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Time, Energy, and Money - Chapter review #4 The Millionaire Next Door

This chapter is next up and it starts with the following quote:

They allocate their time, energy, and money efficiently in ways conducive to building wealth.

I know what you're thinking.... half of what we do is in no way conducive to building wealth! We all have responsibilities and things we just have to do that do not positively impact our finances; but, are significant to us in other ways - for example taking care of our kaumatua and kuia, our pepi, sharing with those less fortunate. These things are good for our wairua though and benefit the wider whanau and so my disclaimer is that in no way am I suggesting any of this stops. Contributing to something bigger than just yourself has rewards far higher than money could ever. So, have balance - take what I am writing about with perspective.

I just thought that today I would also share a little bit of my anxiety about what's happening in the world. Given the current climate in terms of Ukraine and Russia, the flow on effects of this across the world, and the detrimental effects of Covid-19 also... Let's just say that I'm scared. I'm scared of going in to a recession, not being able to support myself and then being a burden on others, of not being able to give to those I love, but also of what people are willing to do in order to get the things they will no longer be able to afford.

A relation today just told me that her car was stolen last night within Hamilton, New Zealand. I'm reminded of the fact that everything we have is of value and that someone, sometime may decide to take it. So, I'm working on staying positive throughout the social issues occurring at present because the only thing that I can ultimately control is - my attitude.

With that being said, it costs no amount of money to further educate myself about what I love most - finance. Page 74 of the book discussed the wealth accumulating factors of doctors and shared that despite their large income, many doctors are not wealth accumulators meaning that they spend most of their income without investing. My favourite line though, is this:

Many professionals have told us that they must look successful to convince their customers/ clients that they are.

I must admit that in Aotearoa, the feeling is mutual. I'm currently in my second year of my Law Degree and I work in a law firm. Many lawyers I have met have discussed this important thing with presenting yourself well, getting your hair done, nails always looking good and always looking 100% in order to represent yourself as a professional that clients are willing to trust. The problem I see though is at what cost do we hold ourselves to this need to look "presentable"?

Are we working on our presentation in order to increase our income? Or, have we just been pressured in to this idea that we must look a certain way in order to fit in to a certain profession?

These are all interesting questions I believe we must consider when making financial decisions that can impact our wealth. These are the questions we must ask ourselves.



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