Dealing with financial issues?
- personal995
- Nov 5, 2024
- 3 min read
Updated: Dec 6, 2024
“An investment in knowledge pays the best interest."
Benjamin Franklin
1. Values
Always start with your Values. Generally, this will ensure you at least end up being who, you'd like to be, even if where you end up in life isnt exactly where you thought you may.
Try start with the section called 'On Commonly Held Values' under Values: Models & Theories to review a list of 26 commonly held values.
2. Alignment
Take the time to review your Alignment and honestly critic if you actually have alignment in your life. We have all heard the saying, 'Keeping up with the Joneses,' it basically means you are living beyond your means.
We are often dishonest with ourselves when considering this aspect of our lives, because we are impatient, which in turn often leads to debt, which in turn increases the odds of financial difficulty.
3. Patience
Charles T Munger was a great Polymath, Investor and Warren Buffett's right-hand man at Berkshire Hathaway. Munger was often asked by individuals, how they can become very rich like them only faster, and he tells this story:
“We get these questions a lot from the enterprising young. It’s a very intelligent question: You look at some old guy who’s rich and you ask, 'How can I become like you, except faster?'
"Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.”
Lack of patience often lands us in trouble, leading us to stretch ourselves too thin and / or borrowing debt beyond our means, that puts us in a fragile state and at the mercy of change.
These articles from the Journal of Scenarios may help:
3. Energy Management & Detachment
Check in with yourself and honestly assess how you are doing. Review your Energy Management, take care of yourself and ensure to reach out for professional assistance if you require it.
Then it may help to focus on Detachment. Stepping back and positioning yourself to objectively review the situation before deciding on a course of action.
4. Financial Management, Goals & Action Plan
Now begin moving forward.
Review the Financial Management section and work through it in detail to best try to understand your situation and the next most important steps to take.
Then set your Goals and update your Action Plan. Your Goals can keep you focused on what you need to do, and your Action Plan can assist to keep you on track and moving forward.
5. Mentors & Others
Consider seeking Mentors. Either direct (someone you know) or in direct (books, podcasts or other). Mentors can keep you honest, help review your plan and provide insights you may have missed or not yet learnt yourself.
Reach out to Others for support. Seeking support and supporting others is what makes us human, don't hesitate if it is what you need in your current situation.
We wish you all the best. Enjoy and take care.
The team at STRATEGY OF ONE
