There are some people who seem to attract money and opportunities, and some people who work hard but never get ahead. Why is that? In this video we discuss the differences between viewing money from a position of weakness and a position of strength.
Ultimately money should not be the goal. Instead money is a tool to help you achieve what matters most to you.
Links:
How to Think About Money – https://goo.gl/0M2Ylk
Today we discuss “malleable mental accounting” and how our brain plays tricks on us to circumvent self-control. Put simply, we keep a mental savings account that we use to justify unnecessary purchases.
The best way we’ve found to combat this phenomenon is the pay yourself first system. That way any “savings” you come across can be spent without thinking about it, since your long term goals are being met.
Further Reading:
https://goo.gl/W8n4HF
https://goo.gl/rCQUCw
People often wonder how our early retirement plan accounts for economic collapse or the bubble bursting. The short answer? We don’t account for collapse, however we do expect cycles of boom and bust.
In the video we discuss the 78 reasons why you shouldn’t have invested in the stock market over the last 100 or so years, and the one reason you should.
78 Reasons Link:
https://goo.gl/IOwf62
A recent Jim Collins post (we know, big surprise) got us thinking about what our emotional threshold is for investing in one lump sum.
In 2012 Vanguard did a study that showed lump sum investing was more profitable than dollar cost averaging 67% of the time. With results so clear, shouldn’t investing large sums of money be easy?
Jim’s Case Study:
https://goo.gl/8nJCyl
Jim’s Dollar Cost Averaging Post:
https://goo.gl/jxydjb
Vanguard Study:
https://goo.gl/VGzpFO
Are you an introvert or an extrovert? Does your personality type play a role in your retirement date?