Here is another edition of Finance Friday. I hope you enjoy!
Quote I am pondering:
Formal education will make you a living; self-education will make you a fortune. – Jim Rohn
Learning should be a life-long pursuit.
Whether you go to college or not, that should be just a foundation of your learning. The real value comes when we continually build upon our learning by continual self-education.
There is little doubt this principle is responsible for much of the success we see in the world today.
Stock Market Update:
Volatility has become an interesting gauge for this market.
High volatility has been synonymous with the market going down. A volatility ETF I like to follow is: UVXY – I would not recommend trading this ETF, for me it is informational only.
Since October 1st, this fund is up 77%. This is a clear indication of how wild this market has become.
In many cases this fund will respond ahead of the market indices themselves. This will be a key indicator going forward as we navigate through this crazy market we are seeing.
As we prepare for the New Year, now is a great time to prepare our financial goals for 2019.
For most individuals, the first step is to gain control of spending. Once this is done, it is much easier to start paying down debt, saving, or investing.
Find whatever obstacle it is that you are facing with your finances and start today with developing your plan.
Try implementing this plan a week before the New Year so you have momentum on your side prior to January 1st.
Book I am Reading:
The E-Myth by Michael Gerber.
This is a great book for someone who wants to start a business or who currently has one.
The first part of the book talks about the difference between being an entrepreneur in your business opposed to being an employee of your business.
Too often a business owner fills all of the roles inside their business instead of implementing processes and hiring key people.
The book highlights important insights into how to grow a business the correct way and how to avoid being a slave to the business you are building.
After all, one of the purposes of starting a business should be having the freedom of time to do all the things you have always dreamed of doing.
This book is a great resource to help you do just that.
I received an email today form an email list I follow. In this email he talked about an interesting topic called D to C. This stand for Disparaging to Curiosity.
The idea is that we often first look to disparage things we don’t like – or things we just think we know more about than others.
A good example would be marketing. I am sure we have all caught ourselves asking why companies produce the ads or commercials they do.
Often these are companies that have been around for 100 years and have found great success, and yet there are times we may think we know more than they do.
A better approach would be curiosity. What can I learn from this company – or individual – about why they do what they do.
This approach is based upon a desire to learn. If we only criticize, we are elevating ourselves and limiting our ability to learn from others.
Not only does having curiosity help us learn more, it is also better for our attitudes. It helps us be more positive and enjoyable to be around.
Next time you catch yourself disparaging something or someone, try asking yourself, “what can I learn from this.” You may be surprised by how much you can learn from those around you.
Thank you for reading. I hope you have a great weekend!