ThrivingTwogether

Only if you prime

*I was about 12 years old and looking for money when a friend of mine asked me to help him load and put up hay in Palmyra, New York. I didn't know the hay fields would reach 90-100 degrees.

And I certainly didn't expect the haymow to exceed 110 degrees. But it did. And with New York humidity, I felt like I had discovered Hades. 

Gratefully my friend, who worked along side me, would occasionally suggest a refreshing drink from an old hand pump well.

He taught me how to prime the pump (use some water and pump the handle several times) so the well would give us cool, refreshing water.

We took turns gulping several cup fulls of water in between loading and unloading hay.

Saving money is a lot like priming a pump.

Prime a pump with water, and much more water comes out.

Save a little money and the result is much more money.

But saving should be regular just like priming a pump demands consistency.

Why does saving money produce more money?

Two reasons.

1. Security. Money stored away gives incredible confidence and peace. Confident and peaceful people make better financial (and relational) decisions.

2. Good deals. Bargains happen with cash. Many cash-rich businesses acquire other businesses for pennies on the dollar because they had money on hand (retained earnings).

It's hard for a seller to resist the lure of a wad of cash. Often they will reduce the price by 25%-50% if they see cash.

Regrettably some people prime the savings pump for a few days or weeks but don't pump long enough to see any true results.

Start saving now even if it is only a few dollars.

Then enjoy a refreshing glass of water in your hot financial haymow.

 

(Photo courtesy Jud McCranie)

*Original post was entitled Priming The Pump from 2012 archives) 

(One time I feinted with heat exhaustion in the hay mow and had to be taken home for the day) 

If you're going to budget (and you should)

...then budget

-together

-do it quickly

-include income, not just outgo

-tell your money where to go (your priorities must trump your creditors' wants)

-Include fun money

-Invest/spend in and on what matters most (family, house, food, transportation)

There isn't a light for that

External indicators of success such as money, job status and diplomas are easily observable.

Internal indicators of happiness such as contentment and divine harmony are immeasurable. There is no light to indicate inner success and happiness.

There is no light to measure frugality. No light for financial acumen. No way to measure love and gratitude.

And although we can't measure the inner virtues of discipline, thrift, love, and frugality, we bless the world by focusing on these immeasurables.

How I roll

As I sat at the dentist today I thought of my daily routine. It's full of disciplined actions calculated to make me more useful to others.

An influential friend once taught me how to maximize each day. And for the last 22 years I have worked at it.

Each day I start with an hour long Spiritual devotional. Sometimes I listen and other times I read to uplifting literature.

Then on my daily commute I listen to part of a transformational book. It may be Percy Jackson, a Seth Godin book, Eat to Live, or Heir to a Dream.

During the work-day I listen to one complete book.

When I need creativity I turn to Pandora while I generate, curate and synthesize ideas. Ideas flow freely when I have inspirational music alternated with pure silence.

On my lunch break I spend 45 minutes at Golds Gym. Cardio, weights, and stretching are my three key focuses. Five or six workouts each week with a week off every few weeks.

Then in the evening I seek to unplug and relax with my family. The six of us eat together most nights. We talk, attend Scouts, visit with friends and read.

Many people wonder how I read/listen to 200 or more books a year, travel several times a year and keep fit.

The secret lies in being inspired by a higher power and then doing daily disciplines that shape my destiny.

A friend shared his formula with me. And now I share it with you: daily develop your body, mind, Spirit and relationships.

Your life will transform into greatness streaming from your small acts of greatness.

A faster train will solve that

How do you get more people to take mass transit?

Advertise? Enact laws? Lower prices?

As I tried to keep up with a commuter train today, I determined to take the commuter train if it could get me to my destination twice as fast as my car.

I could be persuaded to take the train if my outcome (early arrival, speed) was built-in.

Same goes for money. Don't make prosperity difficult.

Build abundance into your lifestyle. Make it easy for you and your family to win financially.

Examples:

Want children to save? Buy them coin collection kits/open bank accounts. Match the money they save.

Want children to spend less? Get rid of commercial TV (Roku anyone?). Buy or borrow their favorite books.

Want more time together as a family? Invest in more family gadgets such as trampolines, board games, ping pong, Foosball  and books.

Most people aren't bad, they just need good systems.

Make change easy. Embed greatness into simple systems.

