Category Archives: Purpose

Purpose

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“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” Steve Jobs

Purpose is an abiding intention to achieve a long-term goal that is both personally meaningful and makes a positive mark on the world, according to The Greater Good Science Center at the University of California, Berkeley. The goals that foster a sense of purpose are ones that can potentially change and improve the lives of other people. “If you can tune into your purpose and really align with it, setting goals so that your vision is an expression of that purpose, then life flows much more easily”, says author Jack Canfield

Purpose is not a destination, but a life’s journey, a mindset and a practice. It’s accessible at any age and at any income level, if we’re “willing to explore what matters to us and what kind of person we want to be—and act to become that person”. Filmmaker and author Drew Scott Pearlman writes: “Your purpose must be particular to you. This is the road less traveled. Your purpose cannot be someone else’s path, not your family’s path nor your friends’ path.”

Individuals with a sense of purpose report higher levels of happiness and life satisfaction—which seems associated with better health, wealth and emotional well-being outcomes. For many people, it was good and beneficial to have a purpose or a goal, no matter what it was.

Additionally, the physical health benefits of a sense of purpose are well-documented. For example, a Harvard’s School of Public Health study found that people who report higher levels of purpose at one point in time have objectively better physical agility four years later than those who report less purpose.

Moreover, researchers suggest that people take better care of themselves when they feel like they have something to live for. Having a purpose also seems to be associated with lower stress levels, which contributes to better health and emotional well-being. And, according to Helen Keller, “True happiness… is not attained through self-gratification, but through fidelity to a worthy purpose.”

Additionally, people with a more “prosocial” purpose—one aimed at helping others—experienced greater personal growth, integrity, and health later in adulthood. This result was echoed by a 2019 study by Anne Colby and colleagues at Stanford University. They surveyed almost 1,200 Americans in their midlife about their well-being and what goals were important to them. The researchers found significantly better physical health and higher emotional well-being among people who were involved in pursuing beyond-the-self goals, compared to those who were pursuing other types of goals. In other words, engaging in prosocial goals had more positive impact on physical health and emotional well-being than engaging in non-prosocial goals.

A sense of purpose appears to suggest that humans “can cooperate and accomplish big things together”. Research suggests that team leaders can effectively boost the productivity, work experience and well-being of their team members by helping them connect to a task-related higher purpose. The 2013 Core Beliefs and Culture Survey revealed that 91 percent of respondents who believe that their company has a strong sense of purpose also say it has a history of strong financial performance.

“Everything in your life informs you what your purpose is. How do you know it’s your purpose? It feels like it’s the right space for you. It feels like ‘This is what I should be doing; this is where I feel most myself.” Oprah Winfrey

Purpose also helps both individuals and the species to survive and thrive. Purpose often grows from our connection to others, which is why a crisis of purpose is often a symptom of isolation. Once you find your path, you’ll almost certainly find others traveling along with you, hoping to reach the same destination—a community.

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According to research by Kendall Cotton Bronk, a professor of psychology in the Division of Behavioral & Social Sciences at Claremont Graduate University, finding one’s purpose requires four key components:

  1. Dedicated commitment,
  2. Personal meaningfulness,
  3. Goal directedness, and
  4. A vision larger than one’s self.

Often, finding our purpose involves a combination of finding meaning in the experiences we’ve had, while assessing our values, skills, and hopes for a better world. It means taking time for personal reflection while imagining our ideal future. “Everything in your life informs you what your purpose is. How do you know it’s your purpose? It feels like it’s the right space for you. It feels like ‘This is what I should be doing; this is where I feel most myself’,” says Oprah Winfrey

A sense of purpose as we navigate milestones and transitions means that we can look forward to more satisfying, meaningful and abundant lives.

“He who has a why to live can bear almost any how.” Nietzsche

References:

  1. https://greatergood.berkeley.edu/topic/purpose/definition
  2. https://greatergood.berkeley.edu/topic/purpose/definition#why-find-purpose
  3. https://greatergood.berkeley.edu/topic/purpose/definition#how-to-cultivate-purpose
  4. https://www.thegrowthreactor.com/quotes-about-purpose-in-life/

Positive Wealth Building Thoughts

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“Wealth is the product of a man’s capacity to think.” – Ayn Rand

“We become what we think about.” — Earl Nightingale

Wealth building begins and ends with your mindset, thoughts and behaviors. Thus, it’s imperative to keep your thoughts focused on the positive, on success, on making an impact, on changing the world and on changing people’s lives for the better.

