a version of this article was published in March, 2010

Enjoy Life First

“Buy what thou hast no need of and ‘ere long thou shalt sell thy necessities.” Benjamin Franklin

There is a ton of junk online and in print. I spent a good part of this morning reading a book called Millionaire Fastlane which proclaimed that the traditional “get rich slowly advice” is false and that anyone can get rich fast.

Get Rich Quick is a Fallacy

I’ve had the good fortune to know many very wealthy individuals. They include large real estate developers, business owners, even the CEO of a fortune 500 company. I’ve also read extensively of others experiences and it is the rare individual that gets rich fast. Sure, it can happen, you make a groundbreaking invention, you sell your company to google, you hit the lottery, you become a professional athelete; it is possible to get rich fast. But it is rare.

If you are interested in developing financial wealth, it will take some time. If you want to get rich overnight, you can stop reading right now, because I don’t have a clue about getting rich fast!

Pure Fun

That said, I have some ideas about how to get wealthy over time, and how to enjoy the journey. My personal experience is that the process is more fun than the outcome!

A Dilemma and A Solution

One of the great challenges today is balancing your present needs and wants with those of the future. It requires quite a bit of introspection.  While almost every Ben Franklin quote oozes wisdom, this one in particular, speaks to the reality that if you go overboard consuming recklessly, you will run out of money, fall into debt, and end up in a bad way!

There is much said about saving for this and saving for that and a lot about sacrificing and giving up something today so you have money for tomorrow. And of course, you all know that in order to have money to buy stuff later, a car, a home, a vacation, etc.; you have to save. But, who has actually sat down and figured out; EXACTLY what you will want in the future and just how much IT WILL COST?

Before you even think about how much money you need later, there is an important step to take first.

Life is Uncertain; What to do?

Figure out what makes you happy.

Simply put, spending time and money on things that improve your life is the way to have a better life!

Trent, from The Simple Dollar site wrote a fascinating post on February 5, 2010 about change called, “What’s Coming Next?” He surveyed his life over the past several years and compared his LIFE EXPECTATIONS (take some college classes and work in a factory; work at Microsoft; remain in debt, unmarried, and childless) with his REALITY (work in a genetics lab, a non-profit, become a full time writer, get some books published, get married, get out of debt, and have 3 kids). His post reminded me that life is uncertain. And this two year old article still holds important wisdom. Trent has gone on to grow his website and work on writing fiction as well. He certainly was not an overnight success yet he is an inspiration to those who want to follow their dreams.

Plan for the Unexpected

Yet, in spite of this uncertainty, it is important to plan and set some goals.

Because, if you don’t figure out what you enjoy, and make some effort to get more of those pleasurable activities in your life, it just won’t happen.

Life is best led striving to do what you love.

By becoming a full time writer and published author, Trent turned his passion into cash. And that is a life lesson for all!

Figure Out What Fulfills You        

If you don’t already know what you are passionate about, take some action to figure it out! Life is much better when you spend time on activities which are important to you. Having a job you like is fabulous, because it doesn’t feel so much like work! So if you aren’t sure what you are passionate about, check out What Color is Your Parachute by Richard Bolles. Also, think about the times in life when you lost yourself in what you were doing? Ask yourself, “Can I do more of those types of activities?”

Spending more time on satisfying activities equals more pleasure!

You may discover that some of your passions cost money or even more schooling or training. Maybe you want to transition into another career, learn to sky dive, take an art class, or explore Asia. And of course, most of us realize that we want the option to have some cash when we retire to enjoy our potential longevity. But if you don’t consciously explore your passions and set some goals, you are left with little possibility of achieving them.

I went back to graduate school in my 40′s and it was one of the best decisions I’ve ever made. It set the stage for my life today.

Wealth is an Attitude

There are those with millions, unsatisfied with their lot and looking at those who have more. Turn your glance inside for a minute or two. Take some time to determine what you value, and then set on a course to get what you want. After you know what direction to head, figure out the dollars and cents of your aspirations.

In part 2 of Enjoy Life and Make Money, learn about the abundant ways to increase your income and net worth. But, while you are pursuing your financial  goals, remember to drink in the enjoyment of the wealth and good fortune you already have.

