Few and FIRE Between

Wednesday, July 24, 2024

Rebel Finance School Week 4 Homework

Dear Reader,

Time for Week 4!

Make a plan of ATTACK for your debt.

I'm not really in a rush to pay off my family loans (one to my partner and one to my parents).

If you have student loans...

No student loans.

If you have kids or any other younger people in your lives, think about how to help them avoid debt.

Explain how quickly credit cards can snowball. Encourage them not to get into high interest debt.

Have you done the homework from the first 3 weeks?

Yes.

Come up with ways to increase the gap between your income and your expenses. On the expenses side, one way of doing this is to go through each of your spending categories and see if there’s anything you could cut. Remember, this is not about deprivation this is about conscious expenditure.

I think I'm doing pretty well right now.

Week 4 Discussion Questions

Company strategies for putting you in debt

How have you fallen for these in the past? Yes. Limited time/quantity, buy now, price will be increasing soon.
What have you learned? Never buy more than you can afford. Sometimes buy much less than you can afford.
How aware are you of these tactics? Fairly aware.
How aware are your family of these tactics? Partner - aware, I think. Children - too little.

Our strategies for putting ourselves into debt

What are your spending strategies? I spend typically on food, vacations, and my kids. Also on experiences.
What do you say to yourself before or as you are spending money? Is this expense worth it? Will this expense save me time, money, future grief, or will it help ensure my safety?
How do you use credit cards? Or are they using you? I think I am using credit cards sensibly. I only have one and I pay it off in full every month.
How are you going to change your spending strategies starting today? Be a little bit more careful on what I spend on. Examples of things I haven't bought yet: future vacations, future tours, expensive concert tickets, virtual tickets for my mobile game, Kickstarter for Kora Donuts, etc. etc.

Debt recap

What have you learnt about debt? Only charge what you can afford to pay off.
How will you share this with the next generation? I want to teach my kids that debt is typically bad. I want to help pay for their college degrees.
What’s your biggest take away from the debt attack strategy? Focus on paying off debt. Make it more of a priority.

Thank you for reading.

I remain,

Into the FIRE

Thursday, July 4, 2024

Rebel Finance School Week 3 Homework

Dear Faithful Reader,

It's me. Again. Ha ha.

I will continue recording my homework for the Rebel Finance School here.

Here is Week 3.

They called it "Home-Fun" this week which I thought was funny and cute.

1. Write a letter to money.

Dear Money,

Thank you for being there when I need you. I enjoy all the positive life experiences you bring me. I hope we can continue this beneficial relationship for the rest of my life. By the way - please keep growing!

Warmly,

Into The FIRE

2. Go through the alignment levels. Where are you misaligned?

Goal/Vision:

Retire by 55 while enjoying life

Identity:

I am a capable person.

I enjoy learning about and discussing personal finance and FIRE.

Values:

Having enough for retirement while enjoying life is important to me.

Beliefs:

I believe it is possible to live the life I want

You can afford anything but not everything (thank you, Paula Pant!)

I can eventually pay back my loans.

Skills:

I am good about not touching my investments

I can try to increase my savings rate.

Behaviors:

Auto-deduct from ny paycheck for my 457.

Environment:

Partner supportive in saving for retirement.

Save money for children in 529.

Save money for children in custodial.

Keen-bean homework:

Money is a tool.

Money isn't evil or good.

Money can help me experience life in a beautiful way.

Money can't solve all my problems.

I can save and invest a lot of money.

I can retire at 55 (or maybe earlier!).

I can't wait to retire.

My money story growing up was that I scrimped and saved growing up. My mother seemed to be having a tough time so I asked how I could help. She asked me to help pay for my college. Poof. All my money was gone. After that I realized there was no point to saving my money since I would just be asked for it by other people. So, I pretty much just spent all the money I had. I guess it's pretty miraculous I have as much as I do saved up. When I was in undergrad, I had an internship with HSBC (this is back when they had interns). My boss told me about a young guy who impressed him by starting a Roth IRA at a young age. I opened one pretty soon after that. My dad always told me a famous story about a group of kindergarteners who beat a bunch of stockbrokers because they chose well-known companies. That stayed with me too and I bought a bunch of well known companies like AmEx, Disney and Coca-Cola and never sold.