There is an old adage that goes:

  • Watch your thoughts, they become words.
  • Watch your words, they become actions.
  • Watch your actions, they become habits.
  • Watch your habits, they become your character.
  • Watch your character, it becomes your destiny.

You must not fix your eyes on current world conditions or even your own personal situation. Instead, you must focus on what you can control, on how you respond, and on how well you maintain a positive and winning mindset and attitude. Focus on the solution not the problem.

So, your keys to success tips include:

  1. Use only positive words while thinking and while talking. Use words such as, ‘I can’, ‘I am able’, ‘it is possible’, ‘it can be done’, etc.
  2. Allow only feelings of happiness, strength and success into your awareness.
  3. Every time a negative thought finds its way into your mind, immediately replace it with a positive thought or an affirmation.
  4. In your conversation, use words that bring forth feelings and mental images of strength, happiness and success.
  5. Before starting with any plan or action, visualize clearly in your mind its successful outcome.
  6. Read at least one page of an inspiring book or an inspiring article every day.
  7. Associate yourself with people who think positively.
  8. Act courageous. Always sit and walk with your back straight. This will strengthen your confidence and inner strength.

In order to build wealth and to achieve financial freedom, you must develop a wealth building mindset and follow a deliberate plan. As you will discover, your wealth grows to the extent that you do.

“We become what we think about most of the time, and that’s the strangest secret.” – Earl Nightingale

Bottomline…for success, keep your focus and thoughts on wealth building!!! Because, what you focus on expands and establishing habits is the key to expansion.

Don’t focus on the problems your dealing with today or the conditions of the world; fix your eyes on your systems, habits and the destination.

Napoleon Hill describes success as the product of having a definite objective. In achieving that objective, you need a clear definite aim and a definite plan to get there.

A definite chief aim means in simple terms that you must have a clear objective that you are aiming to achieve. Success — building wealth and achieving financial freedom — will not come to you and you will not be able to manifest what you want, unless you know what you want.

Success is ultimately achieved by focusing on a clear objective, and pursuing that objective deliberately and with all the means at your disposal. In simple terms, success is simple, but not easy.

“Whatever the mind of man can conceive and believe it can achieve.” Napoleon Hill

Actually, you just have to be exceptionally clear about what you are trying to achieve, passionate about achieving it, comfortable and happy that what you’re doing matches your values: and finally, and perhaps more important than anything else, you must believe that you can achieve it, you must expect to do so, and you must have a plan to achieve it.

So it’s imperative that you use the power of your thoughts and mind to focus on the positive aspects of your life. This works similarly to building strength in the muscles of your body. As you focus on what’s going right in your life, it will grow and expand like a muscle.

What you focus on grows and expands!

References:

  1. https://www.therealsecretofsuccess.com/napoleon-hill/
  2. https://activerain.com/blogsview/5155111/what-you-focus-on-expands

Goal Setting and Accomplishment

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“Since “someday” never appears on the calendar, our good intentions don’t turn into action until we create deadlines.” Amy Morin

A staggering 92 percent of Americans that set New Year’s resolution goals never actually accomplish them, according to research by the University of Scranton.

But, when people followed two simple concepts — setting specific and challenging goals — it led to higher accomplishment of goals 90 percent of the time, according to research by Dr Edwin Locke and Dr Gary Latham. Basically, the more specific and challenging the goals you set, the higher your motivation toward hitting them while your easy or vague goals rarely get met.

Here’s an example: If your goal between now and the end of the year is to, say, lose 20 pounds, that  may be challenging, but it’s not specific enough.

It’s essential to eliminate vagueness and make it more achievable by stating it in a more detailed manner: During the month of August, I will lose five pounds by cutting off refined sugar, breads, and all fast food. I will also walk briskly for twenty minutes every day.

On the flip side, goals that are too difficult to accomplish don’t get met either. While it’s important to challenge yourself, nobody completes a goal when he/she is overwhelmed by the magnitude and difficulty in accomplishing the goal.

If you find yourself with such a scenario, break down your BHAG (Big Hairy Audacious Goal) into smaller bites you can actually chew. Use the same process of defining specific and challenging marks to hit when mapping out the smaller goals that will lead you to your final destination.