Action Steps:

Get a notebook label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance goals, thoughts, activities, and plans.

1. List 25 activities you enjoy.

2. Practice one from the list daily.

 Which activities give you the most wealth in your life?

Quick Money Tips to Increase Your Wealth in Time and Money

& Links

Small and steady steps lead to great success. Today, get some inspiration to make those small life changes to boost your overall well being and happiness. Implement these ideas in small bits for lasting success.

In reading Money Magazine’s, Get Happy in 2012, I was intrigued by the research based money tips to improve well being. The following suggestions are shamelessly borrowed from that article.

I found it incredible that in a survey of 28,000 Americans, from the University of Georgia, having an emergency fund is the greatest predictor of financial satisfaction. I wasn’t surprised that having a rainy day fund was important, I’ve been stressing that for eons. But, that is was the largest predictor of financial satisfaction, even greater than paying off credit cards or owning a home was a surprise.

For financial satisfaction, make saving for that emergency fund PRIORITY NUMBER ONE.

It’s not news that having credit card debt causes stress. But here’s an easier way to eliminate it according to State College, Pa. financial planner Jeff McClarren. Choose a monthly amount to pay off (make sure it is much bigger than the minimum payment) and focus only on that amount! Worry less about the total amount of the debt, which can be overwhelming and scary and keep paying that monthly amount and the debt will decline before you know it. Of course, do not charge anything else. Apparently, it’s overwhelming to look at the aggregate amount of debt. You can handle tackling that payment every month.

Frequent little splurges, yield greater happiness than infrequent big indulgences. The result, more happiness at less cost. So get that special bottle of nail polish, spring for a CD or DVD at the used media store, or indulge in a gourmet box of cookies. You’ll feel rewarded and satisfied, on a budget.

Next, check out what I’ve been reading. Lots of money and happiness articles .

BARB RECOMMENDS

Time Magazine reported about happiness and money in a study which found that you need to earn $75,000.00 per year to be happy. I don’t claim to know whether this is true or not, but if you need a benchmark to shoot for, here it is. Read about what others have to say on this money and happiness topic.

Arthur Brooks from The American Magazine also asks, Can Money Buy Happiness? The response is no, but success can! So here’s another take, become successful and increase happiness, of course I bet money will also follow.

Ben Edwards writes, 5 Reasons Money Can Buy Happiness for Wise Bread.

Can Money Buy Happiness? Yes it Can, according to Suba at Wealthinformatics. What are your thoughts?

Happiness and Money; How Much Money do You Really Need? asks KNS Financial? Are you one of those folk who reaches one financial level and then raises the bar? Well what do you think is the limit?

Money and Happiness; What Say You? at the Millionaire Nurse Blog. More thoughts on this age old question.

PT Money says You Need to be Happy to build wealth. I’m not so sure. What about you?

Krantcents asks, Will Money Make Me Happy? Certainly having no money will not make one happy.

Narrow Bridge want to know If Money will Make You Happy? There certainly is a lot of discussion on this topic.

Money Reasons has a new solution to happiness: Multitasking and Making My Family Happy.

5 Reasons Money Can Buy Happiness at the humorous Cracked.com.

Jeff Rose’s guest article on Smart Passive Income is a must read for anyone with a dream! He maps out how his persistence led to both blogging and personal business success.

Barbara Friedberg Across the Blogosphere

Take some time to visit these excellent sites which recently featured my work.

The Yakezi.com; Featured article, Patience and Persistence-The Path to Unlimited Success

FindtheBest; TD Ameritrade Research Tools

Len Penzo Black Coffee

Totally Money Blog Carnival at Mother Miser

Carnival of Personal Finance-Ask the Right Questions at Wealth Pilgrim

Tax Carnival #95 at Don’t Mess with Taxes

The Frugal Toad Weekly Round up-Playoff Edition

Carnival of Financial Planning at Credit Cards Canada

Do you think money can buy happiness?

image credit; Princ Arora

You must subscribe to my WEALTH TIPS newsletter on the right. You get invaluable information and a FREE e-copy of my award winning 20 Minute Guide to Investing. Do not hesitate!