When I came back to the US and was working my first real job, a colleague had some book on their shelf. I don't remember exactly what it was, I think maybe some Suze Orman book. I read it and wanted to stop living paycheck to paycheck. I remember looking for other good books to read and read Your Money or Your Life, The Simple Path to Wealth and The Bogleheads' Guide to Investing, as well as The Millionaire Next Door.

Not having enough money is stressful. It's like having a gigantic sword hanging over your head held by a tiny thread.

I don't think I can ever have too much money. I can always leave it to our kids.

The purpose of money is safety, security and to enjoy life.

I feel pretty good about money so far.

My biggest money fear is that I'll be penniless and alone and a million dollars or more in debt.

Money brings me joy when I buy gifts for others, or use it for delicious food or for shared experiences.

A good amount to earn is enough to cover your expenses, contingencies, allow you to save for retirement and have some left over for fun.

If I ran out of money tomorrow I'd start to save again from scratch.

Best advice about money: invest in SWPPX at a young age.

Worst advice about money: YOLO so spend it all and get into tons of debt.

I love talking about money with friends and family and telling them about FIRE.

3. Values exercise:

I value family.

I value security.

I value safety.

I value friends.

I value mentors.

I value colleagues.

I value delicious food.

I value fun.

I value travel.

What beliefs did your parents (or whoever raised you) give you?

What expressions did they repeat? - There is no maid in the house.
What lessons did they give you about money? - My mom fell for scams and did some MLMs. She is quite optimistic about people. She had me help write checks to pay the bills from a young age.
Did they give you pocket money/allowance? - My grandma gave me 75 cents or something for bus fare Monday through Friday for a year until I got a free student train pass.
Did you have to work for your money? - I got my first job at a young age. I worked a lot throughout high school.
Did they argue about money? - My parents argued about a lot of stuff. When I was a kid my oldest sister ran up tens of thousands of dollars of credit card debt. I always thought credit cards were evil. My first card was a charge card with no APR.
Helpful or unhelpful beliefs, doesn’t matter. Just what programming did you receive? - I learned money is tool which can get you great experiences. My mother instilled in me that women should always have their own money. My mother also instilled in me that maxing out your Roth IRA is a great thing to do. Now I believe in Traditional thanks to the MadFIentist.

Examining your beliefs

Have you ever taken the time to examine and discuss your beliefs? - Not sure.
What are some of your strongest money beliefs? - Money is a tool, not good or evil.
If there was one belief you could change, what would it be? - No one will take my money away.
What things happened to me that created some of my strongest beliefs? - Mom taking my savings. Oldest sister running up credit card debt. Parents helping pay off college. Paying off (my very small) student loan. Reading The Simple Path to Wealth, and The Bogleheads' Guide to Investing. My old HSBC boss telling me about the Roth IRA.
What do I repeat to others about money / investing / how to be successful in life? - teaching others about FIRE.

Choosing new beliefs

What beliefs are strongest for you? Which do you want to tackle? See below for a list of common money beliefs. People will take my money. I control who receives my money.
What is the impact of believing this? What are the long term consequences? How might the opposite be true? I may be stingy or try to hoard money, or alternatively, spend it all.
What are the alternative beliefs you want to foster and try out? I can control my money.
Is there anyone you admire or has the results you want to have? What do they believe and how could you borrow their beliefs? My partner and my HS best friend are quite wealthy. They are frugal with their money.

Reversing limiting beliefs:

