The Personal Development & Financial Independence Thread

[ronz91]

Hi guys

I have wanted to start a thread for discussion of improving ones life and posting resources for development orientated people to share.
I would like the focus for the thread to be, as the title suggests, PD & FI.
There are huge movements for these things globally, so why should the MyBB community not have a home for that.

Generally I want this to be a place of positivity, criticism is ofcourse allowed but it has to be constructive.

Onward and upward.

 

[ronz91]

So here is one to start:

5 numbers you should be tracking to achieve financial independence – The Investor Challenge

from the forums very own @patrick , his blog has been great for an SA perspective

 

[Snyper564]

There are two areas of focus from my side over the years.

Health and wealth.

Covid wfh etc destroyed my health till I decided late 2023 to get my health in order. Saw a personally trainer and hit the gym hard. Went from 110 to 95kg now. Heart rate in the 80-90 to sub 60s now.

On the wealth side I'm all for delayed gratification and as many of you would have seen me post Dave Ramsey podcast (agree with almost everything but I use my cc and settle every months) it's a massive temptation if you have had issues in the past.

Also on the minimalism side only buying what truelly adds value to your life and Not keeping up with the Jones!

Health - get to the gym get a program that helps you!

My detailed journey here

https://mybroadband.co.za/forum/threads/the-workout-and-fitness-thread.1120774/post-32321101

Wealth building/minimalism

A Proven Plan for Financial Success | RamseySolutions.com

Learn to budget, beat debt, save and invest with Ramsey Solutions, founded by Dave Ramsey, bestselling author, radio host and America’s trusted voice on money.

www.ramseysolutions.com

Minimalism: A Documentary About the Important Things (2015) ⭐ 6.6 | Documentary

1h 18m | PG

m.imdb.com

So here is to hoping these resources help others

 

[Snyper564]

Also view this thread as the "counter-januworry" thread.

@Candystore also tagging you in here as you are moving towards financial freedom of late!

 

[ronz91]

Minimalism: A Documentary About the Important Things (2015) ⭐ 6.6 | Documentary

1h 18m | PG

m.imdb.com

I might be wrong but I feel like they posted this doc on youtube

 

[ronz91]

I might be wrong but I feel like they posted this doc on youtube

 

[ronz91]

just found this guy now and didn't expect this to be the first fitness content I posted on here but his mission is awesome & I found his energy to be great

 

[cguy]

The one thing I would add is that people should really be considering both their savings opportunities and their earning opportunities. One thing that I see quite often with the hardcore FIRE people I have met is that they're laser focused on minimizing expenses, and pay almost no attention to earning potential - almost like it's the "easier" path, because it's more transparent ("if i cut out X, I save Y, and can now retire when I'm Z").

Their savings can even come directly out of earning potential E.g., They live an hour away because they cycle to work and don't want to pay CBD rents, which means that they have less day available to them, live in cheaper places with louder neighbors that affect sleep and work performance, spend time doing cost saving things like finding coupons, finding the best deals, etc., rather than doing things off-the-clock that could improve their career prospects. They're also not focused career growth, because they're really focused on ending their career as quickly as possible, which generally doesn't motivate people to manage their career well.

Anyway, I'm big on saving, but I also appreciate that wealth is the summation of earnings minus expenditure over time. Focusing on just one variable means that you're only playing half the game.

 

[ronz91]

The one thing I would add is that people should really be considering both their savings opportunities and their earning opportunities. One thing that I see quite often with the hardcore FIRE people I have met is that they're laser focused on minimizing expenses, and pay almost no attention to earning potential - almost like it's the "easier" path, because it's more transparent ("if i cut out X, I save Y, and can now retire when I'm Z").

Their savings can even come directly out of earning potential E.g., They live an hour away because they cycle to work and don't want to pay CBD rents, which means that they have less day available to them, live in cheaper places with louder neighbors that affect sleep and work performance, spend time doing cost saving things like finding coupons, finding the best deals, etc., rather than doing things off-the-clock that could improve their career prospects. They're also not focused career growth, because they're really focused on ending their career as quickly as possible, which generally doesn't motivate people to manage their career well.

