’s Plan A: let’s just pretend that everything will be OK despite all rational evidence to the contrary.

This barely scratches the surface of the challenges. There’s the national debt, crumbling education system, weaponization of government agencies, cancel culture, the increasing likelihood of the US dollar losing its dominance, etc.

The larger point is that you have options and the power of choice. And, as I’ve been writing about for more than a decade now, this is what a “Plan B” is all about.

Unlike “Plan A”, a “Plan B” is a rational way of looking at the world… not from a position of fear, but from a position of strength. It acknowledges obvious risks, yet it takes sensible, non-disruptive steps to reduce their impact.

For example, if there’s a credible risk of mostly peaceful protesters taking over your neighborhood and declaring a new, woke republic, it’s probably too disruptive to pick up your family and move to Timbuktu tomorrow morning.

But it would be sensible to consider other places to go, and even have another residence at the ready.

There are obvious threats to Social Security as well. Yet there are plenty of great options available to take charge of your retirement with robust structures like a solo 401(k).

The beauty of a “Plan B” is that you won’t be worse off for having done any of it. You won’t be worse off for having a more secure retirement… or having a smaller tax bill, second residency, stronger asset protection, greater freedom, more privacy, diversified investments, etc.

These are all sensible things to do regardless of what happens or doesn’t happen next.

Yet if this trajectory of incompetence and decline continues in the West, a solid “Plan B” ensures you’ll be in a position of strength when it really counts.

To your freedom,  Simon Black, Founder  Sovereign Man

https://www.sovereignman.com/trends/heres-why-plan-a-really-stinks-147862/

9 Out of 10 People Are Willing to Earn Less Money to Do More-Meaningful Work

9 Out of 10 People Are Willing to Earn Less Money to Do More-Meaningful Work

Shawn Achor   Andrew Reece   Gabriella Rosen Kellerman   Alexi Robichaux

In his introduction to Working, the landmark 1974 oral history of work, Studs Terkel positioned meaning as an equal counterpart to financial compensation in motivating the American worker. “[Work] is about a search…for daily meaning as well as daily bread, for recognition as well as cash, for astonishment rather than torpor,” he wrote.

 Among those “happy few” he met who truly enjoyed their labors, Terkel noted a common attribute: They had “a meaning to their work over and beyond the reward of the paycheck.”

 More than forty years later, myriad studies have substantiated the claim that American workers expect something deeper than a paycheck in return for their labors. Current compensation levels show only a marginal relationship with job satisfaction.

​By contrast, since 2005, the importance of meaningfulness in driving job selection has grown steadily. “Meaning is the new money, an HBR article argued in 2011. Why, then, haven’t more organizations taken concrete actions to focus their cultures on the creation of meaning?

 To date, business leaders have lacked two key pieces of information they need in order to act on the finding that meaning drives productivity. First, any business case hinges on the ability to translate meaning, as an abstraction, into dollars.

 Just how much is meaningful work actually worth? How much of an investment in this area is justified by the promised returns? And second: How can organizations actually go about fostering meaning?

 We set out to answer these questions at BetterUp this past year, as a follow-up to our study on loneliness at work. Our Meaning and Purpose at Work report, released today, surveyed the experience of workplace meaning among 2,285 American professionals, across 26 industries and a range of pay levels, company sizes, and demographics. The height of the price tag that workers place on meaning surprised us all.

The Dollars (and Sense) of Meaningful Work

Our first goal was to understand how widely held the belief is that meaningful work is of monetary value. More than 9 out of 10 employees, we found, are willing to trade a percentage of their lifetime earnings for greater meaning at work. Across age and salary groups, workers want meaningful work badly enough that they’re willing to pay for it.

The trillion dollar question, then, was just how much is meaning worth to the individual employee? If you could find a job that offered you consistent meaning, how much of your current salary would you be willing to forego to do it? We asked this of our 2,000+ respondents.

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

https://hbr.org/2018/11/9-out-of-10-people-are-willing-to-earn-less-money-to-do-more-meaningful-work

One Decision Separates the Wealthy From the Non-Wealthy

One Decision Separates the Wealthy From the Non-Wealthy

Dr Benjamin Hardy

“Courage can be developed. But it cannot be nurtured in an environment that eliminates all risks, all difficulty, all dangers. It takes considerable courage to work in an environment in which one is compensated according to one’s performance. Most affluent people have courage. What evidence supports this statement? Most affluent people in America are either business owners or employees who are paid on an incentive basis.”   — Dr. Thomas Stanley

The problem with most people’s lives is that they are being shielded from the consequences of their behavior. There’s little to no accountability.

