Resources

DEFINITIONS

Immediate Gratification – Receiving any favorable outcome without the development typically necessary to obtain that outcome. This accelerates the normal waiting process required for development. For example; using debt to buy a new TV or using Artificial Intelligence to write your English paper / legal brief.

Delayed Gratification – Receiving any favorable outcome after developing the necessary skills, talents and resources necessary to obtain that outcome. This requires delaying the benefit of the outcome until it is appropriately developed. For example; saving $250 a month for 4 months to buy the TV or developing the necessary literary and intellectual skills to write the legal brief.

Compounding Interest – Basically it increases the rate of the multiplication on the payments (to you or from you) on the loan. The higher the compounding frequency, the higher the total payments will be. Check out this link – The Power of Compound Interest: Calculations and Examples

Capital Cost – Generally it is referred to as the cost necessary to get something. A good example is a vehicle. A ‘new to you car’ could have a Capital Cost of $10,000. This is the cost to obtain ownership of the vehicle. Then comes the Operational Costs, see below.

Operational Cost – Generally it is referred to the costs necessary to maintain / upkeep / run / or operate the thing you purchased. Continuing from the example above on a vehicle – Operational Costs include; licensing, tires, oil changes, fuel, floor mats, etc.

A great website for more information on this, including videos and more definition details (sorry for some of the ads, we don’t endorse any of their ad generation) is Investopia. Check them out at – Investopedia

OTHER RESOURCES

Goal Setting Template

For an example template from my life, see the linked word document. Use my framework of the 4 F’s or build your own. Enjoy dreaming and planning for your future life.

Budgeting

Budgeting is a key component to your financial journey. My favorite budgeting tool is Mint.com.

There are others that may be more appropriate for your specific needs. Check out Nerd Wallet for good reviews of budgeting apps and other cool financial things!

Calculate your Time

Growth Forecasting Tool

Go check out this great tool at Nerd Wallet so you can try out several different possible investment strategies, with various time and percent return options

Time = $$

Figure out just how much you actually are making after all the time and expenses of your job. You can try it right here.

Investment Firm

Invest Early and Often as you have funds. Start with maxing out your company 401k if they have one. Then move to max your annual contribution to an Individual Retirement Account. Once you max that out, not only are you a SUPERSTAR!!

Here are links to my preferred investment firm

IRA’s – Open, transfer, or roll over an account | Vanguard
Individual / Joint Account Investments – Open, transfer, or roll over an account | Vanguard

They also provide options for many other investment strategies.

Other investment platforms include:

Want Less

Along my Journey, two resources have stood out for me as I move towards Wanting Less. Certainly other resources are available but if you are looking to make great progress in this space, start your time with these two financial gurus! Recognize that their path may not be your path, yet I know from experience that moving my lifestyle more in alignment with their message brings great value. They are the masters, recognize your path may not be so committed.

Mr. Money Mustache is the real deal, he has a great message and one that I continue to press into. Mr. Money Mustache — Early Retirement through Badassity

The Minimalists are another great guide to reducing consumption.

Track your Financial Progress

The link provides a spreadsheet that I use for my tracking. It’s not bullet proof in how it is set up so please reach out if you have questions or want some formula help.