“Australia is one of the best managers of adversity in the world and the worst manager of prosperity.”
The above quote was written in an article in “The Economist” magazine in 1986 and reappeared in an article in the weekend Australian Financial Review dated 25 September 2010.
The article implies that when times are good, individuals, companies and nations fall into the “success trap” of doing nothing because the money keeps rolling in.
Over time, Australians have developed a reputation of managing tough situations and coming out stronger at the end. But in the good times, it’s a case of “she’ll be right mate”.
This reminded me of the New Testament, where the story is told of Joseph, his amazing coat and his ability to interpret dreams; in particular the Pharaoh’s dreams of 7 fat and 7 thin cows and 7 healthy and 7 withered corns of wheat.Joseph’s interpretations and explanations were simple: Harvest in the good times to put aside for the bad times.
The point
Here’s my take on this:
· Fundamentals work!
· Have good solid goals in place supported by sound flexible life and financial plans
· Keep a constant watch on your “success trap”, harvest the maximum that you can in the good times – that harvest also includes continued education of you.
· Build adequate reserves of personal strength - physical, mental and financial Sow well and you will reap well.
Why? Because YOU deserve it.
Phil
Monday, 27 September 2010
Tuesday, 14 September 2010
The Positively Selfish Money Warning
In one of my most recent blogs, I wrote about the mysterious and almost fraudulent concept of work/life balance and suggested an idea of “total life management”. This idea has lead into this blog; about being positively selfish about your money.
In 2001, the then governor of the Reserve Bank, Ian McFarlane issued a warning that there would be a day in the future when Australia will no longer be able to provide for its aging population. This seems to have been largely ignored!
Some 3-4 years later, the then Federal Treasurer, Peter Costello, repeated the same warning in conjunction with the public release of the first Inter-Generational report. This also seems to have been largely ignored!
The Australian Government is considering a mining “super/excess profits” tax, which will, in part, fund an increase in the pension and other benefits for us to retain our current lifestyle and not invest in the economy.
My limited perspective here is that the alarm bells are ringing – albeit softly, that we need to be doing something positive with our money starting RIGHT NOW!
The point
Adopt a positively selfish approach with your money. What this means is taking a “total life management” approach with your finances; developing a good solid understanding of aspects of money especially the terminology and jargon that is used.
When selecting advisers, accountants and planners, interview them; check their credentials. Ask those around you. People are generally willing to refer you to their financial planner when they are good.
And to quote the world’s greatest investor, Warren Buffet: “I only invest in things I fully understand.”
Be positively selfish and profit!
Phil
In 2001, the then governor of the Reserve Bank, Ian McFarlane issued a warning that there would be a day in the future when Australia will no longer be able to provide for its aging population. This seems to have been largely ignored!
Some 3-4 years later, the then Federal Treasurer, Peter Costello, repeated the same warning in conjunction with the public release of the first Inter-Generational report. This also seems to have been largely ignored!
The Australian Government is considering a mining “super/excess profits” tax, which will, in part, fund an increase in the pension and other benefits for us to retain our current lifestyle and not invest in the economy.
My limited perspective here is that the alarm bells are ringing – albeit softly, that we need to be doing something positive with our money starting RIGHT NOW!
The point
Adopt a positively selfish approach with your money. What this means is taking a “total life management” approach with your finances; developing a good solid understanding of aspects of money especially the terminology and jargon that is used.
When selecting advisers, accountants and planners, interview them; check their credentials. Ask those around you. People are generally willing to refer you to their financial planner when they are good.
And to quote the world’s greatest investor, Warren Buffet: “I only invest in things I fully understand.”
Be positively selfish and profit!
Phil
Thursday, 2 September 2010
The Myth of the “Work Life” Balance.
Much has been written about this strange, almost mysterious concept of work/life balance. An industry of consultants, coaches, trainers and speakers have emerged as “experts” in this field.
I believe the whole work/life balance thing to be a myth - almost to the point of being fraudulent. It’s the same as the concept of “compartmentalising” your life into work and life.People have been “conned” into believing that work is not part of life!
What the..…so the premise is, when I go to work, I suddenly stop living???
The whole thing sounds like a juggling act! The same with time management; what a crock!
The reason we are not “in balance” is we are possibly in the wrong jobs, wrong businesses, etc…for us
The Point
Instead of work/life balance, how about total life experience? Instead of time management; how about life management. Throw out the balancing act; leave that to others who want to walk on tightropes. Consider a total life experience and life management, be it at work, at leisure, or at time for you. And watch the results!
Phil
I believe the whole work/life balance thing to be a myth - almost to the point of being fraudulent. It’s the same as the concept of “compartmentalising” your life into work and life.People have been “conned” into believing that work is not part of life!
What the..…so the premise is, when I go to work, I suddenly stop living???
The whole thing sounds like a juggling act! The same with time management; what a crock!
The reason we are not “in balance” is we are possibly in the wrong jobs, wrong businesses, etc…for us
The Point
Instead of work/life balance, how about total life experience? Instead of time management; how about life management. Throw out the balancing act; leave that to others who want to walk on tightropes. Consider a total life experience and life management, be it at work, at leisure, or at time for you. And watch the results!
Phil
Subscribe to:
Posts (Atom)