No Human Is Limited: How Eluid Inspires Us to Pursue Wealth
/I am amazed and inspired by Eliud Kipchoge, who made history yesterday by running the marathon in under 2 hours – that’s a 4:34 mile pace for 26 MILES. Let that sync in. Haven’t heard this news yet? Read The Guardian article, which breaks down how it happened. I think I would have a heart attack after the first 200 meters running at this pace. If you didn’t already know, I ran track seriously for 13 years (thanks Dad for getting me out there at a young age), and thus I always keep an eye out on what we can learn from the running world. Last newsletter, I talked about the importance of striving to overcome a previous set-back through the experience of Christian Coleman at the World Track & Field Championships. This weekend, however, Eliud exemplified that “no human is limited,” which doubled as the marathon’s slogan.
And, I want you to believe that you too are not limited, especially by financial constraints. I want you to always be in a position where you can take advantage of opportunity, whether it’s moving into the career you have so-longed desired, starting a business, investing in a unique real estate deal, buying a stock you’ve kept your eye on for a while, or paying for your child’s education. Whatever is YOUR opportunity to live the best life you can, know that you do not have to be limited.
Here are three different approaches on how not limit yourself.
(1) Charisse’s approach: It’s all about the pursuit of wealth - investing your time, talent, and money in the assets (yourself – mind, body, and spirit), other people, stock, businesses, etc.) that will generate a positive return to your life and future generations. The pursuit of wealth should create joy and allow you to take advantage of opportunity. I have 5 principles that exemplify my approach:
a. Invest in skill set – you are your greatest asset; if you do not invest in yourself, no one will
b. Be the CEO of your money – run your money like a business
c. Find low-cost product – think ETFs, and mutual funds
d. Take risk with cushion – you need a cash reserve to take proper risks
e. Create personal investing mojo – how you invest is unique to you, and should reflective of your values. I value my spiritual well-being, my family and relationships, my health, and having an impact on this world.
(2) The Financial Independence Retire Early (FIRE) movement approach: This approach was first popularized in the early 90s with the release of Vicki Robin’s book, Your Money, Your Life. A recent MSN article showcased how a 37-year-old lawyer is saving 70% of his take-home in order to retire in about 5 years. Now, I love the philosophy as it jives with my own. But, I take issue with how applicable this approach is for most people. The lawyer featured in the article makes $270,000 a year, leaving a boatload of money available for saving and investing. The reality is that most people who are middle-class, which translates into an annual income of $48,000-$145,000 for a family of three, are simply CRUNCHED. The New York Times outlined the budgets of 4 middle-class families and the unsurprising takeaway is that after education, healthcare, childcare, and rent/mortgage, there isn’t much left over.
(3) Other popular personal finance gurus (Suze’s, Dave, and Robert’s) approaches from the last 20 years: I’m sure you know some of the philosophies of these individuals. I respect them all for what they have contributed to the field, but I disagree with elements of their strategy. That said, here’s the headliners for each, and you can find out why many people are “Reconsidering the Advice in 3 Popular Personal Finance Books.”
a. Suze Orman’s representative approach in The Nine Steps to Financial Freedom. “When it comes to money, freedom starts to happen when what you do, think and say are one.”
b. Dave Ramsey’s representative approach in The Total Money Makeover. “I was given a calling: to show people the truth about debt and money and to give them the hope and tools necessary to set themselves free financially.”
c. Robert Kiyosaki’s representative approach in Rich Dad, Poor Dad. “The main cause of poverty or financial struggle is fear and ignorance, not the economy, the government or the rich.”
I’m a student of Robert Kiyosaki fan, and as you might tell, I like him the most. I’m still getting through his new book, FAKE: Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer, but stay tuned on my reflections before the year is out.