The fastest way to make success inevitable in your life is to only do work that is incentive-based. Only do that which you are rewarded and punished for the quality of your work. Everything you do needs to matter to the outcomes, consequences, and results you get in life.

So what is the decision?

The decision is to take complete ownership of every decision in your life. And how you do that is by only doing things in which you are compensated based on performance.

This goes completely against the norms in society. It goes against public education — which shields people from progressing at their own rates. It goes against most job structures, wherein a person is paid an hourly rate or salary.

If you want to make dramatic strides forward, you must only work in environments where the consequences of your actions are immediate and REAL. You need to be demanded by your situation to come up with a result.

This article will show you how:

Are You A Part Of The “Results Economy”?

Founder of the exclusive entrepreneurial coaching platform, Strategic Coach, Dan Sullivan distinguishes between those who are in the “Time-and-Effort Economy” with those who are in the “Results Economy.”

If you’re in the time and effort economy, you are focused on being busy. You actually believe the amount of time and energy you put into something merits praise. Those who are focused on being “busy” are protected in some way from the consequences of their actions. 

They’re not being forced by necessity to come up with a solution. Chances are, they are an employee. They are part of a bureaucracy. And they’re striving to follow rules rather than break them.

Conversely, when you are in the results economy, you are only focused on achieving a specific result. You are focused on results because if you don’t get the result, there will be consequences to pay — for you and others. 

You’re not worried about your reputation. You’re not worried about following the rules of ridiculous systems which are seeking to make you their slave anyways.

Dr. Thomas Stanley found in his research that those who are paid based on RESULTS are most courageous and also the most wealthy.

You actually have to take risks.

You can’t be sheltered from the consequences of your behavior.

And you certainly can’t be a part of a system which supports “busyness” to maintain the status quo. Hence, Dan Sullivan says:

Entrepreneurs have crossed “the risk line” from the “Time-and-Effort Economy” to the “Results Economy.” For them, there’s no guaranteed income, no one writing them a paycheck every two weeks. They live by their ability to generate opportunity by creating value for their clientele.

Sometimes, they — and you — will put in a lot of time and effort and get no result. Other times, they don’t put in much time and effort and get a big result. The focus for entrepreneurs always has to be on results or there’s no revenue coming in.

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

https://www.theladders.com/career-advice/one-decision-separates-the-wealthy-from-the-non-wealthy

The Number One Reason Most People Are Broke Or Have No Emergency Fund

The Number One Reason Most People Are Broke Or Have No Emergency Fund

June 14, 2021 by Todd Kunsman

I’m sure if you are reading this, you’ve come across other articles that talk about the importance of building your savings or having some sort of an emergency fund.  Whether that be for an unexpected medical bill, something breaks down in your car, etc.  I’m not personally a fan of the “emergency fund” term, as you should be building up your savings to use for investments, retirement, etc. But whatever it may be, most Americans are in pretty bad shape if some expensive issue comes up.

Because of a lack of prep, many times people are forced to rack up credit card debt to pay for the expense or get tons of late notices with extra fees thus essentially getting stuck with more and more bills, costing you a chance to stack that money away.

Yet, what’s even scarier is the lack of savings the groups of 35 and under have saved. Whether that is for an emergency fund or retirement.

In a Business Insider article, they broke down savings rates by different categories by using data from the Federal Reserve’s Survey of Consumer Finances.

First, average savings account balance by age, which was not looking too pretty:

Average savings account balance by age

Another section they broke down, was the median savings account balance by income:

median savings account balance by income

Understandably, higher earners are able to save more money and the older people get, the more money they will have because of time being on their side.

It also makes sense for the 35 and under group to have low savings for a few reasons: Paying off student loans, just developing their careers, maybe still going to school, etc.

Of course all the above can attribute to other things, these are just some examples.

But, we also know people with low incomes have amassed huge retirement or savings fortunes, so a lack of income is not necessarily the main cause.

So, why do people seem to have no money or struggle to save?

Before I dive in, I know it can be tough out there. Stagnant wages, climbing student debt, job loss, etc. Everyone has a unique situation, but many also would be better financially off if they did this one thing. Do you know what it is?

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

https://investedwallet.com/number-one-reason-most-people-are-broke/