- Today's lesson is all about an article from the Washington Post titled "The remarkably high odds you'll be poor at some point in your life."
- Great reminder that our financial is never permanent; it's always in a constant state of flux
- Great odds we will be both poor and rich at some point in our lives
- Hey I joined Periscope
- Quote of the week
be honest with you. There are some weeks it is difficult to come up
with material for the show. After doing a podcast for almost five years,
you run out of stuff to cover. But then you read an article like The remarkably high odds you'll be poor at some point in your life
in the Washington Post and you just know you are going to do a lesson on it.
I highly recommend reading the whole article yourself, but the results are based on almost 50 years of data and are truly fascinating and backup something I've known in my heart for a long time. That our financial situation is never permanent. we discuss the results in-depth but overall there is a really good chance you are going to experience year(s) of economic hardship. But on the flip side there is also a really good chance that your household is going to experience a year or years at the top of the income scale as well.
What does that tell us? Well it tells us that hard times won't likely be here forever; as well as the good times might not always last as well. But in today's lesson we discuss the five ways we can apply this research to our own economy:
- This life stage financially is only temporary
- Trouble WILL happen; not a matter of if, but when
- Plant for trouble so the lows aren't that bad
- Plan for prosperity so we can handle it, instead of blowing it
- Can't change the past-but can change how we react to our future.
Bottom line is this; are we going to allow our current situation to define us? Or will ee fight through and realize this is just one tiny sliver of our overall financial life?
I also recently decided to join Periscope and actually did a live 'Scope during the recording of this podcast. If you are on Periscope please feel free to follow me @JWFinCoaching. So far I've been doing weekly Scope sessions but hope to do more in the future, not just on money, but in other areas of my life including sports and books.
Finally I also give an update of some of the books I've been reading this summer. I've read a few but the best so far has been The Personal MBA by Josh Kaufman. I share why I enjoyed this book and how it can boost your economic value no matter whether you are a CEO, small business owner, or everyday employee.
This lesson’s quote is brought to you by Audible.com and comes to us from the Bible.
“A prudent person sees trouble coming and ducks;
a simpleton walks in blindly and is clobbered.” ~ Proverbs 27:12
This passage from scripture ties in nicely with today's topic.
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