Money is a tool to be used for good or bad.
Money has no upper limit.
Getting rich takes some work
I can track where the money goes each month
More money means more possibilities
It is never too late for me to get rich
Having a lot of money is wonderful
I am already rich
Getting rich is a matter of executing known tasks ( aka, "saving the gap" )
I can strive for wealth AND enjoy my life.
You can get rich while helping others.
If I get rich some people will want something from me. It is up to me to set boundaries.
If I get rich there will be certain people in my life who won’t like it or me, and that's okay.
If I have a lot of money, I can use it to help others if I choose to.
Having excess money does not mean you are greedy
I’m great with money
I am great with numbers
If I strive for wealth and don’t succeed then I can keep trying until I succeed.
This is the perfect time for me to start going for it financially
Money is a tool.
Money can buy things and experiences to make my life easier and better.
You can have money, do good and be happy, all at the same time
Money can cause a huge amount of happiness.
It takes money to make money, but you can also make money even beginning with a negative net worth. Many other people have done it and you can too.
People can have as much money as they want.
No matter your past, anyone can get rich
I am smart. I am intelligent. I, too, can be wealthy.
It's much easier to get rich when you are young.
No one is too old to get rich
As a woman it’s more difficult to get rich, but it still can be done. I will not let this stop me.
I enjoy dealing with money
I enjoy managing money
I will make or find the time to manage money
Even if I don't have money right now, I will learn and utilize the skills to make and manage my money.
Money can assist artistic and creative endeavors
By being rich, I can help those in need, if I choose to.
The rich get richer the poor get poorer. This may be, but rich people can become poor and poor people can become rich. You are the master of your own destiny!
Rich people can be happy
I can pay someone else to manage my money. Or, I can save that money and manage it myself. Sometimes it makes sense to pay a professional. Sometimes it doesn't.
If I earn more money I will have to pay more taxes. But consider this: If you earn $50 and pay $25 in taxes, you have $25 left over. If you earn $100 and pay $50 in taxes, you now are twice as rich as when you were earning $50. Typically earning more money (all else being equal) is usually a better deal, taxes or not.
Getting rich is a skill you can learn
I am meant to be rich
Investing can be simple. Stay away from options.
Investing is for anyone.
Investing can be risky, but I can learn about the risks and do what is right for me.

Disclaimer: I am not an investing professional, none of the above is investing advice.

Thank you again for reading.

I remain,

Into the FIRE

Rebel Finance School Week 2 Homework

Dear Faithful Reader,

Back so soon? I'm surprised as well.

I will continue recording my homework for the Rebel Finance School here.

Here is Week 2:

Open a savings account. I have a HYSA open already so I'll be using that. I recommend keeping your money there since rates are quite good right now for HYSAs compared to regular accounts.

Calculate your net worth: Luckily I have just done this for July 1st. $739,859.16

Keen-bean homework:

Work out how much you've earned over your lifetime: I have done this as well with PsyFIRE's cool template. So the total give or take some money is $685,628. Not bad. Technically these are Social Security earnings so it's missing the three years I spent in Japan at about $30k each so you would add maybe about $90k to that total. So we could say $775,628.

Compare lifetime earnings with net worth: Not too shabby. I would say the net worth is due in large part to investments growing. I've been quite lucky. Also thanks to my partner, as well as our owning a home together.

Discuss with your partner: My partner is currently sleeping (due to the new child and him taking the night shift) but I look forward to discussing this with him when he wakes up. I think he'll be excited to compare his lifetime earnings with his net worth as well (we calculate our net worths separately).

Wednesday, June 12, 2024

Rebel Finance School Week 1 Homework

Dear Faithful Reader,

Well! It's been a minute, hasn't it.

I will be recording my homework for the Rebel Finance School here.

Here is Week 1:

How much did you spend last month? $9,375 - I ended up spending a lot.

How big was your gap last month? -$4,933.88

Decide how you’ll track your spending for next month onwards and start. I will try to track towards the beginning of the month.

Keen-bean homework. This is completely optional. Extra pineapples if you do the optional work!

Fill in the “how big is your gap” tracker for the year so far

Categorize your May spending

Here are my "Necessities" categories:

Mortgage

Health Insurance

Groceries

Baby Needs

Cell Phone

Home Repairs

Dental

Transit

Misc

Health

Credit Card Renewal Fee

Here are my "Discretionary" or "Luxury" categories:

Supers Holiday Tip

Fast Food

Restaurant

Entertainment

Electronics

Alcohol

Clothing

Snacks

Grooming and Toiletries

Education

Gifts

Anniversaries

Holidays

Travel

Travel Insurance

Business expenses

	Jan	Feb	Mar	Apr	May
Income	$3,663	$3,672	$3,829	$10,138	$4,441
Total Spending	$4,681	$4,639	$4,106	$3,830	$9,375
The "Gap"	-$1,017	-$966	-$277	$6,307	-$4,933

I deleted the cents for the "gap" so numbers may be off by a dollar or two.

Did you get value from what you bought? Yes. I paid for a vacation for our family that some family members said they would reimburse me for, though, if I ever do receive the money, it likely would not be until August or September. I also spent a lot on another two different vacations.

Did you spend in line with your values? I did. I value vacations and I value food, both of which I spent on. Lessons learned: Food outside of NYC is rarely as good as in NYC, at least in the domestic US.

