I recently attended my mentor Barbara Stanny's Overcoming Under-earning workshop
She shared a number of tips and tools with us, but one that resonated strongly with me is the values clarification exercise. [You can find it in her Overcoming Underearning book.] She provides a long list of life values, such as family, beauty, success, travel, etc. and asks you to choose your top ten. This is actually much harder than you might think! I felt a sense of completion having come up with ten, but was then asked to whittle the list down to my top five! I found this to be very challenging. But, it was also incredibly illuminating. There is something deeply grounding about knowing your top five values, and I find them a helpful decision-making compass that relates not only to money, but life in general.
Do you know what you are worth, and is it that important anyway?
Net worth is taking center stage as many financial bloggers publicly track theirs' monthly, and there is even a website, NetWorthIQ.com, where you can "track, share, and compare" yours with others on the site. This is taken to a bit of an extreme in my mind, but the sad reality is that most of us are clueless when it comes to knowing our net worth. We blindly acquire assets and incur debt without knowing its impact our bottom line.
Focusing on service companies and small offices, below are some great tips to help reduce the cost of overhead for your company
Because I was able to drastically lower the cost of my overhead, my first office was opened without a huge bite to my pocketbook. Of course, there are still costs, but not nearly what so many complain about in business.
Most people in business explained to me that starting up my own office would cost around $10 to $20K, at least, if I wanted it to look half-way decent. Not the case at all. My steps included the following:
As you know, homes are large and important investments
With a mortgage, taxes, insurance, and upkeep, a big part of your paycheck probably goes into your house. Beyond the cost, your house is probably a source of pride and security for your family.
With that in mind, it is very important to have top quality coverage. One of the first steps you should take is to understand what your house insurance covers. Homeowners insurance policies differ, but should actually provide a variety of coverage for you. Let us take a look at the different types of coverage that make up a typical policy for a home owner who resides in the house.
There has been a great deal of research recently devoted to the relationship between money and happiness. The consensus is that once basic needs are satisfied, happiness doesn’t increase as income increases. Surprisingly, surveys of people who have won the lottery are not much happier than the average person.
Laura Riley, author of Money and Happiness: A Guide to Living the Good Life offers these six steps to financial happiness.