Today’s article will guide you to success this year. Read Foolproof New Years Resolutions (part 1) to find out how I fared on some of my initiatives of 2011. Learn why annual New Years resolutions are not the way to success. 

“Most successful men/women have not achieved their distinction by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand.” – Bruce Barton

I am blessed with parents who were the operational definition of tenacity. They both started with very little, only to persevere to wealth and success over their lifetimes. El Carino and I have been reminiscing about our past career decisions, and future plans. We are both success, solution, and goal oriented. In contrast, a friend of ours is really struggling with his future, as he ages and his job becomes precarious. We ask ourselves why friend T. doesn’t seem to have motivation or a plan. He’s smart,

GOAL SETTING

successful, talented, handsome, and directionless.

Goals are the Superior Path to Success

Author Bruce Barton, makes success sound easy. Success is not easy, if it was, everyone would be a star. On the other hand, you don’t have to be exceptional or revolutionary to be a success. You don’t even have to be super smart. There’s research that suggests that geniuses are no more successful than the average Joe or Jane.

Capitalize on the talents you already have and work towards honing and improving your strengths.

I am convinced, that writing down your short and long term goals, working towards them diligently, and accepting inevitable failures along the way, is the recipe for lifetime achievement.

What if I’m tired, despondent and just don’t feel like it?

That is the time to stay the course. Everyone experiences bouts with self doubt and the desire to quit. The winners, persevere when adversity hits, the others give up.

My Blogging Goals

Here’s where I reveal some of my goals. These are not New Years resolutions, and if I reach any of these initiatives early, then I’ll move on to new ones.

Freelance job on one additional large public site such as CNN Money, MSN Money, Morningstar, Kiplinger, Google Finance, or comparable site. Donna Freedman, any ideas? I was included in one of Donna’s (Best tips for fixing your finance’s) and one of Len Penzo’s articles on MSN Money, but those doesn’t count.

Increase monthly blogging income by 50%. I don’t like to reveal any income or net worth figures, in spite of how much I enjoy reading others. Here’s where I think persistence, writing good content, developing relationship with others on line, participating in forums, and freelance will lead to additional revenue.

Get personal finance book for Gen Yers accepted for publication by March, 2012. This goal is a carry over from 2011 and 2010. Yet, I’m not giving up. I know I could self publish, but I believe the content is worthy of recognition by a traditional publisher. This one isn’t about money, but of influence and desire to reach the largest audience possible. Any publishers interested?

Start 2 static niche websites with a partner. I’m already in conversation with a few blogging colleagues about this one. I’m a bit frightened as I don’t want to over commit myself. This is the biggest stretch of all my goals.

Try to write and schedule blog articles two weeks in advance. I didn’t do too well on this one last year.

Action Steps

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance thoughts, activities, and plans.

1. Sit down now, and write down a few specific, detailed goals for the next couple of months. Don’t overdo it, start small. Remember to check on these goals every month or so.
2. If you’re really ambitious, categorize your goals; personal, work, health, etc.

Read Foolproof New Years Resolutions (part 1) to find out how I fared on some of my initiatives of 2011.

What plans are you working on this year?

image credit; Cheryl Gebhart

You must subscribe to my WEALTH TIPS newsletter on the right. You get invaluable information and a FREE e-copy of my award winning 20 Minute Guide to Investing. Do not hesitate!

Stop back for 2012 Foolproof New Years Resolutions (part 2) to learn about my blogging goals for next year.

“Crystallize your goals. Make a plan for achieving them and set yourself a deadline. Then, with supreme confidence, determination and disregard for obstacles and other people’s criticisms, carry out your plan.” Paul J. Meyer

American businessman Paul Meyer succinctly included the key components to goal setting, including setting a deadline, in his concise quote. Personal confession, I occasionally get way laid by others comments and criticisms. Sometimes that’s great when the recommendations motivate and present better ideas. When the ideas are distracting and demotivating it’s not so good.