What’s the true cost of your habits? It looks like I'm pretty consistently overspending each month. I think I need to break even and not go over as I'm currently saving 5% of my salary into my 457, which honestly seems like plenty right now. So I need to cut back on $100 or maybe $500 per month, and really keep an eye on not going over. I definitely don't want to go into debt and I'd like to pay back some debt if possible.

Thank you again for reading.

I remain,

Into the FIRE

Monday, March 20, 2023

Financial Freedom Blog Post #13

Dear Readers, It's me, Into the FIRE. How have you been? Well, I hope. Long time no see! We're going to revisit a little recalculation today to see if our numbers are still accurate! So, if we revisit the Financial Freedom book, let's go back to question #2! 2) What are your current annual expenses? 3) What is "your number"? (This is 25 times or 30 times your annual expenses.) 4) What is your annual, monthly, weekly and daily savings goal? Let's review the data for #2 and #3 for 2022! I am going to input the average for all 12 months for 2022: Average for 2022: $5,197.03 Here it is month by month: Month and Year Total Spent Jan 2022 $4,849.19 Feb 2022 $4,848.53 Mar 2022 $6,184.22 Apr 2022 $4,878.08 May 2022 $3,401.07 Jun 2022 $4,680.68 Jul 2022 $5,823.13 Aug 2022 $4,536.90 Sep 2022 $5,198.48 Oct 2022 $4,708.46 Nov 2022 $5,402.67 Dec 2022 $7,852.89 Average for 2022: $5,197.03 This number had increased significantly from 2018 and 2019. In 2022, our health insurance (medical premiums) cost $703 per month. I also increased the amount I spent on groceries every month. Other categories that were high were fast food, restraurants, entertainment, gifts and travel. So... the new number without further ado: Average Spending per month (for Jan 2022 to Dec 2022): $5,197.03 Average Spending extrapolated to a Year (Average): $62,364.36 My 'Number' (25x Average Yearly Expenses): $1,559,109 So now you can see due to the higher averages, my new number is $1,559,109, which is an increase of $554,154. Honestly, I am not exactly sure how to calculate my expenses going forward. This is because our medical premium has reduced from $703 monthly to $102.08 bi-weekly. If we multiply this out, it comes out to $8436 yearly versus $2654.08. Previously, our dental had been $75 per month. It has now increased to $148.27 per month. This means it's gone from $900 per year to $1779.24 per year. All things considered, it's an improvement from 2022. Another thing is that I have a new job, which I will be vested in a pension for in five years. However, I was advised to work for 10 years. After 10 years, I'll have discounted health insurance for life. The other item I saw is that I will only be allowed to access my retirement funds early as well as continue access to discounted health insurance is if I retire at 55. This throws a huge wrench in my plans to retire in 10 years. However, I am hopeful that they may offer an early retirement package in an effort to lower costs. So, my plan is to keep my head down and hope for a buyout (with amenable provisions for healthcare, of course). As it is currently, if I retire at 55 I will have to work 18 more years. I guess we'll see what happens. If Medicare for all is approved, that could be a total gamechanger. Thank you for reading, Into the FIRE

Tuesday, January 4, 2022

Working through my limiting beliefs

Dear Reader,

I know it's been a while. Happy New Year!

I read a great post recently on The Fioneers. Here is the link: https://thefioneers.com/self-limiting-beliefs/

I recently signed up for Jessica's course on Intentional Living.

I have to say, she got me.

She said the course was $97 but it was on sale only until Friday for $57 - $40 off! I was so intrigued by her hook of an email talking about the pointlessness of my life that I was convinced both Mr. ItF and I should sign up for it.

Here's the thing - Jessica ran this exact same course in August, and guess how much she was selling it for?

$57.

So here I was, convinced I was getting the deal of the century. That's a great price, I said to myself. I love getting a deal.

Turns out, the deal was in my mind the whole time! It just goes to show you - money psychology really works on people. There's a reason why it's $57 and not $60.

Update: I actually communicated with Jessica via email. She said the price really IS $97 (when she ran it in August, it was the first time she was running it and she has priced it at $57 as an introductory price). So I can rest assured I did indeed receive a deal. My point is though, she offered it for $57 and I wasn't compelled, but when I saw the $97 crossed out I felt much more convinced. It could also have been a question of timing, to be fair. But personally, I think that $97 crossed out really tipped the scales for me.

Anyway, back to the post. I read her post, "6 Strategies to Conquer Your Self-Limiting Beliefs."

So I was inspired to think about my own self-limiting beliefs.

