Why you shouldn't do what you love to survive; The liberty of letting go of goals; Money lessons at 9, 18, 23; Signs you've given up on the dream; 3 ways to de-stress financially

Why you shouldn't do what you love to survive; The liberty of letting go of goals; Money lessons at 9, 18, 23; Signs you've given up on the dream; 3 ways to de-stress financially
Some zen-like sand.

By Amanda Morrall (email)

1) Don't quit your day job

I am not as negative as some about where the economy and the world is headed. My personal view is that yes, we are in the early stages of the mother of all corrections, but have faith that we'll pull through because humans are adaptable, inventive and intelligent when they want to be.

That said, setting the ledgers straight, environmentally, financially, socially, won't be without pain.

For that reason, I believe that holding onto a secure job, without letting go of the dream of the dream job, is a sensible thing. Realistically there are few that can transition to the dream job without taking huge risks along the way and now, of all times, is probably not the best period to leave a career, or income, to chance.

For other reasons, also quite practical, this blogger writing for sweatingthebigstuff.com advises against pursuing what you love for a career. His main argument is that by doing what you love you lose sight of the need to detach from it all.  He's got a point.

2) Letting go of goals

Here's another confession to shame me. I never used to have any goals. I didn't see the point of them. I remember being asked in an interview once what my five-year goal was and I had to make something up on the spot. Working in business and personal finance I now appreciate just how important goal setting is particularly if you are trying to meet financial targets.

That said, there is something to be said for living in a goal-free state of zero expectation where you aren't constantly letting yourself down or beating yourself up. Over the years, I've gone from one extreme to the other. My goals now follow me around on my fridge, my computer and random notes that I write to myself. I've become a goal junkie because actually I've found that it works.  That's because our thoughts create our own reality.

Still sometimes you just need to go with the flow and live life without a yard stick in your back pocket. I was reminded of that after reading  this blog.

3) What do you know kid?

Because every kid is different, I think it's difficult to prescribe any hard and fast rules about what they should or shouldn't know about money and when. Nevertheless, it's useful, as a parent, to have a road map.

This article from Times on-line (spotted by Suhaimi our interest rate analyst) is helpful in this regard. It contains money lessons for 9, 18 and 23 year olds. As I don't have teens, I read only the 9 year-old lessons. I was a bit surprised to find familiarity with return policies in the list but come to think of it, it's a valuable lesson and one that most could arguably grasp the concept of.

4) Giving up on the dream

Notwithstanding what I said in post #1, dreams aren't something you should ever give up on, I believe. People whom I regard as mentors, successful individuals in their own right, remind me of that all the time. Eventually, with persistence, dedication and hard work, the pieces will fall into place.

On that note, I enjoyed this post from dumblittleman.com (one of the top 35 personal finance picks highlighted last week by frugaldad.com) on the warnings signs that you have given up.

I"m sure more than a few will resonate. They did with me, more than I'd like to admit.

5) 3 ways to de-stress

I'm tempted to put three yoga postures in here (maybe next week as an Christmas  bonus) however in the meantime here's a three-step financial detox programme from roshawnwatson.com

To read other Take Fives by Amanda Morrall click here. You can also follow Amanda on Twitter @amandamorrall

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Keep the day job?.....don't know about that Amanda....let's say you were offered the chance to go bush in Aus for a year on a gold hunt with a real dinkum Dundee with the 100% certainty that you would find at least enough of the yellow stuff to cover what the day job would have given you....but with a very good chance that you would come out of the bush loaded with booty...?

Gosh Wolly, is that really you?! Nice to hear you are still an adventure seeking romantic and risk taker underneath that gruff exterior. Yes, given that scenario, plus 100% certainty, hell ya, I'd be Aussie bound with my shovel. Nothing ventured nothing gained but one does need to do their research particularly as to the caliber and nature of the dinkum Dundee that one flees the country with.

I really enjoy your articles Amanda and I like your refreshing approach to “things finance”. I found your comment interesting in regard to 5 year goals.  A potential downside of long term goals is they can start to create a preoccupation of the future, which can be a sign of being unhappy with the current.  I believe that for long term goals to work, they require short term goals to support them.  It’s important to live in the now and work on creating the platform to achieve and sustain our long term vision.  A quote that maybe supports your comments:  “Dreams and goals determine what you want.   Action determines what you get”  Napoleon Hill. 

Thank you Lesley. That's sound advice and a great quote. Great to see some fresh new voices coming to our website. Come again soon.:)