Anyway, I'm big on saving, but I also appreciate that wealth is the summation of earnings minus expenditure over time. Focusing on just one variable means that you're only playing half the game.

agreed 1000%

personally I made a leap in that kind thinking by moving out of my home town to a larger city.
on one hand I now pay rent instead of living at home but now the job opportunities are much better and as well as the business opportunities. I am in mech eng but I am have done programming and want to do something to add credibility for my career

 

[Snyper564]

They did. I don't agree with all points but the core msg of only things that add value is what I view as the take away.

 

[RedViking]

There is no such thing of financial freedom or independence, but still valuable lessons we can learn in making good financial decisions.

/following

 

[Bewlen]

I think an important aspect to growing wealth, is accepting the responsibility that you have to gain the information and expertise for- and by yourself. Relying on these dime-a-dozen "financial advisors" is a surefire way to simply pay excessive commissions, on a vast scale. Financial advisors are effective wealth destroyers. None of these have actual fiduciary duties, they are simply commission earners, pushing products. Be warned.

And it's simple, if you don't accept that responsibility, you will simply pay for it with reduced wealth - the income you invested could have performed better if you had and applied the knowledge yourself.

 

[RedViking]

I think an important aspect to growing wealth, is accepting the responsibility that you have to gain the information and expertise for- and by yourself. Relying on these dime-a-dozen "financial advisors" is a surefire way to simply pay excessive commissions, on a vast scale. Financial advisors are effective wealth destroyers. None of these have actual fiduciary duties, they are simply commission earners, pushing products. Be warned.

And it's simple, if you don't accept that responsibility, you will simply pay for it with reduced wealth - the income you invested could have performed better if you had and applied the knowledge yourself.

Yes and no. Very few people are able to apply the knowledge themselves without some sort of help. Just like not everyone should design their own houses. No amount of knowledge or research can help someone who really sucks in an area. It does help to make informative decisions though and check that your financial advisors know what they are doing with your money.

 

[Priapus]

There are two areas of focus from my side over the years.

Health and wealth.

Covid wfh etc destroyed my health till I decided late 2023 to get my health in order. Saw a personally trainer and hit the gym hard. Went from 110 to 95kg now. Heart rate in the 80-90 to sub 60s now.

On the wealth side I'm all for delayed gratification and as many of you would have seen me post Dave Ramsey podcast (agree with almost everything but I use my cc and settle every months) it's a massive temptation if you have had issues in the past.

Also on the minimalism side only buying what truelly adds value to your life and Not keeping up with the Jones!

Health - get to the gym get a program that helps you!

My detailed journey here

https://mybroadband.co.za/forum/threads/the-workout-and-fitness-thread.1120774/post-32321101

Wealth building/minimalism

A Proven Plan for Financial Success | RamseySolutions.com

Learn to budget, beat debt, save and invest with Ramsey Solutions, founded by Dave Ramsey, bestselling author, radio host and America’s trusted voice on money.

www.ramseysolutions.com

Minimalism: A Documentary About the Important Things (2015) ⭐ 6.6 | Documentary

1h 18m | PG

m.imdb.com

So here is to hoping these resources help others

Regarding this; I believe there has to be a balance. What good is a load of money in the bank, if you don’t use some of it to create memories? Like taking holidays and enjoying life with the family.

I’ve seen people go to the extreme where they won’t spend on anything, unless it keeps them alive. That’s no way to live.

A silly example, I sold my PS5 when I moved to the UK. Now I would like to buy another one here - some might say I’m wasting money on crap. However, to me, it’s something that gives me joy and something I like doing. If I can afford it of course, why not?

When it comes to delayed gratification; 100% agree - however, that is a hard, hard habit to break and one needs to be aware of it. Whole industries are built on it, because human brains have been rewired to :”take the shortcut”

 

[Bewlen]

Yes and no. Very few people are able to apply the knowledge themselves without some sort of help. Just like not everyone should design their own houses. No amount of knowledge or research can help someone who really sucks in an area. It does help to make informative decisions though and check that your financial advisors know what they are doing with your money.

