So now that we've all survived the end of the world according to the Mayan Calendar, we can continue with our regularly scheduled program I suppose.
For all those people that were planning on the end of the world to save them from any sort of prudent financial planning…sorry. Guess you'll have to really get serious about it now.
As a sidenote, I have it on good authority that the Mayans actually had no leap year in their calendar, so technically the world would have ended according to the mayan calendar about seven months ago.
What Do We Know For Sure?
We know that our fearless leaders in Washington are leaving today for their Christmas holiday. They haven't reached any sort of compromise to avoid from driving us off the fiscal cliff. Most likely they'll come back next week, come up with some sort of band-aid solution and claim that they all compromised and rescued us from disaster.
A disaster they (politicians) created mind you.
Nonetheless it's business as usual. Now, we don't talk about politics here much. Why?
Because frankly we just don't think it matters that much. It doesn't much matter what party's in power, we're pretty much gonna get the same thing either way.
And we believe that all of our (us, you, we) time is better spent focusing on the things that we can control.
5 things you can control?
- You can control how much money you spend on stuff. Quit wasting money on toys just because you want what everyone else has, it won't buy you any financial security in the future and it just enslaves you to trading time for money.
- You can control how much of your income you save. Focus in 2013 on getting yourself into some sort of systematic savings plan so that every month, every week or whatever period you choose, you are regularly stashing away a portion of your income before you write checks to anyone or for anything else. I know that's not sexy but it's tried and true.
- You can control how your savings is invested. (note: focus on owning assets that have low/no market risk and reduce tax on growth i.e. cash value life insurance) Stop following the herd over the cliff and be open to looking at alternatives.
- You can control who you choose to listen to for advice. Stop listening to people who are salespeople but call themselves “advisers”…it's crazy and they're not being truthful with you from the outset. There's nothing wrong with salespeople, just make sure that you're buying what you want, not necessarily what they're trying to sell you.
- You can control your legacy–how you are remembered by your family, how you are remembered in your community etc. Make sure that the things you're doing are things that you'd like to be remembered for.
Since we've all survived and no fireballs have cascaded from the sky, it's time that we get back to work.
Brandon and I wish all of our readers a Happy Holiday. And as always, if you need our help, have a question, or just want to run something past us, feel free to contact us. We always enjoy helping our community!