Category: Financial Goals08/19/09
I recently wrote about two ambitious goals that I set for myself but have not yet reached: improving my business prospects and improving my marathon time. Two questions came to mind after I posted the thoughts on these goals. First, why didn’t I write about these goals before? Second, why is it that I’m not upset about not having reached these goals? Well, I think I did not write about these goals because I did not feel so good about them at first. Only when I took a hard look at failing did I become comfortable with the idea. As long as I ignored these goals, I could not think about Plan B and Plan C. But now that I have thought about my goals a little more, the options I have as I try to reach them, and the various responses I’d have to either a good or bad outcome, I feel so much better about failing. Second, failing really is not the problem. Failure only becomes a problem when failure keeps you down. I know now that failing at these two ambitious goals is not going to break me. I can come back and tackle these goals again, and better yet, I know pretty much what I am going to do should I fail even a second time. And I decided that failing again would not be a disaster for me. So I think I’ve become pretty comfortable with the idea of failure. Don’t get me wrong, nobody wants to fail, certainly not I, but the point is that another failure would not break me. And that is the most important thing. Likewise, any financial goal works the same way. There is usually one way or another out of financial troubles or failures especially if you take a hard look at the problems. If you are honest with yourself, I think human nature is built so that you can overcome almost any adversity, especially a financial one. Why especially a financial adversity? In the end, we are only talking about money. Contrary to common belief, money does not make the world go round. And if you’re so blessed to have enough to eat, shelter over your head, clothes on your back, money cannot make or break you. Tags: reaching financial goals
08/14/09
At the end of last year, or maybe it was at the beginning of this year, I wrote about two goals I made for the New Year. I wanted to reach both of them by midyear, and that has passed us by a good month already. So, it is high time for me to review my progress – or the lack of it. One of my goals was a business goal that I have not yet reached. We wanted to make some progress with our personal finance website, but that has not come about. There are many reasons to explain why I’ve not reached this goal. I think I’ve definitely dropped the ball in a major way. But the important thing is what I plan to do next. What is my Plan B? We (my wife and I, who have been in this business together since the beginning of this year) are in the process of making a few changes in the way we approach the business of our website. We are also trying to set up a second related business. That’s good and bad. It gives us the advantage that we have two ventures, either (or both) of which should yield some good results. But, of course, that means I have just that much more to do, setting up two businesses instead of one. Still, there are almost five months left in the year, which was my deadline to see whether we can make a go of our business ventures, and by that I mean create positive cash flow, however small. If I won’t reach my goal by the beginning of next year, my Plan C is to go job-hunting again. I am positive that I can do well in my learned profession, which I enjoyed doing, and I would like to go back to it in the case that nothing works out with my business ventures. If that happened I would also have to acknowledge that setting up a business was not my talent. Anyway, plan C would not be so bad for me personally. My other goal had to do with marathon running. I wanted to break three hours (meaning run the whole 26.2 miles in less than three hours), but I failed to do that when I ran Boston. I missed my target time by only a few minutes. (When I set this goal, I didn’t give myself a deadline, so I can just try again, and I plan to at a marathon this fall.) I really don’t know why I didn’t make this goal, except that maybe I did not prepare well enough for the race. If you don’t know, Boston’s marathon is in early spring; I found it quite difficult to train harder on the dark winter nights or in the dark hours of the early mornings. Nevertheless, I am now running at a level that allows me to run with the elite runners in any race in the world including the prestigious New York City Marathon come November. Sure, my goal may have been a little ambitious in the first place. Nevertheless, what am I going to do about it? What is my plan B? Well, I am in the middle of preparing for a fall marathon – either New York, or another one close by. I am more dedicated this time to reaching my goal. I hope that I will be able to train enough so that I will still reach my goal even if it’s a little later in the year than originally planned. If I don’t reach my goal, my Plan C is to be content with my personal record, which is pretty darn close to 3 hours anyway. Most important of all, I don’t feel bad about not having reached either one of these two goals. First, they’re both very ambitious. Second, it’s not like I can’t just give myself another chance. Besides, even if I go with plan C in both cases, I know that I will not be upset at all. Instead, I know that I will feel very privileged for having had the opportunity to explore some ambitious goals. Why would I be unhappy about that? 05/24/09