Here are a few:

1) "I will not get hired by NYC, and I will never leave my current job."

2) "I will die before retiring."

3) "I will not have enough time to enjoy my retirement."

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

5) "If we move abroad or far from family, it will be difficult to see family and friends."

6) "I will be an inadequate mother and/or wife."

Here are Jessica's 6 strategies to conquer self-limiting beliefs.

Flip the Script
Look for Evidence
Ask Questions
Articulate an Empowering Belief
Test Your New Empowering Beliefs
Build a Supportive Community

So let's try each one!

First: flip the script.

1) "I will not get hired by NYC, and I will never leave my current job."

Flipped:

1) "I will get hired by NYC and I will leave my current job, and it will be a success. It may even be better than my current position."

2) "I will die before retiring."

Flipped:

2) "I will retire soon and be able to enjoy my retirement before I die, even if it's briefly."

3) "I will not have enough time to enjoy my retirement."

Flipped:

3) "I will have plenty of time to enjoy my retirement as well as my son's childhood."

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

Flipped:

4) "I will be able to retire early and I will be able to choose whether or not I want to go back to work on my own terms."

5) "If we move abroad or far from family, it will be difficult to see family and friends."

Flipped:

5) "We can move abroad or to another place in the US. We will be able to see family and friends when we want to. With FaceTime we can stay in touch with family and friends easier now than we would have been able to in years prior."

6) "I will be an inadequate mother and/or wife."

Flipped:

6) "I will be the best mother and wife I can be. Everyday is a new chance and opportunity to be a kinder, more patient mother and wife."

The second strategy is looking for evidence.

1) "I will not get hired by NYC, and I will never leave my current job."

Evidence:

1) Many people possibly less competent than me are hired often by NYC.

2) No one knows what the future could hold. Even if I don't leave to work for NYC, I am not tied to my current job and I could work for some other company.

2) "I will die before retiring."

Evidence:

1) Although some people die before retiring, I may very well live past retirement.

2) Even if I do die before retiring, I have lived a fairly full, enjoyable and rich life. I cannot truly say I have many or any regrets except that I would like to see my son's wedding, and if my son wishes to have children, my future grandchildren.

3) "I will not have enough time to enjoy my retirement."

Evidence:

1) Although some people die early in retirement, if I have fulfillment and meaning in my life, it is possible and likely I will enjoy my retirement immensely, at least for a good amount of time.

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

Evidence:

1) With careful planning, I will be able to live off my retirement funds until I die. I may be able to leave a bit of inheritance as well.

2) There are many social programs to provide for seniors and elderly who do not have enough funds to live on.

5) "If we move abroad or far from family, it will be difficult to see family and friends."

Evidence:

1) Even if we regret moving abroad or far from family, we will still have the option to move closer to family. There is nothing stopping us from reversing our decision.

6) "I will be an inadequate mother and/or wife."

Evidence:

1) My child is still alive and smiles often. I can't be that bad of a mother.

2) My husband is still married to me and smiles and jokes occasionally. I should still make an effort to bring more joy to his life.

Third strategy: Ask questions.

Why do I believe this is true?
Why is this actually an issue?
What’s the worst that could happen?
If that happened, how would I handle it?
Would I still be okay?

1) "I will not get hired by NYC, and I will never leave my current job."

I believe this is true because I am coming from a place of fear that I am not good enough and I will never grow.

This is an issue because NYC is offering more money and I am afraid I will become stagnant.

The worst that could happen is that I don't get hired by NYC.

I would handle it by continuing in my current position until I cannot take working there anymore or until I retire.

If I cannot work there anymore, I will retire early.

In the worst case scenario I will move to a lower cost of living area.

2) "I will die before retiring."

I believe this is true because I am coming from a place of fear that I will not be able to enjoy the money I have saved up until now. There isn't actually any evidence I will die.

This is an issue because I could be spending all that money before I die.

The worst that could happen is that I die and Mr. ItF and Baby ItF inherit my money.

I wouldn't theoretically care since I would be dead. Or perhaps I would be grateful they have the money to inherit and contribute to their wealth.

3) "I will not have enough time to enjoy my retirement."

I believe this is true because I am coming from a place of fear that I will die soon after retiring. There isn't actually any evidence I will die.

This isn't actually an issue. I have already lived a very rich and full life.

The worst that could happen is that I die soon after retiring.

I wouldn't theoretically care since I would be dead.