 

 

 

 

 

 

 

(Image courtesy Wikipedia)

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Like baking

Saving for a rainy day, paying down debt, and expanding income are like baking.

The process is priceless.

Because the result is satisfying only for a short time the focus must be on consistently combining the correct ingredients.

Many are willing to enjoy the finished goods, but few are willing to do the daily work.

When a tree falls

In the Summer of 2007 my wife and I enjoyed a vacation in Vancouver, British Columbia.

One of the highlights was the 460 foot long Capilano Suspension Bridge.

A 300 year old Douglas Fir tree weighing 92,000 pounds fell on the tree months before we arrived.

The bridge didn't break!

The bridge was anchored on both sides with massive weights which prevented the bridge from breaking. A tour guide allowed us a sneak peak of the massive anchors.

The builder had prepared for a catastrophe.

Big trees fall all the time. Money problems also happen all the time.

How (and when) will you anchor your bridge?

(Photo courtesy Wikipedia)

Nothing without a net

Life is a daring adventure! Opportunities for gain and good are everywhere.

Like trapezists we enjoy life most by reaching for new heights. Investing or achieving dreams involves risk similar to those of a trapezist.

Trapezists always use a safety net.

Then why is it so easy to forget a safety net when pursuing new opportunities?

Once during a business transaction three of the four participants admitted to having no back up plan!

If the deal didn't materialize they did not know what to do.

They had pulled a Cortez by burning all of their boats. Eventually the deal fell through and I moved unto my backup plan, but two of the participants became bitter.

Without a backup plan we become bitter, manipulative, angry, and revengeful because we feel like a cornered dog with no desirable option.

Remember: do nothing without a net. Dare and dream and reach big. And make sure a net is in place!

(Photo courtesy Wikipedia)

Remembering

Remember is a powerful word. Someone once said it may be the most important word in the dictionary.

We may remember our mistakes. We may remember financial teachings. We may remember good times.

Remembering words of monetary wisdom is key to optimal relationships with family and friends.

Remember:

Survey large fields, plant small sections. Dream big, but begin small.

Don't divest your values, invest in daily devotions. Investing in people and maintaining values allows money to be a tool instead of a god.

Bloom where your planted. Be content, grateful for posssesions but never complacent with your character-- always strive to be a better person.

Maintain your shock absorbers. Shocks are a part of life. Make sure you have done all to prepare.

I have kept journals for nearly 30 years to help me remember who I was and who I want to be.

Remembering to remember allows relationships to be rescued and money to multiply.

 

 

 

 

 

(Photo courtesy freedigitalphotos.net)

You can't buy practice

My little seven year old boy was on his way to get new basketball shoes and shorts. He asked me what would help him shoot better. I told him, practice.  He then exclaimed, "You can't buy practice!"

Same goes for money. You can buy a lot of financial tools, but nothing is better than practice. Practice allows us to learn nuances. It allows us to find out what works for us. 

Practice recording expenses. Practice consulting with your spouse prior to making a large purchase. Practice planning the future with your family. Practice paying off  debt. Practice saving.

You can't buy practice, but you can buy a lot of nice things with the money you accumulate by practicing good money habits.

 

(Photo courtesy freedigitalphotos.net)

Concurrent

Concurrence--doing things at the same time--is not the same as multitasking. Mutitasking is one person doing many things at the same time. Concurrence is when two or more people are focused on the same money objective(s) at the same time. Concurrence is a powerful way of creating momentum in money matters.

Excellent areas of Concurrence:

• What specific debt to pay off first?
• How much to save?
• What specifically to save for?
• What amount to give to charity?

Not all people agree on the same goals concurrently. How can you get concurrent? It takes focus on your spouse as a person. It takes valuing your spouse's wants and needs more than your own.

There is great power when two people focus on their goals at the same time.

 

(Photo courtesy freedigitalphotos.net)

 

Pray for the best, expect the best, and then plan for all eventualities

You've probably heard some form of "hope for the best and expect the worst." That sounds like a sure way to become schizophrenic.

Others have taught something like,  "hope for the best and nothing bad will ever happen." This is akin to thinking a five- year old would make a good pilot.

Keeping a hopeful, faith-filled attitude doesn't eliminate the need to prepare. Rather it requires us to prepare for multiple outcomes.

Multiple outcomes?

