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Wealth

You Have Less Time Left With Loved Ones Than You Think

Let’s say your mother was 30 when you were born.

From birth to age 20 you see your mother every single day. After age 20 you move a couple hours away and see your mother three times a year (5 days each) for a total of 15 days. This means that the time you spend with your mother throughout your life is heavily weighted to your early years.

Today you are age 30 and your mother is 60. Your mother will live to age 80.

Did you know…

– 96% of the time you will ever spend with your mother has already happened

– Thus, 4% of your relationship (in terms of time) with your mother remains

– You only have 60 visits with your mother until she dies

Cherish the time you have left with the people you love. Call your mom today. She probably misses you and fondly recalls the time when you were a part of her daily life.

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Guru Wisdom Wealth

5 Regrets of the Dying

Bronnie Ware is a nurse that worked several years caring for patients with fewer than 12 weeks to live. She uncovered 5 common regrets of the dying:

1. I wish I’d had the courage to live a life true to myself, not the life others expected of me 

2. I wish I hadn’t worked so hard 

3. I wish I’d had the courage to express my feelings 

4. I wish I stayed in touch with my friends 

5. I wish that I had let myself be happier 

This is important because we only become true to ourselves when the end is near. During our lives we treat time as infinite and often put aside our needs for the sake of perceived success. There’ll be time to re-connect with friends later. There’ll be time to pursue my hobbies later. There’ll be time to devote to family after this project at work is finished. The thing is, the demands of today never go away. This project will lead to the next, and so on.

While I don’t think it’s a good idea to live recklessly, you must balance your wants and needs with those of others. Once in a while, take a moment to evaluate your life as if you only had a couple months left to live. Would you have any regrets?

Categories
Wealth

Grow or Die

So you’re an entrepreneur with dreams of building a small business.

You’ve probably devoted a few soul-sucking years into a giant corporation and now you just want to do interesting work and stop worrying about the corporate ladder. You would be happy with a solid, consistent salary drawn from your own small business.

Well, I have bad news for you.

Over the long term it’s impossible to operate a business that doesn’t focus on growth.

Let’s say you run a business that sells extra-special socks at $10 per pair. Each pair requires $5 of material to make and you hire a couple people to make socks at $20/hr. Let’s say you can generate a salary of $50,000 per year selling 20,000 pairs of socks. Everyone’s happy, right?

Fast-forward 5 years. Because you’re OK with a steady salary, the price of your socks are still $10 per pair and you still sell 20,000 pairs a year. The problem is that the cost of cotton has risen with inflation and each pair now requires $6 of material to make. Worse, your sock makers haven’t received a raise in 5 years – the best sock makers are quitting to join other sock companies that pay better. The remaining sock makers are the least productive. You’re left with a group of sock makers that take longer to make the same number of pairs of socks. So whether you raise salaries or not, your labor costs have increased.

Your rising cost of materials and labor squeezes your profit margins and you are unable to pay yourself $50,000 anymore. What you’re left with over the long-run is a slowly dying business that will end up closing once costs outsize selling price.

Despite the romantic notion of running a simple business that generates a steady income, you must grow just to remain in place. To maintain a $50,000 salary, your little sock business must raise prices and/or sell more pairs of socks just to cover costs that inevitably rise over time.

Grow or die. That’s the growth imperative.