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

I believe this is true because I am coming from a place of fear that I will run out of money after retiring. I am worrying that I haven't saved up enough money for retirement, or that the market will crash and I will not be able to survive.

This is an issue since I may have to go back to work and it may be difficult to get a job (think Nomadland).

The worst that could happen is that I live off social services.

I would handle it by trying to get hired by someone or living off social services or a combination of both.

5) "If we move abroad or far from family, it will be difficult to see family and friends."

I believe this is true because I am worried we will not be able to afford expensive plane trips back. I also worry my family will not be able to afford expensive plane trips to visit abroad.

This is an issue since I value seeing my family and friends.

The worst that could happen is that I never see my family and friends in person again.

I would handle it by using FaceTime when appropriate. Perhaps focusing on Mr. ItF and Baby ItF as well as making new friends.

6) "I will be an inadequate mother and/or wife."

I believe this is true because I am worried we will not be able to afford expensive plane trips back. I also worry my family will not be able to afford expensive plane trips to visit abroad.

This is an issue since I value seeing my family and friends.

The worst that could happen is that I never see my family and friends in person again.

I would handle it by using FaceTime when appropriate. Perhaps I would also handle it by focusing on Mr. ItF and Baby ItF as well as making new friends.

The fourth strategy is empowering beliefs. I think I may have slightly mixed this up with the earlier strategies.

1) "I will not get hired by NYC, and I will never leave my current job."

Empowering Beliefs:

1) I can do a few mock interviews with friends and family to prepare for interviewing for NYC.

2) No one knows what the future could hold. Even if I don't leave to work for NYC, I am not tied to my current job and I could work for some other company (repeat of Evidence 1-2).

2) "I will die before retiring."

Empowering Beliefs:

1) If I live a happy and healthy life, tempered with common sense and being careful, I can live a full and rich life after retirement.

2) Even if I do die before retiring, I have already lived a fairly full, enjoyable and rich life. I cannot truly say I have many or any regrets except that I would like to see my son's wedding, and if my son wishes to have children, my future grandchildren. I should continually be grateful for all the experiences I have had thus far and those I continue to enjoy. (Evidence 2-2 modified).

3) "I will not have enough time to enjoy my retirement."

Empowering Belief:

1) Although some people die early in retirement, if I have fulfillment and meaning in my life, it is possible and likely I will enjoy my retirement immensely, at least for a good amount of time. (Repeat of Evidence 3-1).

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

Empowering Belief:

1) With careful planning, I will be able to live off my retirement funds until I die. I may be able to leave a bit of inheritance as well. (Repeat of Evidence 4-1).

2) There are many social programs to provide for seniors and elderly who do not have enough funds to live on. Even if I do not have enough money, I should be able to find enough social programs in order to live an adequate and enjoyable life (Evidence 4-2 modified).

5) "If we move abroad or far from family, it will be difficult to see family and friends."

Empowering Belief:

1) Even if we regret moving abroad or far from family, we will still have the option to move closer to family. There is nothing stopping us from reversing our decision. (Repeat of Evidence 5-1).

6) "I will be an inadequate mother and/or wife."

Evidence:

1) My child is still alive and smiles often. I am a good mother. I love my baby. I do my best by my baby. (Evidence 6-1 modified).

2) My husband is still married to me and smiles and jokes occasionally. I can and will make efforts to respect my husband's wishes and be a better wife. (Evidence 6-2 modified).

Strategy Five: Testing New Empowering Beliefs.

1) "I will not get hired by NYC, and I will never leave my current job."

Steps I can take:

1) This Saturday, I will look up interview questions and prepare and practice answers to them.

2) After my interview date is scheduled, I will ask friends and family to help me do mock interviews.

2) "I will die before retiring."

Steps I can take:

1) I will try to eat healthier and in moderation.

2) I will try to eat less sugar.

3) I will try to drink more water.

4) I plan to walk for at least 15 minutes a day, everyday after work.

3) "I will not have enough time to enjoy my retirement."

Steps I can take:

1) When I am close to retirement, I will plan out my day every hour to give structure to my day and week. I will set up a routine and also make a conscious effort to volunteer.

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

Steps I can take:

1) I should carefully examine past spending and make sure I retire with enough money to cover future projected expenses.

5) "If we move abroad or far from family, it will be difficult to see family and friends."

Steps I can take:

1) Consider discussing with my family how they feel about moving abroad or to another lower cost of living area.