Additionally, those who succeed at accomplishing their BHAG, they tend to want it badly. So, it’s essential to determine what is your level of commitment? Are you totally committed to reaching your goal even when obstacles occur along the way? Are you committed to “do whatever it takes” to reach your destination. And, do you have the desire or passion to pursue the goal to reach it.

According to Locke and Latham’s research, there are five goal setting principles that can improve dramatically your chances of accomplishing your goals:

  1. Setting Clear Goals. Write your goal down and be as detailed as possible. Use SMART, and consider putting your goal into the form of a personal mission statement  for added clarity. Think about how you’ll measure your success toward this goal.
  2. Setting Challenging Goals. Look at your goal. Is it challenging enough to spark your interest Also, identify ways that you can reward yourself when you make progress. Incremental rewards for reaching specific milestones will motivate you to work through challenging tasks.
  3. Staying Committed. Stay committed by using visualization techniques to imagine how your life will look once you’ve achieved your goal.
  4. Gaining Feedback. Schedule time once a week to analyze your progress and accomplishments. Look at what has and hasn’t worked, and make adjustments along the way.
  5. Considering Complexity. Break large, complex goals down into smaller sub-goals. This will stop you feeling overwhelmed, and it will make it easier to stay motivated.

“Even if your goal is something that will take a long time to reach — like saving enough money for retirement — you’re more likely to take action if you have time limits in the present. Create target dates to reach your objectives. Find something you can do this week to begin taking some type of action now.” Amy Morin, Psychotherapist and author of ’13 Things Mentally Strong People Don’t Do’

Additionally, the following strategies can increase your likelihood of accomplishing your goals:

  1. Break goals into manageable chunks. If you only focus on the big picture, it’s easy to put things off until later. But, if you break those goals down into smaller, more manageable objectives such as, you can start tackling and accomplishing the manageable chunks today.
  2. Establish “now” deadlines. Even if your goal is something that will take a long time to reach – like saving enough money for retirement – you’re more likely to take action if you have time limits in the present. Create target dates to reach your objectives. Find something you can do this week to begin taking some type of action now. For example, decide “I will create a budget by Thursday,” or “I will lose two pounds in seven days.”
  3. Turn abstract ideas into concrete action steps. Abstract ideas encourage inactivity. Saying, “I’d like to be healthier,” won’t help you reach those goals. Establish concrete action steps that you can start doing today. For example, decide that you’re going to take a class, read a book, or conduct 30 minutes of research each day. Identify behavioral changes that you can begin working on immediately and you’ll be more likely to turn your abstract ideas into reality.

Identify some of those goals and dreams that you’ve always wanted to work on but just never had the motivation to start. Look for strategies that will help you view those goals in terms of the present and you’ll increase the likelihood that you’ll start taking steps to turn those dreams into a reality, explains Amy Morin

Goal setting is something that many of us recognize as a vital part of achieving success in the areas of health, wealth and emotional well-being. Understandably, goal-setting research confirms the usefulness of SMART goal setting.

To use the results of the research, you must set clear, challenging goals and commit yourself to achieving them. Be sure to get regular feedback on your progress towards achieving your goals. Also, consider the complexity, and break your goals down into smaller chunks, where appropriate.

If you follow these simple rules, your goal setting will be much more successful, and your overall performance and accomplishment rate will improve.

The path to building wealth and financial freedom is paved with goals!!!

References:

  1. https://www.inc.com/marcel-schwantes/science-says-92-percent-of-people-dont-achieve-goals-heres-how-the-other-8-perce.html
  2. https://www.mindtools.com/pages/article/newHTE_87.htm
  3. https://www.forbes.com/sites/amymorin/2014/09/04/study-the-secret-to-ending-procrastination-is-changing-the-way-you-think-about-deadlines/

Persistence and Perseverance

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“Nothing in the world can take the place of persistence.

Talent will not; nothing is more common than unsuccessful men with talent.

Genius will not; unrewarded genius is almost a proverb.

Education will not; the world is full of educated derelicts.

Persistence and determination alone are omnipotent.

The slogan “press on” has solved and always will solve the problems of the human race.”

