As I’ve discussed in prior blog posts, Mrs. Miser isn’t entirely sold on financial freedom. She is super supportive and excited to reach it, but she is definitely more tempted to spend than I am. At times we butt heads about spending that I deem frivolous and she deems typical. The fact we can discuss it and usually come to a compromise is a great part of our marriage. I truly believe the ability to compromise is key to any successful relationship. [Read more…] about Have Your Cake And Eat it Too
Now that you’ve determined your vision, assessed your strengths & weaknesses and selected the strategy that you want to use to reach your vision, it’s time to actually implement the strategy. Surprisingly, this is where most businesses will fail, and likely where many people will give up on their pursuit of financial freedom.
The main reason businesses fail to implement their strategy effectively is that they don’t get buy-in from their employees and they don’t align individual goals with long-term corporate goals. In order for a long-term, ambitious strategy to succeed, everybody has to know what the strategy is, be on board with the strategy and be working towards the strategy, whether they even realise it or not. In order to do so, companies use various policies and procedures to ensure success. These include things like strategic controls & reward systems.
In order for a company to ensure everybody is on board with a given strategy, they usually follow the 3 C’s of strategic implementation. [Read more…] about Business Life Part IV: Implement the Strategy
I was reading a blog the other day when I stumbled across an interesting comment. The article was actually one of JL Collins popular articles discussing his annual Chautauqua. If, like I did, you have no idea what the hell this weird word is, you can read more about it over at his blog here: http://jlcollinsnh.com/category/chautauqua/ (awesome blog & book by the way).
Chautauqua is an old Native American word used to describe a gathering to share stories, ideas and wisdom. Jim likes to gather a group of like minded people in some far flung place like Ecuador once per year for a week of presentations, conversation, excursions and just hanging out around the fire or hot tub. It’s a popular gig, the feedback is very positive and there is a pretty long waiting list to attend from what I hear.
Anyway, I digress a little. The comment in the blog was basically damning Jim for tempting him into these far flung excursions when he is trying to save for financial freedom. As you can imagine, this is not a cheap trip so it’s not very conducive to the average Joe who is trying to save every cent they have.
But it got me thinking about how these people who all preach financial independence can afford to go on such luxurious trips. Then I realized it. It’s all about timing. [Read more…] about Procrastination: The Key to Financial Freedom
One of the most important decisions you can make in regards to reaching financial independence is selecting a city to live in that maximizes your net income. Common sense tells you not to live in bloody New York, Vancouver or San Francisco, for example, if you are earning minimum wage. That being said, I’m a firm believer that you need to love where you live, and money shouldn’t be the only factor in your decision (though it should be a big one!).
From a financial sense, my choice of city, Vancouver, has to be one of the worst financial decisions most people can make. Not only is it one of the most expensive cities to live in, salaries here are also fairly crappy, to say the least. According to Stats Canada, Vancouver ranks 22nd out of the 28 major cities based on average income for a two adult household, below the average for all of Canada. Clearly then, virtually anywhere else in Canada likely pays more and if not, is considerably cheaper than Vancouver.
So why on earth do we choose to live here? Well, partly because Mrs. Miser works in tech, and Canada’s tech scene is largely concentrated in either Toronto or Vancouver. But mainly, because we bloody love Vancouver!
So many people don’t love where they live, or compromise to live in places purely because they make more money. This is fine in the short-term, but long-term I would be gouging my eyes out if I worked in a city I didn’t like, just to earn more money. For example, our family could earn more money in Toronto for sure, but we hated Toronto when we visited. To us Toronto is ugly, dirty, smelly, busy, freezing in winter, boiling in summer and has virtually no nature. If we moved there, sure we’d earn more and spend less, but we would be bloody miserable too.
So, why do we choose Vancouver when we know we could earn more and spend less elsewhere? Well, where do you start? [Read more…] about Love Where You Live