This annual New Year post will extend the discussion about why ongoing goal setting is far superior to Annual New Years Resolutions.

HAPPY NEW YEAR

Goal Setting

Last years New Years Goals post discussed my plans for the start of the year. As an “anti-New Year’s Resolution” maker, I distinguished between goal setting and annual resolutions. I am a complete success at New Year’s Resolutions because I set ongoing goals instead. The goals are:

• Specific
• Quantifiable
• Attainable

Why Goals Instead of Annual Resolutions?

Annual resolutions are too long term. Empirical research suggests that to accomplish a task, break it down into small manageable steps. Make a small effort daily towards the task and ultimately you will succeed. Encounter difficulty? Readjust and revise along the way.

That approach is counter to the grand year plan. What if you complete a New Year’s Resolution by March? Then where are you? Are you free of doing anything else for the next nine months. What if you mess up by January 15th? Does that mean you will just quit for the entire year? Let my journey influence your 2012 financial goals.

 Last Year’s Short Term Blogging Goals

Here’s how I fared with the public blogging goals I set last January, 2011. Although these examples of goals were not long term, some took a bit more time than anticipated, and others, a bit less.

• Create another eBook in the 20 Minute Series entitled: 20 Minute Guide to Personal Finance for New College Graduates. Due: March, 2011.

I completed a very good draft by June (three months behind schedule). Then I spent the entire summer trying to move across country. By Fall, 2011 I began shopping the newly titled book to publishers. This one is taking quite a bit longer than expected. By the way, any publishers interested in reviewing the manuscript?

• Make some new (and better) YOUTUBE  videos. I did my first video on Holiday Spending with no script with one take. I decided to overcome my perfectionism and just got it done. I know subsequent videos will be higher quality. Fortunately, I set the bar nice and low . Due: One video per month.

Over the summer, while temporarily living with the ‘rents, El Carino and I made a few more videos. Subscribe to my YouTube channel for a glimpse of them all. I came up with five new videos, and got a bit better with each one.

• Reach a certain monthly blog income goal. (Sorry readers, money details are private here)

Here’s a true confession, I don’t know where I wrote down my income goal, so I’m not sure if I met it or not. Regardless, my readership and income are growing exponentially and I realize I need to find a central location to keep my goal setting information!

• Write an article three times per week and upload a week in advance.

I’m doing great with the three times per week writing plan. Uploading a week in advance? Not too great. I got ahead at one point, but I failed at keeping ahead.

• Guest write for at least two mainstream websites. Due: December, 2011.

I am very pleased with the results of this important one. Since June, I wrote 13 articles as a featured writer and Brain Trust member at Benzinga.com. At Findthebest, I am an Expert Blogger and have written 6 articles since November. Marketplace at American Media has included several of my articles as a Featured Blogger.

• Continue to regularly and selflessly promote other personal finance bloggers in the Yakezie, best personal finance network.

This one is my personal pleasure. As an active member of the premier personal finance network, I have an opportunity to interact with the top personal finance bloggers on line. I regularly promote many of the member sites with enthusiasm. Additionally, I contribute to the Yakezie website, scholarship initiatives, and am a member of the product review committee.

Just like crossing an item off the “to do” list, there’s something cathartic about reviewing my goals. It’s a wonderful reminder that although I experience the normal ups and downs of life, my overall trend is forward. My successes propel me forward and the goals I failed to meet, give me reason to take stock and reevaluate.

Stop back for 2012 Foolproof New Years Resolutions (part 2) to learn about my blogging goals for next year.

What are your biggest goals for 2012?

image credit; fireworks.uk.co

Just out, you must read my latest Benzinga Brain Trust column, Advice for Investors, Informed by Ben Bernanke

LIVE PERSONAL FINANCE LESSONS FROM  FINCON

These past 3 days I learned scores of tips from the top personal finance bloggers in the world and I want to must pass them on to you. I want you to live a wealthy life, personally and financially and I can help you do that. For the next week I am going to divulge a tip a day that, if taken, can lead you closer to your dream life.

