The All-Round Investor
Life has many different dimensions from your work, your ongoing wealth building, relationships and many others. Join us this week as we dive into the value in becoming an all-round investor in every aspect of your life and listen in for some tips on how:
Investing in Your Partner
Never underestimate the value of having a stable home life with a strong relationship. Although it sounds simple it is something that takes time and a lot of work. When you get married you’re not only committing to the one you love emotionally but financially as well. Host Andrew Baxter recalls a recent podcast where his father joined us as a special guest. One of the key takeaways from the conversation, as well as likely many previously between the pair, was to avoid divorce at all costs. After the years and relentless effort it takes to build up your wealth, if you have any sense the last thing you want to do is hand over half or more to someone you are no longer with. That’s why making your partner is a priority. If you build and strengthen your relationship as well as cherish your partner, then you’re far more likely to last in the relationship and thus retain your wealth. Andrew’s advice – make time for quality time with your partner and make them a priority.
Investing in Health
We all want to be successful in our work and become financially independent. One way we can help ourselves to achieve our goals and be able to enjoy it is to ensure we are healthy. Host Andrew Baxter says “you don’t want to be the richest person in the cemetery” which I am sure everyone can relate to. Prioritising physical exercise can boost not only our physical health, but in turn our mental health and allow us to consistently perform at our best. Making time for exercise gives us a distraction from our day-to-day and other pressing tasks and ultimately regroup and recharge to be able to tackle those issues with a fresh mind. Like relationships, Host Andrew Baxter strongly suggests making your physical health a priority so that you can see the impact it has on the rest of your life.
Time and Organisation
Time management and organisation is a cornerstone for many, including Host Andrew Baxter. Everyone is busy, but at the end of the day if something is a priority we will make time for it. Being busy is usually great, but there is a difference between productive business and being busy and out of control. Being busy when things are spiralling out of control is exhausting, and over an extended period is not sustainable. Planning and segmenting your time will not only give you direction on what needs to be done and when, but will ultimately relieve some stress and exhaustion you may have been dealing with when disorganised and in a frenzy trying to get everything done. Execution is vital to achieving results, but taking the time to effectively plan before acting is where great results are achieved.
Most people have a reasonable understanding of how much they are earning and how to budget, but really focusing on this process is a major help in the long run. Host Andrew Baxter suggests knowing what you have coming in the door in terms of post-tax income is a good starting point. Then the fixed costs. Once we know what our fixed costs are, we can then work toward saving on variable costs and saving, which according to Andrew, is as good as a profit. Now you will have a good view of your situation and can start cutting out dead money – perhaps cutting down on subscriptions to streaming services. You’ll know if you’re spending your money wisely if you can see some benefits or gains on the back of where it’s being spent. From the sentiment of The Richest Man in Babylon – pay yourself first and over the long-term you will see what smart budgeting can do for the bottom line.
Invest in Yourself
The famous Tony Robins says “if you’re not growing, you’re dead.” Investing in your own development and education is a great way to boost your future. You become more employable as well as more confident and competent which can only lead to great results. Keeping your brain working is important because if you don’t use it – you lose it. Host Andrew Baxter suggests hobbies as a great form of investing in yourself, in his case it is now organic farming but for you it may be chess or golf. There is always something new to learn, even if it is outside the scope of what you do for work.