7 Financial Free Basic | Part 2
Channel: Charles Botensten
Date: 26/10/2018

There are a bunch of other factors that amount to achieving financial stability, and all of them couldn't be covered in just one post. 

First things first, it's important to not compare you own financial situation to others. In a survey, people were asked if they'd rather have $100,000 in a world where everyone had $50,000 or $200,000 in a world where everyone had $300,000. The answers, as predictable, geared towards the former. This is a demonstration of how people's perception of money is based not on its objective value, but on the comparison between themselves and others. This is a key point you must work on to ensure that you're following your own track and not getting veered off by comparing yourself with others. It's important to focus on your personal economy before moving onto global economy. You don't have to worry about Elon Musk or Donald Trump or anyone else. You're not making enough. Your taxes are still the same. Focus on your personal economy, and don't stress over anyone else's!

Reading too much financial news is another issue that many people seem to fall victim. Whatever you're reading or watching - remember, they're just there to sell books and make some money off their appearances. They're not here to give you an accurate portrayal of what's happening, and whatever they're telling you is mostly very short term. Their approach centres around self interest and isn't necessarily going to be helpful for you. Exercise your own judgement, and don't be dependent on anyone else's views for making your decisions.

Another important factor here is making sure to automate good behavior. Along with this, also keep track of every exlensituee you make throughout the month. You can make use of apps like XERO, which has proved to be a game changer for me by allowing me to be fully aware of where I'm spending, how much I'm spending, and whether I need to spend that much at all. 

Planning long term is another extremely important approach you must adopt. Falling victim to impulses and urges is going to be detrimental in the long run, and it's important that you're able to have the rationality as well as the restraint that is needed to plan long term. Remember, feelings and emotions aren't going to get you anywhere. Make sure to remember that next time you make any transaction with your money - be it investing in something you think is worthy, or buying new shoes that you don't really need. Foresight is another quality that can prove to be helpful here, and it's also important that you be aware of everything that's happening in the financial world - but take everything with a grain of salt and exercise your own judgement instead of blindly following a news publication or author. 

With all these factors in mind, I assure that you will be able to achieve at least some positive difference in your dynamics with your finances. 


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Charles Botensten lives & works in New York City as the founder of a residential real estate agency. 
Passions: cycling, hockey, and personal development.