Personally, I’m at a crossroads in my own life. I have more to do in my life than I can accomplish in the amount of time available. So, I’ll let you in on a secret, these tips are for me too, to help me organize my expanse of personal and financial aspirations.

Step back this week, and let’s work on our personal dreams and see if we can take a step closer to wealth in money and life.

TIP 1; You Can’t Do Everything, But You Must Do Something

“If you say yes to one thing, you automatically say no to another. And, conversely, if you say no to something, you free up time to say yes to something else.” Suze Orman

One of my favorite presentations was a top notch tutorial about “How to Create and Sell a Product” by Adam Baker of Man vs. Debt. Adam is a credible spokesperson as he completely transformed his life going from deep debt, selling everything, to a six figure income earned from his products.

Among his inventory of products is a multipart video series detailing how to get out of debt. His comprehensive advice included recommendations to poll your audience and test your ideas, basic market research so you are giving your audience what they want. He also talked about the psychology of pricing and how $99.00 is better than $100.00 and if you are going to charge $22.00, you can probably get the same amount of sales for a price of $29.00. The abundance of information went on and on. He is an awesome resource for Selling Your Crap and getting out of debt.

The presentation was awesome, products professional and high quality. And this system is a great money making opportunity for him. And, it reminded me that everyone has a niche. A niche is something you are great at for which people will pay! Although this was Adam’s niche and he was quite successful, and there were some excellent takeaways, the key message is this; INVENTORY YOURSELF and find your niche.

Carve out a few minutes, maybe during a break at work, or when the kids are napping, and think about your own situation.

• Do you have enough money?
• Do you have enough leisure time in your life to really enjoy yourself every day?

If not, realize that something has to change.

Here’s how to get started today.

ACTION STEPS:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Write out the answers to these questions:

1. What do you like about your money and lifestyle?
2. What do you want more of?
3. What do you want less of?
4. Write down 3 actions you need to take to better your situation.
5. Put in your planner how and when you are going to get started. (For example, if you’re in debt, visit Man vs. Debt; if you need to learn about investing visit Oblivious Investor and check out his blog and books.)
6. Get rid of the activities that won’t get you where you want to go.

Decide how you want to focus your own time and energy. Use what you read to inspire and motivate you to action on your own goals.
No one is excellent at everything, but everyone has a talent and a dream.

Stop by next time for Part 2, The Power of Networking.

And don’t miss Part 3, Learning from Others

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.

What is your success dream?

image credit; anshumm.com

VIDEO SERIES; Part 1

News Flash; I’m nominated for a Plutus Award in the Best New Ebook Category for my ebook 20 Minute Guide to Personal Finance (download for free on the right)!! Please vote for me here!

Some of the best advice I’ve ever received came second hand from El Carino’s mentor:

If you have an idea, jump in, do it, and figure out the details later.

This may appear reckless and is not meant to apply to irresponsible and dangerous activities. So I am assuming you will use some personal judgement with this advice.

The Backstory

When I was younger, I was plagued with fears; What if I can’t find a career path?, What if I fail?, What if I’m not good enough? etc. These fears kept me from realizing my potential as a young adult. Does this sound familiar?

Now, many years later, I have completely changed.

Ignore Your Fears

Over time, I have learned how to achieve tremendous success by setting goals and ignoring my fears.

Here are some of my recent fears and what I did about them.

FEAR: Wanted to get an MBA, but was scared.

ACTION: Took the GMAT, applied to the University, started by taking one course, and completed the program in 2008 with a 3.9/4.0 GPA.

FEAR: Wanted to start a blog, but was scared.

ACTION: Wrote 20 posts, spent $2.00, and downloaded Building a Better Blog, by Trent Hamm of The Simple Dollar. Hired a “blog set up” guy, from that book, and started Barbara Friedberg Personal Finance.com.

FEAR: Wanted to teach Finance at an MBA program.

ACTION: Pulled together a professional vita. Culled the local colleges for professor positions, applied, and was hired.

FEAR: Wanted to start a YouTube Video channel and create a series of videos.

ACTION: Got a video camera for my holiday present. Set the video up on my file cabinet. Shot the video, Have the Best Holiday Ever; Say No to Holiday Spending

After this one, I shot several more and improved the quality of each one.