Agreed, you activated the caveats. Reduced wealth, because you left the decisions to the "financial advisors".

But in that theory then, you left it to the "advisors" to execute their "strategy", because you feel you lack the ability to properly execute it yourself. That said, those "advisors" will run rings around you, with hidden fees and commissions that eats 1-2% of the investment every year, and they got the upfront commissions, so they walk away smiling.

As you can no doubt deduce, I hate "financial advisors" with an absolute passion, having seen the destruction they caused firsthand. There are no exceptions yet. I hate every single one of them. Passionately.

 

[RedViking]

Regarding this; I believe there has to be a balance. What good is a load of money in the bank, if you don’t use some of it to create memories? Like taking holidays and enjoying life with the family.

I’ve seen people go to the extreme where they won’t spend on anything, unless it keeps them alive. That’s no way to live.

A silly example, I sold my PS5 when I moved to the UK. Now I would like to buy another one here - some might say I’m wasting money on crap. However, to me, it’s something that gives me joy and something I like doing. If I can afford it of course, why not?

When it comes to delayed gratification; 100% agree - however, that is a hard, hard habit to break and one needs to be aware of it. Whole industries are built on it, because human brains have been rewired to :”take the shortcut”

Although that is not the general view of minimalism. It's the exact opposite, what I get from it anyways. You spend your money on less crap, so you can spend more on personal well being including being able to go away or invest in something valuable. You also spend your money on quality instead of quantity. Buying a PS5 is fine, buying a PS5 and XBOX and GAMING PC and NINTENDO and STEAM DECK etc. is not fine.

 

[Priapus]

Although that is not the general view of minimalism. It's the exact opposite, what I get from it anyways. You spend your money on less crap, so you can spend more on personal well being including being able to go away or invest in something valuable. You also spend your money on quality instead of quantity. Buying a PS5 is fine, buying a PS5 and XBOX and GAMING PC and NINTENDO and STEAM DECK etc. is not fine.

That’s excessive; but it’s their money and can do what they please with it. If all of those things bring them joy and they can afford to - why not?

Some console gaming enthusiasts may want the collection and a gaming room with it all setup and displayed nicely. Again, if they can afford it and it brings them joy - what’s the issue?

 

[RedViking]

That’s excessive; but it’s their money and can do what they please with it. If all of those things bring them joy and they can afford to - why not?

Some console gaming enthusiasts may want the collection and a gaming room with it all setup and displayed nicely. Again, if they can afford it and it brings them joy - what’s the issue?

It is just an example. If you want to fill your life with junk that is up to you. Noone if forcing you to do anything. Everyone has something they enjoy and find some sort of meaning in. If you want to have 5 credit cards maxed out and that bring joy to your life, that is up to you.

Also I think you are missing the point of the film or haven't watched it.

 

[Priapus]

It is just an example. If you want to fill your life with junk that is up to you. Noone if forcing you to do anything. Everyone has something they enjoy and find some sort of meaning in. If you want to have 5 credit cards maxed out and that bring joy to your life, that is up to you.

Also I think you are missing the point of the film or haven't watched it.

Look, if you buy stuff on CC like a gaming console or 5, that you can’t pay back within a month - then sure - that’s not great.

And no, I have not watched the film; I will make a point of watching it.

 

[RedViking]

I think this also ties in with FI in an SA context.

The Fat Wallet Show - Just One Lap

The Fat Wallet Show is a weekly podcast about all the money questions we are too embarrassed to ask. It's a show about learning about money.

justonelap.com

The Fat Wallet Show from Just One Lap

The Fat Wallet Show is a show about questions. It’s about admitting that we don’t know everything, but that we’re willing to learn. Most of all, it’s about understanding as much as we can to make us all better investors. Phrases like, “I’m not sure” or, “Let me look that up and get back to...

thefatwallet.libsyn.com

It is a bit dated, would be nice if they restarted the show, but still great information.