This is our weekly roundup, where we share some interesting posts written by personal finance bloggers we follow. As always, when we list a post in this roundup we stick with our favorite themes: budget planner, household expenses, eliminate debt, and general personal finance topics that can aid in reaching financial goals. We hope that you enjoy the insights of these blog posts! Budget Planner and Household Expenses How To Bust Your Budget In Two Weeks – One caveman joined the 30-day-budget-dare and set up a budget. But he blew out of his budget limits within two weeks. What will he do next? Coping with Life’s Little Setbacks - JD describes his “lousy weekend” on which many things went wrong. He goes on to tell us that having savings in an emergency fund makes it easier for him to cope with these setbacks. Four Techniques for Cutting Your Grocery Bill – This post introduces us to four techniques for cutting your grocery bill: (1) Set a budget. (2) Stockpile non-perishables when they are on sale. (3) Coupons and coupon match. (4) Look for store promotions. Debt Tsunami: The Ultimate Method For Paying Off Debt – This post give us a good and brief outline how to eliminate debt. It discusses various ways and proposes that the “debt tsunami” is the best option. 5 Great Reasons to Have Less Debt - PT gives us five reasons to have less debt: 1. Less Hassle, 2. An Improved Credit Score, 3. Less Worry, 4. It Just Feels Great, and 5. Money for Other Goals. Where to Go for Help With Getting Out of Debt - Credit Counseling and More - Jeremy lists four ways to get out of debt: 1. Debt Settlement Companies, 2. Bankruptcy, 3. Debt Consolidation, and 4. Credit Counseling. He also reminds us (a) to be careful, (b) to avoid scams, and (c) to work only with reputable companies. Legitimate Help for Homeowners in Trouble – This posts highlights the government’s website http://www.MakingHomeAffordable.gov that gives us a lot of good information about the various options troubled homeowners have. A good read for anybody who struggles to stay in his or her house. How will the new credit card rules affect consumers? – Xin gives us a very good summary of the new credit card bill that was signed into law last weekend. Financial Goals The Basics of Setting Financial Priorities – This post discusses financial goals and why you want to set some. It also gives us a short guide how to set up financial goals. Why I wanna spend: Daunted by my next goal – saving the down-payment for a house – seems too daunting to even attempt. We are lucky to find out in the second post what to do: ”Break your big goal into chunks.” Investing Ways to Improve Investment Return - This post lists four simple ways to improve investment returns. (1) Engage in fewer transactions. (2) Pay lower expense ratios. (3) Don’t pay sales loads. (4) Find advisors with reasonable fees Miscellaneous 5 Ways to Dramatically Improve Your Finances . . . Beginning NOW - Rachel says that it is never too late to get a handle on your finances. Do these things right now: track your spending, make a budget, eliminate all your debt, start saving, and pay with cash only. The Lure of Ponzi Schemes – Manshu gives us a glimpse into the human psyche that seems to fall for Ponzi schemes over and over again. Financial Emergency Kits and Other Storm Preps - Sharon reminds us how to prepare for emergencies: have a rainy day fund, have proper insurance coverage, keep important documents in a secure place, and have a plan. 04/05/09
 06:55:10 pm, by vilkri 
Categories: Budget and Expenses, Financial Goals, General Topics, Investing, Emergency Fund, Debt Management, Bargain Shopping Sorting Out What’s Important From The Rest by I’ve Paid For This Twice Already… Number One Frugality Tip: Don’t Be a Woman by Consumerism Commentary Tips for Grocery Shopping on a Budget by Bargaineering How To Handle a Pay Cut (Financially Speaking) by Fiscal Fizzle Budgeting and Automation: Streamline Your Finances by Five Cents Nickel The Reasoning Behind Holding Onto Our Savings by Blogging Away Debt Avoid These Rookie Mistakes - Overdraft Fees by No Credit Needed How to Get Out of Debt by Being Frugal An update on goals & a progress report by Living Well On Less How To Handle Tremendous Investment Losses by Generation X Finance Living In A Small Home: Pros and Cons of Downsizing Our House by The Digerati Life Hidden Money Or Why It Pays To Be A Flake by Breaking Even Tags: lower debt, setting up a budget
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