Calvin Coolidge

“Three simple rules in life and habits…Go, Ask, and Do:

  1. If you do not go after what you want, you’ll never have it.

  2. If you do not ask, the answer will always be no.

  3. If you do not step forward, you will always be in the same place.”

Austin Miller, VP of Talent Management at Sorenson Capital Partners

Mindfulness

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The goal of mindfulness is to wake up to the inner workings of our mental, emotional, and physical processes.

Mindfulness is the basic human ability to be fully present, aware of where we are and what we’re doing, and not overly reactive or overwhelmed by what’s going on around us, according to the website Mindfulness.com.

Mindfulness encompasses two key ingredients: awareness and acceptance, according to Psychology Today. Awareness is the knowledge and ability to focus attention on one’s inner processes and experiences, such as the experience of the present moment. Acceptance is the ability to observe and accept—rather than judge or avoid—those streams of thought.

Whenever you bring awareness to what you’re directly experiencing via your senses, or to your state of mind via your thoughts and emotions, you’re being mindful. And there’s growing research showing that when you train your brain to be mindful, you’re actually remodeling the physical structure of your brain.

Mindfulness is a technique of deliberately focusing your attention and not let yourself be distracted by other thoughts constantly running through your head; you clear “noise” from your mind.

Mindfulness is the idea to become more self-aware. You pay attention to your thoughts, feelings, and sensations in that moment — without purposefully deciding whether they’re good or bad, and without becoming overwhelmed or overly reactive.

In short, you tune in to what you’re feeling and what’s real right now. “Mindfulness is awareness that arises through paying attention, on purpose, in the present moment, non-judgementally,” says Kabat-Zinn, creator of the research-backed stress-reduction program Mindfulness-Based Stress Reduction (MBSR) . “And then I sometimes add, in the service of self-understanding and wisdom.”

Mindfulness – Live in the day; Live in the now.

Mindfulness is available to you in every moment, whether through meditations or mindful moment practices like taking time to pause and breathe when the phone rings instead of rushing to answer it.

Breathe in and out a few times. If your mind wanders, just notice that, accept that your mind has wandered, and refocus on your breathing. That’s a bare bones example of mindfulness. “Mindfulness is really important in times like this,” says Auguste H. Fortin VI, MD, MPH, a Yale Medicine internal medicine specialist who has recommended mindfulness practices to help cope with their illnesses.

Mindfulness is a practice that involves three components:

  • Paying attention to what is happening in the present moment
  • Doing this purposely and deliberately, with resolve
  • Maintaining the attitude that you will stay with your mindfulness experience, whether it’s pleasant or unpleasant

As you spend time practicing mindfulness, you’ll probably find yourself feeling kinder, calmer, and more patient. These shifts in your experience are likely to generate changes in other parts of your life as well.

Mindfulness can help you maximize your enjoyment of life and help you wind down. Its benefits include lowering stress levels, reducing harmful ruminating, and protecting against depression and anxiety. Research even suggests that mindfulness can help people better cope with rejection and social isolation.

“If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.”  Lao Tzu

References:

  1. https://www.mindful.org/meditation/mindfulness-getting-started/
  2. https://www.psychologytoday.com/us/basics/mindfulness
  3. https://www.yalemedicine.org/news/mindfulness-covid

Most Valuable Retirement Assets

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“Retirement is like an iceberg, where 90% of what’s really taking place lies below the surface, absent from traditional financial plans and conversations” Robert Laura

For a long and fulfilling life in retirement, you need much more than financial resources and financial security. Consequently, there are more valuable retirement assets than financial.

Retirement planning is typically related solely to financial planning, all about numbers. It centers around one question: Do your financial assets — pension, 401(k)s/IRAs, Social Security, property, sale of a business, etc. — provide enough income to fund your desired retirement lifestyle?

5 Tips to Help You Stay Motivated to Exercise poster

You’ll need enough money to get by, of course, but you don’t have to be super wealthy to be happy. In fact, life satisfaction tops out at an annual salary of $95,000, on average, according to a study by psychologists from Purdue University. Enough money to never have to worry about going broke or paying for medical care is important. But financial freedom is not the only or even the most important piece of a fulfilling retirement.

