I hope everyone had a great week – and an adventurous Halloween!

This is the second week of Finance Friday. I hope you enjoyed our first edition. As always, feel free to contact me at darron@financemindset.com with any topics you are interested in having me address.

Quote I am pondering:

This is from Nastia Liukin -who is a five-time Olympic medalist. When Nastia would come home after a hard day of practicing gymnastics and told her mom she wanted to quit, this is what her mom would tell her:

“I am never going to force you into gymnastics, except for today. You are allowed to quit, but only after you have a good day.”

When Nastia came home after that next good day her mom asked her if she was ready to quit, and each time it was an emphatic, “NO, I never said I wanted to quit.”

Our take away: Who doesn’t want to quit on the really bad days? The real test is how you feel after a really good day. This is wise advice!

If you are interested in listening to the full interview you can do so here.

Stock Market Update: 

This was another interesting week in the stock market. Overall it is up 2.8% for the week.

On Monday the market had a major swing. During the day the market was up +350 points and later had a 900 point swing to the downside to -550 points. This is highly irregular and shows the uncertainty we are seeing in the market.

Mortgage rates are up again this week. The ten-year treasury started the week at 3.09% and is now at 3.16%. This is not the actual mortgage rate, rather this is the treasury that mortgage rates are tied to. If the ten-year rate goes up mortgage rates follow right along.

Interest rates are a key factor to watch. Many are concerned if they keep moving upwards we may enter a recession. It will be interesting to see what the Federal Reserve does in December at their meeting. Most believe they will raise rates again – we will see!

Finance tip:

 Focus on momentum with your finances.

Momentum occurs when we are making progress – no matter how small. If there are areas you are struggling with your finances, make a list of what you want to work on and start with the easiest item. As you get better at that thing, you will see an increase in your momentum. Once that item is mastered you can then move to the more difficult things on your list.

It is the process of getting started that is most important. We often stay idle because the task seems like too much. For this reason, if you are struggling your first priority should be to just get started.

If you are doing well already, your focus should be gaining more momentum. A good way to do this is to track your net worth monthly to get a better idea of how you are progressing.

Book I am reading:

 This week I have been reading 12 Rules for Life by Jordan Peterson

In this book Dr. Peterson outlines what he considers to be 12 important rules for a successful life. Dr. Peterson is a renowned clinical psychologist. This book is not a fast read – especially if you want to take time to digest its material.

One chapter I especially like is titled: Set your own house in perfect order before you criticize the world.

In this chapter he discussed the need to take accountability for our actions – both good and bad. Our actions are usually responsible for most of the things that come into our lives – but not always.

It is often those who are unwilling to accept accountability for their actions that are quick to blame others – and especially God – for the bad things that come to them. This often leads to resentment and hatred.

This mentality of accountability will help us handle the bad that does come our way without turning to destructive feelings. These are the individuals that are able to move past difficult life events much quicker than their counterparts.

I would definitely recommend this book to others. There are also many great insights in this book for raising children.

News/Interesting Topics:

Halloween is actually more Irish than St. Patrick’s Day. What? How can that be?

Halloween started in Ireland at a Celtic festival called Samhain. People believed ghost roamed the earth so they would dress up in costumes and leave treats on their doors. It was later adopted by Christian Missionaries and evolved into what we know today.

Whereas, St. Patrick’s Day was invented in American by Irish-Americans. Thus, making Halloween a little bit more Irish than even St. Patrick’s Day.


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As always, thank you for reading and have a great weekend!

Darron Rowley