How does Tesla and Personal Finance go together?
Traditionally they don’t. But stick with me here.
As a Christmas present to myself, this year, a Tesla now resides in my garage for 2019. Most personal finance blogs would shame this type of consumption, but I’m of the abundance mentality and this doesn’t have a consequential negative impact on my long-term plans (and it’s just really cool IMO) so that happened. The purpose of sharing that is in no way to brag, I didn’t get the most expensive model and still purchased used – all sanity hasn’t/will never leave me.
An unintended result of this purchase was the way that it led me in our annual 2019 goal planning meeting. A good result.
For many years now my wife and I have met on the first day of each year to discuss goals for the next 12 months, usually, these goals correspond directly to our long-term life visions but sometimes they are short-term in nature. This meeting is a very serious endeavor, we find a quiet place (hard to do with little children around) and schedule a time – then we put all those thoughts down in the form of a plan.
Most years the plans indicate an incremental change with the same long-term outlook. Some years we hit every goal, some years we admittedly fall short in one area or another. I’m convinced this practice contributes to where we are today in life, which is a much different place than it was when we first started this annual tradition.
The goals usually encompass a short list of general areas with specific action items that correspond to them:
At this point, you are probably wondering what this article’s title has to do with the body of words I’ll assume, but I’m getting there. Without the context, it just doesn’t make much sense.
I was driving around a few days ago while using the autopilot function and had a thought that this is the greatest thing since sliced bread (not really, but it’s still amazing) – which made me think why can’t I enhance the things in life we already have on Autopilot and add more?
The answer of course was, we can do that – it just takes planning and making it happen. So that idle moment had a profound impact on our 2019 plans. I’ve been automatically saving and investing weekly as a point of good behavior for many years = but this year we decided to make a bold move and DOUBLE everything.
That’s correct, DOUBLE. Not a typo.
Of course this isn’t just as simple as doubling every dollar amount, we had to do a quick financial review and make sure we are in the proper position to pull off that lofty goal = but the point is it’s happening, and once it’s setup = other than pushing harder in my career = doubling my annual saving/investing goal won’t require any further thought or discipline. Pretty amazing huh?
Years ago when we first started automating this part of life, we did it in an incredibly small way. Literally testing the proverbial water, and it was entirely painless. Had you told me the only way to do it was start out at the numbers we use today…. I would have promptly called you insane and dismissed the idea as impossible. Much in the same way most of the world did to Elon Musk when he decided to create the modern worlds first fully electric automobile company and make everything in America. It has worked out well for me, and it’s safe to say though his ride was/is bumpy that Sir Musk isn’t disappointed with the decision making either.
I’m not saying double your saving/investing by any means, but take stock of where you are and definitely try to stretch the limits of your automated good behavior.
If you wanted to get healthier, and it was possible to have a personal chef prepare each meal for you daily to your goals and hand it over – that would be easier right? Cost prohibitive maybe, but easier without question.
Well… I can’t make that happen for you. BUT. You literally can have the financial equivalent with a few mouse clicks.
If you do nothing today try clicking the link on your home page and giving Acorns a try – it’s an excellend gateway to investing that requires virtually nothing to get started.
Cheers to a great 2019, and THANK YOU for reading.
Let’s do the math
Calculate your mortgage or work with the compound interest to see what it can do to expedite your wealth building.