Obviously, I hit roadblocks along the way, and the process was difficult. But with persistence and diligence, I kept going no matter what.

The Takeaway

1. Set your priority and decide what you want.
2. Write it down.
3. Break the goal into smaller steps.
4. Write each step down.
5. Do one step now.

When fears, and reasons not to start creep in, and they always do, ignore the negative voice that is screaming; what if you fail, what if you can’t do it, what if it’s a waste of time, what if it’s a waste of money. Set the goals and get started.

That’s it, no fancy system, just get started.

This is part 1 of a series showcasing my YouTube Videos. Learn personal finance and life skills from these instructional videos. Stop by next time for Part 2

What is your strategy for goal setting and overcoming your fears? Do you have a 5 year plan?

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.

More Magazine has a great piece on the Kardashian’s rise to success, with tips for all!

“If someone says no, you’re asking the wrong person. Don’t get discouraged, and don’t be afraid to try new things. Get organized,” Kris Jenner

History

Kris Jenner, formerly Mrs. Kardashian, the wife of one of O.J. Simpson’s personal confidant’s and lawyer, is the muscle behind the incredible Kardashian Marketing machine. She accepted no alimony from Kardashian because she wanted to avoid a long court battle. Meanwhile, her next husband, Bruce Jenner, 1976 Olympic gold medalist was $500,000.00 in debt on their wedding day.

Her work experience consisted of being a mom to up to 10 kids, including the brood of Jenner’s, Kardashian’s, and the two between them.

Obviously, this is not a typical situation and most of you do not have wealthy famous ex’s or a debt ridden but famous new husband. Yet, the lessons to be learned from her smart business savvy apply to a multitude of marketing and wealth building strategies.

BE A MARKETING MACHINE LIKE KRIS (KARDASHIAN) JENNER

1. Success takes time, patience, and hard work; Many folks give up just before the fruits of their efforts are realized. It looks like fame and fortune came easy and quickly to Kris Jenner. Not so! She was working nonstop for 20 years prior to her notoriety. Her background includes work as a flight attendant (before marriage), Brownie leader, soccer coach, room mom and car pool driver as part of her “full time mom” duties.
2. Build on your prior experiences, no matter what the job titles are; Kris’ multitasking and follow through as a mom gave her excellent organizational skills. Although Bruce Jenner was famous when they married, he lacked a press kit, business card, or any sort of marketing plan. Even the famous need a plan! Kris saw his tremendous potential and took his lack of an organized business plan and made him into a desirable commodity.
3. How to take a product and turn it into cash; Bruce Jenner, the Kardashian family, even her daughter’s “sex” tape were all products. When packaged correctly, they became desirable commodities.  Few of us are likely candidates for a “reality television show”, yet everyone has something they can market and sell for cash. (Even your own presentation to an employer in a job search needs a great marketing plan). Marketing is key in every aspect of life, it’s how you present and sell yourself, your ideas, and your products!
4. Have a plan; Her goal was to get Jenner into a prestigious country club where he could make important “contacts” and reignite his speaking career. She used her years of hostess experience as Kardashian’s wife and created beautiful portfolios of Jenner’s Olympic finish and press clippings to easily get him accepted into the club! Step one, complete.
5. Leverage Social Media; Use twitter, facebook, four square, and LinkedIn to promote yourself, your brand and to offer great information to your followers.

Further reading from outstanding personal finance bloggers

• Centisible Life; How to Approach a Social Media Person
• Invest with Passion; Social Media Marketing
• Everyday Tips and Thoughts; Market Yourself
• Barbara Friedberg Personal Finance; What Does Patience Have to do With Investing
• Cajun Finances; Patience Can Pay Well
• Budgeting in the Fun Stuff; Make Money Blogging
• PT Money; 52 Ways to Make Extra Money
• Free From Broke; Book Review, Blueprint for How to Make Money From Your Blog

What strategies have worked for your own success?

UPDATE; This month my family is moving across the country to a new home. AFTER 6 WEEKS OF DELAYS WE ARE LEAVING TODAY!!! Enjoy a special video produced by El Carino to help you get rich and healthy this summer!