Once you have a retirement plan in place, it is essential to focus on all those things money cannot buy. There are non-financial assets that studies show can improve life satisfaction in retirement. According to Kiplinger Magazine, they include:

  1. Good Health (Health is Wealth) – Good health is the most important ingredient for a happy retirement, according to a Merrill Lynch/Age Wave report. Studies show that exercise and a healthy diet can reduce the risk of developing certain health conditions, increase energy levels, boost your immune system, and improve your mood.
  2. Strong Social Connections (Emotional Well-Being) – Happier retirees were found to be those with more social interactions with friends and family, according to one Gallup poll. Further, social isolation has been linked to higher rates of heart disease and stroke, increased risk of dementia, and greater incidence of depression and anxiety. A low level of social interaction is just as unhealthy as smoking, obesity, alcohol abuse and physical inactivity.
  3. Purpose – Retirees with a sense of purpose or meaning were three times more likely to say “helping people in need” brings them happiness in retirement than “spending money on themselves.” Purpose can fall into three buckets, which means getting involved with your place of worship or spiritual pursuits, using your talents in service to others, and doing what you’ve always wanted to do.
  4. Learning and Growing – Experts believe that ongoing education and learning new things may help keep you mentally sharp simply by getting you in the habit of staying mentally active. Exercising your brain may help prevent cognitive decline and reduce the risk of dementia.
  5. Optimistic Outlook – Optimistic people tend to expect that good things will happen in the future. A fair amount of scientific evidence suggests that being optimistic contributes to good health, both mental and physical and may lower risk of developing cardiovascular disease and other chronic ailments and a longer life, and people with higher levels of optimism lived longer. Optimism is a trait that anyone can develop. Studies have shown people are able to adopt a more optimistic mindset with very simple, low-cost exercises, starting with consciously reframing every situation in a positive light. Over time, your brain is essentially rewired to think positively.
  6. Gratitude – People who counted their blessings had a more positive outlook on life, exercised more, reported fewer symptoms of illness and were more likely to help others. Gratitude enhances people’s satisfaction with life while reducing their desire to buy stuff.
  7. Dog Ownership – Older dog owners who walked their dogs at least once a day got 20% more physical activity than people without dogs and spent 30 fewer minutes a day being sedentary, on average, according to a study published in The Journal of Epidemiology and Community Health. Research has also indicated that dogs help soothe those suffering from cognitive decline, and the physical and mental health benefits of owning a dog can boost the longevity of the owner.

Retirement is major transition made up of many financial as well as life decisions. This is why it is important to create and to adhere a retirement plan as early as possible. That way you can spend more time focusing on everything else that equally matters.

References:

  1. https://www.kiplinger.com/retirement/happy-retirement/601160/7-surprisingly-valuable-assets-for-a-happy-retirement

Life on the Edge

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“As you get older, the days go by quicker and you need to make the time count.” Mary Peachin, Octogenarian

As you age, it becomes more important to “live each day right to the limit”, states octogenarian Mary Peachin, in Costco Connection magazine, September 2021, Members Connection. Peachin has “walk the talk” and lived her life as a self proclaim world-traveling, deep sea diving adrenaline junkie. “If your body aches, you ignore it and keep on trucking”, she preaches.

When it comes to going after what you love in life, do not take no for an answer. You should expect and intend to live a life well lived and always believe the best is yet to come

“Life is too short not to enjoy it.”

Make your life happen and take action today. Be amongst the few who dared to live their dreams. Live your life in such a way that there is no regret.

Time is short; live every day for a higher purpose. Let’s invest the limited time we have on your life’s purpose and mission. Do not focus on your problems and challenges; instead focus on purpose and destination.

Life is brief and it passes quickly. The average American male lives to be 70 years 4 months. The average American female lives 70 years 4 months. To live life to its fullest, it is not the quantity of your life, but the quality.

Time is running out for all of us.

“Your job will not take care of you when your elderly and sick, your friends and family will.”

  1. Select a few friends to be close to in your life and communicate and strengthen your relationship with them
  2. Get over those who disappoint you and refuse to let those people steal your joy
  3. Lift up and encourage those who are recovering from failure. Treat people with Grace.
  4. Ignore your critics. Decide to see the good in the experience and growth, the lessons you learned and the relationships you made.
  5. Stay fully focused on your Lord and Savior Jesus Christ. Believe the best! Christ teaches us to believe the best…faith, hope and love. Remember to rejoice and be glad. If God is for us, who can be against us!

