Skip to main content

The Importance Of Resources

I've never been more aware of how precious your precious resources can be until very recently. For me, my most precious resources are my health and my time. Thankfully, I am in good health overall. My time, however, has become extremely scarce and that has had a direct impact on my financial situation, for the good and the bad.

The Good

The reason I am so short on time is that my full-time job has become hectic. I've had the opportunity to prove my worth and I've been subsequently rewarded and recognized for that work. The nice rewards come at a price though. And when your already-scarce resources are depleted even further, you start to wonder what the true value of those resources are.

The Bad

This brings me to the bad part of being so busy. The lack of time has really forced me to divert the focus that I had on my other side projects which were devoted toward passive and multiple income streams and get back into all-in-one bucketing in terms of income. This doesn't provide enough diversification for me. In some ways, I'd trade 60$ from one large income source for $50 at another in some cases. The trade off for more diverse sources of income is worth it to me. I feel more comfortable that way.

The Not-So-Ugly

For me at the moment, this is a problem. I have too much work to do. For many people, this is a "high class" problem. Its much like having too much money or a house that is too big that you don't have time to clean it. I can complain, but it starts to seem somewhat pale in comparison to people who are starving.

Conserving your resources, especially scarce ones, is key, however. Personally, I am managing this by taking time off and resetting expectations. If there are commitments that I cannot escape, I will commit and do them. If there are things that can be re prioritized or altered, I will do that. All of this is done with excellent communication. In that vein, I would like to thank people for continuing to check this blog. And although the posts will be rather sparse in the upcoming months through Christmas, I would like to thank you for visiting.

There's lots more for us to learn and it should be an exciting ride.

Comments

Popular posts from this blog

Blogging WealthTrack: Christine Benz (Retire Early? Or not?)

 This morning I've watched an interesting video on Consuelo Mack: WealthTrack. Here, Consuelo's guest, a longtime contributor, Christine Benz, a personal finance expert from Morningstar joined Consuelo for a discussion on issues related to retirement, in particular in the current market environments. This conversation is even more interesting against the backdrop of The Great Resignation. I found Christine's advice to be particularly interesting on a couple of fronts. Her advice in dealing with talking about retirement in general, in particular for people who are in the process of thinking about retiring early gave me pause. She is considering the traditional advice of a 4 percent withdrawal rate to be dangerous and indeed, actually concerning. According to the recent research she cites, a 3% withdrawal rate is a better option. Even more than the four percent rule, I think that her comments on annuities are particularly interesting. While annuities have been given a bad nam

More Money Into Ibonds

 At this point, it seems like a well-known strategy for handling inflation: ibonds. While there was not much press about this, it is in fact something that I did late last year in order to capitalize on the fact that this interest rate was bound for up to 10000 dollars as part of my allotment for 2021. Then now that we're in the new year, I have moved another 10000 into the account. All of this can be done easily at http://treasurydirect.gov if you're willing to give up the fact that the money is locked up, that the interest rates to be paid will be somewhat lower than you could earn in the market, and you're able to ensure that you're not needing the money for the near future.  For me personally, I find that this is a great way to lock up about 25% of my emergency (safe) money instead of putting it into a High Yield Savings account. This interest rate changes every six months, but even if it is much lower, I think that we're going to be in much better shape than if

Credit Report Review

So, one of the things that I've started doing is trying to pull my credit reports at regular 4 month intervals so that I get a free one frequently to make sure that things are progressing as I'd like them to and also as a safeguard against identity theft. Of course, the part that I don't like is that these reports don't include a fico score - the key number when it comes to determining if you are going to be extended credit and at what interest rate. This time, I got the report from Equifax - I went to the end of the process and for 8 dollars more I could get my credit score. And the Equifax gave me a credit score of 742. This of course is not even close to the perfect score of 850 when it comes to fico score nirvana, but 742 is still a respectable fico score. Things to improve are basically lowering my balances on my credit cards and loans, which I already have a plan for. And also I noticed that the amount that I paid off on one of my loans is actually still being rep