“Luck is what happens when “Opportunity” meets “Preparation.”— Seneca 53 B.C.
I believe you can have a hand in making your own luck. Luck is earned. Luck is created every time you make the hard choice for your own good. Luck is acquired every time you get sucked into that extra skill work or workout during the week. Luck is attained every time you decide to send an extra $100 to your Emergency Savings at the end of the month because you’ve been making better choices with your money.
But I also believe you have a hand in your sometimes bad luck. This may feel like when bad things happen you’re always the unlucky one but maybe this is a case of feeling under-prepared. Whether this be the feeling of being under-prepared financially or physically. In CrossFit we know that physical feeling often greets us when we walk in the gym and look at the workout and see that one movement that is our villain. In our Personal Finances it may feel like being told that your job is “non-essential” and to go home for 30 days. And if you didn’t know, the movement for me it’s HSPU. Now that you have decided to create your own luck, what does that even look like? What do you do next?
Make a Plan
Determine what’s important to you and start working towards it TODAY.
“You’ve got to have the will, to want the will to win.”— Bobby Knight
What Coach Bobby Knight is referring to is the will to want to work hard to achieve a goal. In the case of your own personal finances that means making the tough choices when it comes to spending and saving money. Knowing when to say “No” to certain things and “Yes” to the important things like saving and investing in yourself and your family’s future. When you say “No” to a night out for dinner and drinks and instead decide to stay in and cook dinner, you’re showing your “Will to want the will to win.” Making these types of choices allow you to save towards that Emergency Fund.
Don’t Quarantine Your Cash
Once you’ve created your Emergency Fund whether it be 3 months of expenses or whatever you’ve deemed necessary, “It’s time to get your money out of bed early and ready for work!”
Like some of us have the opportunity to do with our children when we teach and prepare them to be successful in life, we need to tell our money where to go and what to do to be successful. Imagine a school where the students just wandered in and out of class with no direction on what classroom to enter or how long they should stay. All of the tools with no direction. I’m picturing a mixture of “The Lost Boys” and “Lord of the Flies” frightening for some of the teachers out there.
When it comes to your money this means being more tactical with your investments. Now, more than ever is the worst time to turn a blind eye to your largest investments. For some of us this may be something entirely different, whether it be your 401(k), IRA or your Family Business or even your home. In times like now you should know exactly where and how your assets are being invested because of how badly we need everything at our disposal to be working for us. If you can’t go to work make sure your money is working for you. This could mean rebalancing a portfolio to put yourself in a better position for the ever changing financial climate, or maybe this is the opportunity you’ve been waiting for to try something new that may help your business stand out at a time when everyone is looking to figure out how to do business.
Cover Home Base
“Start finding ways to pay your bills from bed”. This is about finding those ways to create “passive” income. For some of us this may mean using our financial investments to create a paycheck that will be guaranteed for life. For others this may mean finding a job you can do from home in your spare time that becomes much more fruitful over time. This comes back to wanting to have the “Will to want the will to win,” as Coach Knight says. Sometimes this may feel painful, but it all seems to be worth it when you get to enjoy the time you have with your family whether it be a much needed vacation you’ve saved for all year, or your “First” or
“Retirement” home knowing your bills will always be paid.
Increase your own personal $ Value
“Confidence is knowing that you giving your best effort is enough.”— Ben Bergeron
This is all about becoming the best version of “You” possible. Whether this be formal education like Online Degree classes from home or informal such as reading books, articles, podcasts or even Webinars if you can’t be there in person. This is also about preparing yourself for the opportunity that may be presented to you at any time and being ready to say “Yes” when it presents itself because you have confidence that:
- You have a Plan
- Have an Emergency Fund
- Your money is working hard for you to pay your bills
Now you’ve built the best version of yourself and you’re ready for anything life throws at you.
If you want help getting started on your plan or need help knowing what to do next, please do not hesitate to reach out to myself or any Financial Professional. Now is the time.
Coach James Hoskins
Please feel free to contact me via email with any questions about how to get started:
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