The most effective way to live life on the edge is to “find an edge and Live there”, states Peachin. And, you can start to “find an edge” by writing down your dreams and priorities in life, and then focusing on fulfilling those written dreams and priorities. It starts with knowing what you want, and it ends with getting what you wanted. It’s often that simple.

Save for and invest in the things that matter most!

In every positive or negative situation, there are always options. Remember you are the one pulling the strings, and when things look hopeless, it’s because you’re choosing not look at the things that truly matter. You’re choosing to see the the bad stuff, and they have little to do with your ability to change your circumstances. The trick is that you have to see the ocean of opportunity, not that little bucket of water (problems) that you tripped over.

We must decide to see the good and not dwell on the failure, but instead focus on the positives from the experience. Limits do not exist. You have weaknesses of course and we all do, but focus on your strengths. Remember if you’re feeling scared and fearful, it means you’re trying something new.

People don’t run marathons because it feels good.

When you feel bad about your situation, you’re thinking about the mistakes of yesterday, and not the opportunity of right now and the hope for tomorrow. You’re thinking about what has and what can go wrong, and not what can go right.

When you’re feeling defeated and discouraged, ascertain what you’re really focusing on. It important to focus on how far you’ve come, the opportunities that lie ahead, and the resources available you have to go forward.

“What you focus on expands, and when you focus on the goodness in your life, you create more of it.” Oprah Winfrey

Always think bigger and focus on your purpose. Build the world as you want it to be.

References:

  1. Costco Connection, September 2021, Vol. 36, No. 9, pg. 119
  2. https://personalexcellence.co/blog/101-ways-to-live-your-life-to-the-fullest/

“Those who are the happiest are not necessarily those for whom life has been easiest. Emotional stability results from an attitude. It is refusing to yield to depression and fear, even when black clouds float overhead. It is improving that which can be improved and accepting that which is inevitable.” ― James C. Dobson, Life on the Edge: The Next Generation’s Guide to a Meaningful Future

Chase Your Purpose, Not Your Passion

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Focus less on what makes you feel passionate, and more on what you truly care about, your purpose. Harvard Business School Professor Jon Jachimowicz

Chase Your Purpose, Not Your Passion, according to new Harvard Business Review research. The research shows that chasing your passion makes you less satisfied at work because work can be often difficult, draining, and even boring.

Research on passion suggests three key things:

  1. Passion is not something one finds, but rather, it is something to be developed;
  2. It is challenging to pursue your passion, especially as it wanes over time; and
  3. Passion can also lead us astray, and it is therefore important to recognize its limits.

Trade “purpose” for “passion”. 

We try to pursue our passion when we chase after what gives us the most joy or provides the most pleasure. In one study, researchers found that commencement speakers gave students advice on how to pursue their passion. Much of the advice centered on “focusing on what you love” as the way to follow your passion. But some speakers described the pursuit of passion as “focusing on what you care about.”

The distinction is subtle but meaningful: focusing on what you love associates passion with what you enjoy and what makes you happy, whereas focusing on what you care about aligns passion with your purpose, your values and the impact you want to have on your community and the world.

Instead of asking what makes you happy and “following your passion,” instead ask yourself what you care deeply about…what’s your purpose in life, according to Harvard Business School professor Jon Jachimowicz.

By focusing on purpose, you align your work with your deepest values, and also relieve yourself of the expectation that the long slog of a career will be all (or even mostly) happiness and sunshine. 

Purpose gives you the resilience to succeed.  

Jachimowicz says research backs up his claim that chasing purpose will make you more successful than chasing passion.  “In a set of studies, he found that passion alone is only weakly related to employees’ performance at their work. But the combination of passion and perseverance–i.e., the extent to which employees stick with their goals even in the face of adversity–was related to higher performance,” he writes. 

A well-rooted sense of purpose gives you way more resilience than passion alone ever could. And that resilience is what is likely to make you successful over the long haul.

Try to follow your passion and ask yourself this simple question: What do I truly care about?

Purpose is a far better career compass than passion and joy.  

“You don’t “find your calling,” you fight for it…” Dave Isay, StoryCorps founder

“You don’t just “find” your calling — you have to fight for it”, explains Dave Isay, StoryCorps founder. “People who’ve found their calling have a fire about them. They’re the people who are dying to get up in the morning and go do their work.”

