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Hey there fastlaners,
Wanted to share one of the most beneficial (albeit not the most exciting), ideas I've picked up from slowlane financial books + resources, and that's building up an emergency fund.
Now I know those looking to build explosive income, aren't necessarily focusing on building a buffer or get any excitement about the thought of it at all...
But figured I'd share anyway.
See, in my first years of business I went "ALL IN" many times, and figured my way out of it, but I'm sure the rapid loss of hair I picked up was due to living on the line like that.
But here's the thing, although ploughing my business profits thereafter into a savings account hasn't been great for my business short term... Building funds so that I could live for 1 year if all went kaput, pay the rent, buy food until I figure out the next thing is a HUGE piece of mind especially as an entrepreneur...
That affects:
- How I smile when I walk around
- How well I sleep at night
- How I interact with others
- The people attract into my life (yes even intimate relationships when they feel I'm coming from an abundant mindset).
- Not acting completely desperate in negotiations, being able to walk away, not having to do deals because I really "NEED" the money.
- Focusing on the longer term vision rather than being distracted by shiny objects.
- In the future, being way more aggressive in the offense than competitors, knowing that defence in covered when others are concerned about making losses.
Although sports teams win on the offense... Teams in the past like Real Madrid & Liverpool would score tons of goals because of amazing offense, but also lose many games even championships because of their poor / near non existent defense.
Thought I'd share, as having near 1 YEAR emergency fund in cash, allows me come 2020 to go completely on the OFFENSE relentlessly.
A few years minimizing risk, could open up decades of near worry free risk-taking.
Now of course, there comes a point when stashing cash becomes self defeating I believe, and it's easy to build a hoarder mentality after a while, but building that iron-clad discipline is a great thing also as long as you know where to draw the line.
Posted a topic a while back, and one of the best things than MJ mentioned was buying things that aren't necessarily investments (liabilities like buying a personal residence/cars) when it becomes a no brainer/non event for you. When you have the resources that the purchase doesn't feel like a big issue is the best way forward.
Building a good cash buffer, one that hopefully keeps up with the rate of inflation as much as possible, helps with that, to become "anti fragile", for me at least anyway.
What are your thoughts on this?
Do you have an emergency fund, or are you crushing it with none at all?
Either way be great to know!
Wanted to share one of the most beneficial (albeit not the most exciting), ideas I've picked up from slowlane financial books + resources, and that's building up an emergency fund.
Now I know those looking to build explosive income, aren't necessarily focusing on building a buffer or get any excitement about the thought of it at all...
But figured I'd share anyway.
See, in my first years of business I went "ALL IN" many times, and figured my way out of it, but I'm sure the rapid loss of hair I picked up was due to living on the line like that.
But here's the thing, although ploughing my business profits thereafter into a savings account hasn't been great for my business short term... Building funds so that I could live for 1 year if all went kaput, pay the rent, buy food until I figure out the next thing is a HUGE piece of mind especially as an entrepreneur...
That affects:
- How I smile when I walk around
- How well I sleep at night
- How I interact with others
- The people attract into my life (yes even intimate relationships when they feel I'm coming from an abundant mindset).
- Not acting completely desperate in negotiations, being able to walk away, not having to do deals because I really "NEED" the money.
- Focusing on the longer term vision rather than being distracted by shiny objects.
- In the future, being way more aggressive in the offense than competitors, knowing that defence in covered when others are concerned about making losses.
Although sports teams win on the offense... Teams in the past like Real Madrid & Liverpool would score tons of goals because of amazing offense, but also lose many games even championships because of their poor / near non existent defense.
Thought I'd share, as having near 1 YEAR emergency fund in cash, allows me come 2020 to go completely on the OFFENSE relentlessly.
A few years minimizing risk, could open up decades of near worry free risk-taking.
Now of course, there comes a point when stashing cash becomes self defeating I believe, and it's easy to build a hoarder mentality after a while, but building that iron-clad discipline is a great thing also as long as you know where to draw the line.
Posted a topic a while back, and one of the best things than MJ mentioned was buying things that aren't necessarily investments (liabilities like buying a personal residence/cars) when it becomes a no brainer/non event for you. When you have the resources that the purchase doesn't feel like a big issue is the best way forward.
Building a good cash buffer, one that hopefully keeps up with the rate of inflation as much as possible, helps with that, to become "anti fragile", for me at least anyway.
What are your thoughts on this?
Do you have an emergency fund, or are you crushing it with none at all?
Either way be great to know!
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