Simplify Life – Part 5Posted on February 21st, 2012 under Wealth of Advice
By Francisco J. Colayco
We continue with tips from the website Zen Habits in connection with money.
Tip No. 17 is “Limit your buying habits. If you are a slave to materialism and consumerism, there are ways to escape it. I was there, and although I haven’t escaped these things entirely, I feel much freer of it all. If you can escape materialism, you can get into the habit of buying less. And that will meaningless stuff, less spending, less freneticism.”
Most people are materialistic and really affected by consumerism. Why do you think there are so much Christmas decors all over? These decors are really developed by companies to be able to sell more products during the season. They know best that people are affected by advertisements and by the environment. It is up to you to control yourself. I know it is very very difficult because I find it difficult myself.
This is why you need to follow the first principle “Pay Yourself First.” Put aside your savings so you don’t touch that anymore. Then, the next most important move related to this tip is to make a WRITTEN BUDGET. That way, you know exactly what you are giving up if you will buy things that are meaningless.
Freneticism is being frenetic which means fast and uncontrolled. Sometimes, we become really wild buying more than what we need. Let us change.
Tip No. 18 is “Free up time. Find ways to free up time for the important stuff. That means eliminating the stuff you don’t like, cutting back on time wasters, and making room for what you want to do.”
Time is the most important asset we have that we have in common with any other person in the world, whether rich or poor. We seem to forget that. I talk about this in my books in relation to investing early in life to take advantage of “compounding.” It has been proven that the earlier you start saving and investing in a disciplined and determined manner, the earlier you reach your personal financial goals.
Having time to do more important activities is another goal. We all know that in our country, it is so hot and humid that many tend to go to air-conditioned malls or outside in the shade. Many times, those times are wasted in window-shopping and temptation to spend. Try to develop reading and sports. If you don’t have the budget, go to libraries or buy used books and choose sports that do not cost. Believe it or not, “sipa” is some kind of sport and you can be a celebrity if you are good at it.
Tip No. 19 is “Do what you love. Once you’ve freed up some time, be sure to spend that extra time doing things you love. Go back to your list of 4-5 important things. Do those, and nothing else.”
If you have read my books or other articles, I always advise that if you want to be successful in any business, you must have a passion for that particular business. Passion for something is the same as loving that something. When you love doing what you do, you will do your very best. In the case of a business where profit is important, I believe that it is easier to make money if you truly love what you are doing. Of course, this assumes that you have objectively studied the financial viability of the business.
Tip No. 20 is “Spend time with people you love. Again, the list of 4-5 important things probably contains some of the people you love (if not, you may want to re-evaluate). Whether those people are a spouse, a partner, children, parents, other family, best friends, or whoever, find time to do things with them, talk to them, be intimate with them.”
When it comes to money, those you love are not necessarily the best financial advisers. In fact, you may have to be extra careful to assess whatever family and friends suggest to you when it comes to money. There are so many stories of family and friends who do not pay back what they owe and who recommend scams to their closest family and friends. Try your best to objectively assess any financial issue, whoever it comes from. Ask real experts.
Tip No. 21 is “Spend time alone. See this list of ways to free up time for yourself — to spend in solitude. Alone time is good for you, although some people aren’t comfortable with it. It could take practice getting used to the quiet, and making room for your inner voice. It sounds new-agey, I know, but it’s extremely calming. And this quiet is necessary for finding out what’s important to you.”
This advice is also true for your financial life. After you have received all the good advice you can get, you have to make your decision. You cannot blame anyone else so analyze and study the facts well. After you have done all you can, you must also submit yourself to God, who in the end, will judge on where you will be going whether still on earth or beyond.
More next time. Check out our seminars on March 31 (Pisobilities:Wealth Within Your Reach at Investability:Mutual Funds) and April 21 (Investability:The Stock Market at Invested: Analyzing Stocks).