References:

  1. https://hbr.org/2019/10/3-reasons-its-so-hard-to-follow-your-passion
  2. https://www.inc.com/jessica-stillman/new-harvard-research-to-be-successful-chase-your-purpose-not-your-passion.html?cid=sf01001
  3. https://ideas.ted.com/7-lessons-about-finding-the-work-you-were-meant-to-do/

Knowing Your Why: Financial Freedom

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WHY is the purpose, the cause, or the belief that drives every organization and every person’s individual career.

“Knowing Your Why” is the single most important thing you can do to energize your journey towards being a better you and to achieve a better financial future for you and your family. Why is all about your purpose. Why do you get out of bed in the morning? And why should anyone care?

Simon Sinek, author of the book Find Your Why: A Practical Guide for Finding Purpose for You and Your Team, writes that it is only when you understand your “why” (or your purpose) that you’ll be more capable of pursuing the things that give you fulfillment. It will serve as your point of reference for all your actions and decisions from this moment on, allowing you to measure your progress and know when you have met your life and financial goals.

When you’ve identified your life’s purpose, it’s easier to focus on what truly matters. To stay focused on your goals, they must be important to you. Your subconscious can try to trick you into believing that you want one thing, when in reality these things do very little to help you live out your purpose.

Understanding why you’re doing what you’re doing is the single most important question you can ask with respect to your life and financial well-being. Failure to ask and answer that question can be the single greatest oversight you can make when it comes to saving and investing. Those who do have a strong sense of why they are investing are more successful financially.

Understanding why you’re doing what you’re doing in the first place is critical. Your why serves as your compass to stay on course or your North Star in the often hectic day-to-day grind that can derail you from reaching your goals. It’s so easy to get caught up in the minutiae of chasing fads, hot stocks or following the investing herd that you forget what you’re trying to really accomplish in the first place.

Saving and investing with a purpose

Saving and investing without a purpose will leave you filling empty. Saving and investing should be a means to an end…financial freedom . If money is the end, it will likely create more problems than it solves. Thus, knowing your why for saving and investing is an essential first step.

But, what is financial freedom? Financial freedom is about much more than just having money, writes Robert Kiyosaki. It’s the freedom to be who you really are and do what you really want in life. It’s about following your passion, making choices that aren’t influenced by your bank account, and living life on your terms.

Beyond serving to tell you what financial goals you should be pursuing in the first place, knowing why you’re saving for the future, and investing to grow your money and to build wealth serves two important purposes:

  • It motivates you, and
  • It orients you.

To find your personal “Why” in life, you really have to dig deep down into your conscious mind. You must ask yourself several pertinent questions such as:

  • Why do I work every day?
  • What do I value most?
  • What do I want to do with my life?
  • What is my purpose and goals in life?
  • Why do I want to have a positive influence in my community and on the world?

“He who has a why can endure any how.”  Frederick Nietzsche

Sinek and his team provide a simple format to use to draft your WHY Statement:

“TO ____ SO THAT ____.”

The first blank represents your contribution — the contribution you make to the lives others through your WHY. And the second blank represents the impact of your contribution.

“You can only become truly accomplished at something you love. Don’t make money your goal. Instead pursue the things you love doing, and then do them so well that people can’t take their eyes off of you.” Maya Angelou

The key to harnessing your passion and to live a life of contentment is understanding your “why.” Why are you passionate about saving for the future and investing to grow your money and building wealth? Is it because you desire financial freedom and have a new lease on life?

What if we awoke every single day knowing your why? For no better reason than to be better than yourself and to achieve financial freedom in order to leave our family and our community in a better condition than we found it?

References:

  1. https://engineeringmanagementinstitute.org/knowing-your-why/
  2. https://www.deanbokhari.com/find-your-why/
  3. https://www.developgoodhabits.com/your-why/
  4. https://www.richdad.com/what-is-financial-freedom
  5. https://www.entrepreneur.com/article/243737
  6. https://www.jordanharbinger.com/simon-sinek-whats-your-why-and-where-do-you-find-it/

Own Your Net Worth and Cash Flow

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8 out of 10 women will be solely responsible for their financial well-being. Some women will be ready. Many won’t. UBS Wealth Management Report

As women’s life expectancies increase and the rate of divorce for individuals over age 50 continues to climb, more women will find themselves solely responsible for their own current and long term financial well-being.