• If your engine dies, name three ways you can you fix it for under $500?
• What if your A/C or furnace ceases to work? What could you do to fix it for free?
• Your roof is disrepair. How can you replace it for 60% the going rate?
• If you lost your main source of income today, how fast could you replace it with more income?
• Your tax refund is $5,000. What are two ways to spend invest it for your family's future?

Great lawyers, detectives, athletes, pilots, and parents know that praying and expecting the best is vital. But inherent in our hope is the imperative to plan for all outcomes, both good and bad.

 

(Photo courtesy freedigitalphotos.net)

Laughing all the way to the bank

My wife and I once traded in a clunker on a reliable, used car.  We negotiated with the salesman until we had a good deal. Then we let him know we had a used car to trade in. He asked if we had the car with us. We told him that we could have it soon. Shortly thereafter a tow-truck arrived with our jalopy on the back.  Our old car had broken down on the way to the dealership.

Shortly after the tow-truck experience my wife and I bought a fixer-upper home. The front-yard was so ugly-full of weeds and bereft of grass- that it made people laugh. 

We laugh at how broke and crazy we were. We lived a Spartanesque life for a while. It allowed us to begin paying cash for cars and to sell a fixer-upper for a nice profit. Later on we began to pay cash for vacations, education, and emergencies. Now we rarely buy anything on credit or with a contract. We pay as we go and laugh at ourselves all the way to the bank.

Living frugal might mean a little discipline (and laughs) now, but it will pay huge dividends in the not-so-distant future.

 

(Photo courtesy freedigitalphotos.net)

Creating multiple streams

It happened again today.

A good friend who is Uber-talented lost his job without having any other income to fall back on.

How do you make sure you have more than enough? Fill your financial lake with many streams of income.

A good hunter always has more than one gun.

A true fisherman has multiple lures and fishing-poles.

A successful farmer has several tractors, fields and animals.

And lakes have multiple tributaries.

What can you do today to make sure you have multiple ways to provide for your family?

 

(Photo courtesy Wikipedia)

 

 

Fixing your money hose

Have you ever tried to water your lawn or garden with a hose that had a kink in it?  Frustrating, isn't it.  Water barley trickles out the hose, doubling your time to water the lawn.  And the longer the hose is kinked, the more pressure builds creating holes in your hose.  Now you have a hose with kinks and holes in it.   The end result, is a soggy wet mess with minimal results.  You might be thinking,  "Duh! Un-kink the hose!"   That would be the obvious solution.  Then water would flow freely to my garden, bringing me an abundance of fruits and veggatables. 

What about our financial hose?  What happens when a kink blocks the flow of our money: overspending, bouncing a check, credit card debt, or a bad investment. Un-kink the hose!   

Here is how to un-kink the hose: Learn and then do the financial basics of saving, planning, living within means and openly discussing family finances.

Abundance flows from a clear financial hose. Un-kink the hose!

 

(Photo courtesy dan)

Healthy & Fit

 

 

 

 

 

 

 

 

 

 

 

 

 

People who want to really feel good in terms of body or in monetary matters must work to become fit and healthy.

Financially fit:

• good income
• written, comprehensible budget
• low outgo
• large savings
• multiple investments
• open communication on family financial situation and aspirations

Financially healthy:

• peace
• happiness
• confidence
• you control money, it doesn't control you

The goal is to simultaneously look good (fit) and feel good (healthy). One without the other is certainly better than neither one or the other. But having both fitness and health is enchantingly delightful.

 

 

(Photo courtesy photostock)

There is no such thing as bad financial weather, only inappropriate clothing.

Fiennes was right, There is no such thing as bad weather, only inappropriate clothing.  It's amazing how the coldest weather doesn't seem a bother when we have warm boots, thick water-proof gloves, a warm hat and a few layers.

A tour guide in Cancun once told my wife and I how he kept cool in the hot Mexican summers: light-colored, long sleeve shirts and long pants.

This concept is good for money too. There is no such thing as bad financial weather, only inappropriate financial clothing.

The financial clothing makes all the difference. In financial storms such as a recession or a depression investors buy or build bargain priced businesses, stocks, and real-estate. In financial hot weather wise money stewards lay money and education in store as a hedge against future inclement weather.

Bemoaning financial weather conditions blocks us from dressing in appropriate clothing.  What can you do today to make sure you're properly clothed for any financial weather?

(Photo courtesy Suat Eman)