6) "I will be an inadequate mother and/or wife."

Steps I can take:

1) I will read to my baby everyday for 15 minutes.

Strategy Six: Building a Supportive Community

1) "I will not get hired by NYC, and I will never leave my current job."

Supportive Community:

1) This Saturday, I will look up interview questions and prepare and practice answers to them - identify an accountability partner to help me with this. Maybe work on this Friday instead.

2) After my interview date is scheduled, I will ask friends and family to help me do mock interviews - I have family and friends in mind to assist with these mock interviews.

2) "I will die before retiring."

Supportive Community:

I have an accountability group on Signal in place to assist me with the below:

1) I will try to eat healthier and in moderation.

2) I will try to eat less sugar.

3) I will try to drink more water.

4) I plan to walk for at least 15 minutes a day, everyday after work.

3) "I will not have enough time to enjoy my retirement."

Supportive Community.

1) When I am close to retirement, I will plan out my day every hour to give structure to my day and week. I will set up a routine and also make a conscious effort to volunteer - when I am close to retirement, I can look for Facebook groups in the area I am moving to to help with planning activities.

4) "If I retire early, I will run out of money and have to find a job when I'm old and no one will want to hire me."

Supportive Community:

1) I should carefully examine past spending and make sure I retire with enough money to cover future projected expenses - this is another item I can review with my TrustPlus coach (they're free!). I have an appointment scheduled on Friday for this.

5) "If we move abroad or far from family, it will be difficult to see family and friends."

Supportive Community:

1) Consider discussing with my family how they feel about moving abroad or to another lower cost of living area. I can ask in appropriate Facebook groups how other people handled moving away from friends and family.

6) "I will be an inadequate mother and/or wife."

Steps I can take:

1) Look online for resources on how to be a good mother.

2) This Saturday, I will look up resources on how to be more patient, more loving and more kind. I must learn how to be of better service. I also should ask Mr. ItF to take the love language test so I can know what type of love language he values the most - the best accountability partner is Mr. ItF. I need to recognize when I am not being supportive, and take steps on how to change my behavior.

Phew! That was intense!!!

Well, I'm glad that's over. This was a really good exercise but I still feel like I should revisit this post and review it.

I heartily recommend these steps for working through your limiting beliefs.

Good bye for now.

I remain,

Your Faithful,

Into the FIRE

Thursday, June 17, 2021

14-day Plan to Improve Your Finances! (Days 12-14)

Hello Dear Reader,

We are continuing the 14-day plan to improve your finances from Business Insider (with some editorializing by yours truly)!

Again, please note this was originally published January 4, 2016 at 12 pm.

Last day of posting about this!!

Day 12: Gather your finances and passwords.

I don't actually recommend you do this unless you have children and/or significant assets.

I don't think it's very secure to do this.

However, if you DO have children and/or significant assets, you may want to gather all your financials and passwords and keep them in a safe place that you alert your (trusted) loved ones about in the event that you pass.

Day 13: Insurance!

Here is the insurance Business Insider recommends:

Starting in your 20s: health, auto, renter's and disability insurance

Starting in your 30s: life, homeowner's and pet insurance

Starting in your 40s: long-term care insurance

So, here is my editorializing: life insurance should really start whenever you have kids (or a spouse who doesn't work). Life insurance is designed to take care of your family in the event you pass. So, if you have a parent or other relative who is dependent on you, you may want life insurance even if you don't have kids or a spouse.

Term life insurance is the way to go. Never get whole. This is my personal opinion.

Homeowner's insurance should start when you own a home. Renter's insurance should start when you rent.

Similarly, don't get auto or pet insurance if you don't have a car or a pet.

End of advice.

Day 14: Plan out your calendar.

Evaluate your budget once a month (this can be done weekly if you really feel the need).

Check your credit score once a month (again, free through Credit Karma).

Get your credit report, once every four months (or all three once a year if you prefer).

Check the balance on your retirement account(s), once every six months (I actually do this once a month, personally).

Adjust your savings goals, once every six months (this seems fine).

Evaluate your investment accounts, once a year (I check my investments once a month).

Once a year - go through this two-week process again!

They suggest setting reminders on Google Calendar. I don't know about you, but I have enough stuff on my Google Calendar. Instead, I check my finances on the first of every month. That is also the day I use to pay my credit card bill, etc etc.

I hope this was helpful for you!

Warmly,

Into the FIRE