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.
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