One of the benefits of being in transition is spending time with El Carino. He is an amateur filmmaker and producer – and lucky for me, he is honing his skills by creating personal finance video’s for Barbara Friedberg Personal Finance.com.

This summer, get healthier and wealthier by making small changes. So often you get derailed by worrying that you must make a big change in order to improve your life. Try a contrary approach and make a small change or two and see what happens. Then after a while make another small change.

Sometimes cutting back on your expectations and doing less rather than more, leads to greater long term health and wealth.

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately. For more personal finance videos check out my YouTube Channel; BarbFriedberg.

Check out these articles by some of my favorite bloggers!

• Krantcents-It is Good to be King
• Totally Money- Is Working for Free Ever a Good Idea?
• Financial Samurai – Always Get a 2nd Opinion Before Spending Big Bucks
• Hope to Prosper – Wall Street Plummets on Debt Fears
• Retire by Forty – Plastic Bags Banned
• Financially Consumed – Thread up and Save on Kids Clothes
• Little House in the Valley – Calculate Home Building Costs Easily
• Happy Simple Living – Yummy summer recipe & easy too!
• Afford Anything – 5 Saving Habits (without trying)
• Finanzas Personales – El Gran Dia (for you Spanish speakers out there )

What steps have you taken this summer to increase your health and wealth?

UPDATE; Over the next month my family is moving across the country to a new home. Please enjoy a variety of guest articles from top notch bloggers and sponsors. Also, catch up with earlier favorites from Barbara Friedberg Personal Finance.

For a quick overview of Investing Strategies, pick up my FREE eBook; 20 Minute Guide to Investing (top right of the page). If you like what you’re reading, sign up for my RSS feed or email subscription and follow me on twitter so you get the word immediately.

A version of this article was originally published on April 15th, 2010. It was one of the most popular posts ever.

“Henceforth I ask not good fortune. I myself am good fortune.” Walt Whitman

Walt Whitman would fit in well with the “simplicity-frugal movement” of today. And the famous Walden Pond, by Thoreau, inspired me to appreciate the simplest pleasures in life. Both Whitman and Thoreau’s writing exude self possession, contentment, and the joy of living.

And isn’t that what we all really want?

MAIN TOPIC; Sharlene Wants a Rolex

A friend of mine, Sharlene really wants a Rolex watch. I think they cost about $10,000. (I’m not sure as I’ve never priced one and don’t want to spend my time checking!) In fact, that is one of her important GOALS. I am not sure why she wants one but if I had to guess, I assume she equates owning a Rolex with wealth, status, and prestige.

Now, as far as I know, most watches today keep accurate time. Not only that, but there are some beauties for less than $10,000. In fact, give me $50.00 and I bet I can find a stylish and serviceable watch.

On the matter of wealth, status, and prestige, there is certainly nothing fundamentally wrong with those values.

Actually, with the prevalence of cell phones’ digital time functions, watches are fading away. I’ve noticed that Jr. Carina and her friends eschew the watch for the phone. In fact, they seem to have no use for a watch at all (as evidenced by the one my husband and I bought her which is sitting in her bureau drawer). When asked why she doesn’t wear it, she responded with the practical retort, “What do I need a watch for, my phone has the time.”

So, on one end of the spectrum is Sharlene, a woman of middle income means dreaming of owning a Rolex, and on the other, my daughter (and many of her post 1980-born cohorts) relinquishing the watch to the “antique” bin.

Well, who really cares? If Sharlene wants a Rolex, it certainly isn’t any of my business.

And each of us has the right to choose our own goals and values.

PRACTICAL APPLICATION; The Down Side of Excessive Wants

The more things you want, the more difficult it is to fulfill those wants.

If you are unsatisfied with what you have, and always want more, you won’t be content.

So what is the solution, as there is usually SOMETHING that most of us want?

In life and money, if you are constantly striving and desiring more and more, YOU FEEL DISSATISFIED with what you already have. You divert attention from APPRECIATING WHAT YOU HAVE to focusing on what you LACK.