UBS Wealth Management embarked on research–Own Your Worth–to explore women’s thoughts and feelings, the challenges they faced, lessons they learned and advice they would impart to other women.

With the wisdom of hindsight, nearly 60% of widows and divorcees regrettably wish they had been more involved in long-term financial decisions while they were married, according to UBS’ findings. A full 98% of them urge other women to become more involved early on.

Unfortunately, too many women ignore the advice of widows and divorcees. In direct contrast to the advice, many married women are taking a lesser role in managing the household finances. In a counterintuitive twist, Millennials are the most willing to leave investing and financial planning decisions to their husbands.

Fifty-six percent of married women still leave investment decisions to their husbands, according to UBS. Surprisingly, 61% of Millennial women do so, more than any other generation. What’s more, most women are quite content with their backseat role when it comes to investing and financial planning.

UBS’ research reveals many reasons for women’s abdication, from historical and social precedents to family, gender roles and confidence levels.

So. why do women minimize their role in major financial decisions? According to USB’ research, the reasons vary:

  • Gender roles run deep – Gender roles are ingrained from early in life and often prove hard to shake. In many cases, married couples are simply imitating the gender roles they witnessed growing up.
  • Men are still the breadwinners – Within families, 70% of men are the main breadwinners, in part because of the gender pay gap and the career breaks women take to raise children.
  • Time constraints are challenging – Whether married or not, women have many demands on their time. They take on the majority of household duties, including childcare and chores, as well as paying bills and tracking spending.
  • Competence vs. confidence – Together, history and society have conspired to affect women’s financial confidence. Both women and men think men know more about investing, and women are less confident than men in making major financial decisions. Women consistently underestimate their own abilities while overestimating what is required to be financially involved.

Yet, most study respondents participated in some financial decisions while married, from handling cash flow and bills to saving and investing. Regardless of their level of engagement, however, most agree it wasn’t enough. The research shows:

  • 59% of widows and divorcees wish they had been more involved in long-term financial decisions
  • 74% don’t consider themselves very knowledgeable about investing
  • 64% of widows blame themselves for not being more financially involved (53% of divorcees)
  • 56% of widows and divorcees discover financial surprises
  • 53% would have done fewer household chores to find more time for finances
  • 79% of women who remarry take a more active role

USB recommends three actions to take today

The advice from women who have been there is clear: The time to become involved in your family’s present and future financial well-being is today, not when some unforeseen events happen in the future.

Women are encouraged to get involved in their financial well-being as a form of self care, much in the same way you would take care of your health by:

  1. Owning your worth – Know where you stand and what you want for the future. Take the time to add up your assets and liabilities, like loans, credit and other debts, and ask for full transparency from your partner.
  2. Finding your voice – Start the conversation with your partner. Talking about money is considered taboo to some couples, particularly before they are married. But if you found yourself alone tomorrow, do you know what you’d do to make sure you’re financially secure? There is a tremendous benefit to having open communication about money with a trusted confidante.
  3. Setting an example – Model financial partnership for your family and loved ones. According to our survey, women are repeating the gender roles they saw growing up. As you begin taking a more active role in your finances, you can set an example of financial partnership for the younger generation.

Though women are aware of their increasing longevity and the financial needs associated with it, most tend to focus their efforts on short-term financial responsibilities such as managing the household’s day-to-day expenses and paying the bills.

In contrast, taking charge of long-term financial decisions, such as investing, financial planning and insurance, can have far more impact on their future than balancing a checkbook.

By sharing decisions jointly, both women and men can face the future with optimism—and set an example of financial partnership for generations to come.

Almost 60% of women do not engage in the most important aspects of their financial well-being: investing, insurance, retirement and other long-term planning. USB Wealth Management Report

References:

  1. https://www.ubs.com/content/dam/WealthManagementAmericas/documents/2018-37666-UBS-Own-Your-Worth-report-R32.pdf
  2. https://www.ubs.com/us/en/investor-watch/own-your-worth/_jcr_content/mainpar/toplevelgrid_1797264592/col2/teaser/linklist/link_2127544961.2019551086.file/PS9jb250ZW50L2RhbS9XZWFsdGhNYW5hZ2VtZW50QW1lcmljYXMvZG9jdW1lbnRzL293bi15b3VyLXdvcnRoLXJlcG9ydC5wZGY=/own-your-worth-report.pdf