Net worth - what is it good for?; No shame in quitting; A 3x formula for success; Iphone envy and judgements; The power of belief

By Amanda Morrall

1) Net worth comparison

People don't like to talk about money in this country. Admittedly, it's a sensitive subject and it makes people uncomfortable. Sure, you don't want to be the jerk who boasts about not knowing where to plan your next overseas holiday or how the neighbour's trees are messing with your ocean view at the bach. At the opposite end of the spectrum, no one wants to be exposed as a financial desperado who can't shout a round of drinks let alone pay for their next WOF.

Because I write about money for a living, the taboo doesn't apply to me so much. I can get away with asking my colleagues questions that might otherwise result in social ostracisation, or worse a slap, and people don't seem too squirmish disclosing the good, bad and ugly about their personal finances. 

Comparisons aren't particularly useful but they can be helpful if they result in an improved outcome for someone. 

This blog by financialsamurai.com takes a philosophical look at the issue of net worth among peers, offers some case studies for comparison and draws the conclusion that net worth, among real friends, is meaningless. 

And for what its worth, here's a break down of median net worth for the average family in NZ. Sorry this is the latest data available. See also How to Calculate your Net Worth.

2) I quit

Leaving a job of your own volition is a big step. This first person story via moneyspruce.com offers some insights in the mental process and agonising that goes on. It might prove to be inspiring for those who can't bring themselves to break away from the devil they know, even at the expense of their personal happiness.

3) Success

I saw a great quote the other day. Something about how well success sells. So what does it take to become successful? Krantcents.com, in his 24th part series on success, looks at the 3 xs of success: The ex-employee (he debates whether you need to be an entrepreneur rather than an employee to make it); expedite (the importance of problem solving and taking action); exceeding (doing something really well instead of just okay).

Here's an excerpt:

 

Ex-employee

Do you have to be an ex-employee to be successful?  Everything depends on your goals.  If you have a career that is satisfying and well compensated, isn’t that enough?  I know people who earn $500 thousand and enjoy their work!  There are others who make the same and want to leave.  Compensation is only part of the decision!  Most entrepreneurs have a dream and the drive to make it successful.  The employee becomes an ex-employee and an employer at at the same time.  It is part of the path to success, but not the only path.

Expedite

This is not a just a job or career, it is a skill set.  Managers, business owners and executives facilitate a process or simply said gets things done!  I look at getting things done as solving problems.  Problem solving is a mental process of finding, shaping and reaching a definite goal.  Problem solving is just another process toward a goal.  This is just one set tools to reach your goal of success.  How you approach your goals, problems or challenges is important for success.  It is up to you to make it happen.

Exceed

Mediocre never works!  Mediocre grades indicate lack of effort!  That may not be true for everybody.  In some classes, you may only achieve a C.  If you made your best effort, a C is okay.  Too often, C students do not make their best effort.  You have to test yourself by pushing your limits.  This is true whether you are a young person or a senior citizen.  You are constantly learning new things and you need to find out how far you can go.  In order to exceed the limits or expectations, you must raise your expectations.  High expectations will raise your game.  Learn to exceed your expectation to achieve success.

4) I-phone envy

A few weeks back, I did something uncharacteristically mean. The neighbourhood transient, who roams the streets of Herne Bay looking like death incarnate, asked me for money. He was sitting on a bench smoking a cigarette. I'm not a smoker but I do know how much they cost so in a fit of exasperation and annoyance, I told him if he could afford to smoke then he needn't ask me for money. I felt bad afterwards. As I regularly donate to other charities, I didn't beat myself up for too long.

Anyway, I thought about mean Amanda after reading this piece by sooverdebt.com addressing the issue of I-phone envy and the judgements we make about "poor" people who "have nice things.'' I wouldn't call cigarettes a nice thing but you get my drift.

5) Believe you can do it

I have the privilege of having given birth to two devishly handsome, smart, funny and kind sons. Kinda makes up for the hell that is childbirth.  Anyway, one of the extraordinary things about my boys, and I expect other parents will have similar experiences, is that they seem to do and or say the most profound and touching things when I need them most. For example, when I am wearing my trademark Charlie Brown frown, my eldest will pull the corners of my lips up and say "Smile mum!"  And once while I was fuming over a fight with the ex and unloading school bags and boot full of groceries and other such things after a long day at work, in anticipation of making dinner, I found my youngest, then six, dragging grocery bags up our hilly Heathcote driveway. It was at the very moment that I was having a conversation (with myself) about the difference between what people say and what they actually do. It was an uncanny and moving moment.

Just the other day, during another moment of despair (yes even yogis struggle with moods), when I was questioning the futility of working hard to get ahead, my eldest piped up about the power of believing in yourself. So true.

Here's moneycrush.com talking about the same thing.

Happy Thursday all. I have checked the calendar and can confirm it to be so. The happy part is up to you.

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