Jean Chatzky, in her book The Difference, offers a wonderful strategy for upping your happiness:

Compare yourself with those who have LESS THAN YOU DO, not those who have more.

If Sharlene compares herself with celebrities, she feels poor and inadequate. She spends a lot of her mental resources striving for a Rolex watch which costs 30% of her annual income.

This anecdote DOES NOT suggest that there are good goals and bad goals, or that one should not have any goals.

Here is the takeaway.

Goals in life are important and need to be self determined. The best way to make goals and values WORK in your life and propel you forward is this:

• Make some goals that are reasonable and fit in with your values.
• As you work towards your goals ENJOY THE PROCESS. Pay attention to the path along the way; the process of living and working.

You may find that the JOURNEY is just as much fun as actually reaching the goal.

Spend some time with yourself, like Walt Whitman did. Think about what’s really important to you. Set some steps to get what you want. And for whatever reason, if you value having a Rolex and think it will give you pleasure, pick one up and find out for yourself. But along the way to saving and earning the cash to buy that Rolex, be sure and commit yourself to appreciating every step along the way.

ACTION STEPS:

Get a notebook and label it: “(your name) Personal Finance” and store it by the computer. Use it for all of your personal finance goals, thoughts, activities, and plans.

1. Starting now, really focus on what you are doing. Pay attention. Don’t just go through the motions.
2. Spend 15 minutes alone with yourself. Write some financial, personal, & professional goals.

What are your experiences living “in the moment”?

LIVING IN CHAOS!

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“If you want to achieve things in life, you’ve just got to do them, and if you’re talented and smart, you’ll succeed.” Juliana Hatfield

I’ve taken this approach, I don’t evaluate my ideas too much, but just dive in. That eradicates the possibility that I’ll avoid new activities because I’m scared. I assume that I’m talented and smart enough to achieve my goals.

Moving day is approaching. The kitchen packers are coming in 5 days and the movers are coming in a week. Our house is almost sold, yet we still have NO CONFIRMATION of acceptance of our (short sale) condo purchase in our new land. In one week, we have no address and no secure internet connection.

All of my work and personal financial records require a secure internet connection.

In one week, unless I find a secure internet connection, while in transit, I am completely cut off from all of my financial records. That includes my job records!

This is an uncertain and stressful time, here’s how I’m coping, along with tips and inspiration for your stressful times.

ACCEPTANCE

Clearly delineate and accept what you can and cannot control.

 There are always things in life you cannot control. Do not waste time and energy trying to change people, events, and circumstances which are unchangeable.

If you are stuck in debt or a financial morass, you must face up to your situation. You cannot begin to move forward, if you do not know where you are. Accept, don’t avoid, your financial picture.

 It is unlikely I will be able to check online financial records for up to one month after we move out of our home. I can live with this likelihood, if I plan ahead.

MAKE A PLAN

A road map in life propels you towards your goals. Use goal setting and planning to make life smoother. 

When you’re stuck, stressed or overwhelmed, your plan is your guide.

Generally, I keep records of all income and spending in Quicken and update on line. I predominantly use a debit or credit card and then download and categorize my expenses. Then it’s easy to check against our budget to see how we are doing.

Without a permanent address and secure internet connection, this is not going to happen.

Here’s my plan:

• Upload all financial records a few days before we leave.
• Review and print hard copies of all investment accounts at that time.
•  To avoid overdrafts, transfer adequate funds into spending accounts.

DO LESS & SPEND LESS

Although counterintuitive, accept that this is a time when certain tasks are not going to get done. Get help from others. Cut out the uncessecary. Use your plan to focus on the important. Personally, I value relationships and make sure to prioritize my family and close relationships. Go to your boss  to discuss options during a stressful period.

During times of stress, temporarily delete the unimportant activities from your life.  

Do not add to your stress by overspending. Avoid the temptation to manage stress by shopping.

We are remarkably relaxed giventhe magnitude of our stress. El Carino and I are enjoying the extra time we have together by playing games, making movies, and working out; low cost-high fun.

What are your personal and financial tips for coping with stress?