Week Ten

11/28/15

Measuring the Cost

Lessons Learned:

This week I really loved learning about work life balance and the importance of prioritizing and setting your standards from the beginning.  From the case studies, to the videos and readings there were many explanations of how to find a work life balance and why it is important.  There were also some honest opinions of how it can be impossible to find the balance if you are not willing to sacrifice in one aspect or the other. You cannot have power, money and family without giving a little in one way. This does not mean it is impossible, you just may have to miss one business opportunity in order to be with your family, or miss one child's sport game out of the whole season in order to make an important business meeting for your family’s financial stability.

Lessons Not Yet Learned:

I have not yet learned how to balance my work and life in an entrepreneurial journey because I have not yet begun my journey.  I also do not have children yet so I have not had the opportunity to handle those kinds of obstacles in work/life balance.  But with my husband we do have to communicate when we have late work nights or other things going on that will affect our plans together.  We recognize the importance of having one on one time and family time together now, and will continue to do so when we start having children.

A Reference and Categorization Method:

Is Work/Life Balance Possible: http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2553

Balancing Your Life and Your Career Successfully: http://ecorner.stanford.edu/authorMaterialInfo.html?mid=998

Surviving the Entrepreneurial Life - Work and Family: https://www.youtube.com/watch?v=-zg-0JhfGgk

Action Hero – Corey Bell: http://www.actonhero.org/celebrating-heroes/stories-of-heroes/index.php?hero=corey-bell

Financial Fitness (password ll): https://vimeo.com/64392475

Attitude on Money

1. What is your attitude toward money?

Money is somewhat of a necessary evil in my opinion.  We need it in our everyday lives and to be able to afford to live in a house or apartment, drive a car or means of transportation to work and to purchase groceries and other needs.  Money is also what allows us to indulge in life a little, whether in materialistic ways or in vacations and travel.  As a young married person with little to no money and struggling to make ends meet I can get frustrated by money sometimes.  However I know that as we work toward using it in the right ways and learning to stick to a budget every month, instead of every other month, we will be able to have financial stability.  I believe that with financial stability and living within our means plus a little, we will be able to be happier, less stressed and feel more balanced.

2. How can your view of money affect the way you live?
If you view money for the materialistic things that it can buy and view credit cards as a means to get what you want then you will be in big trouble and face financial problems your whole life.  Keeping up with the Jones’s leads to an unhappy life financially and materialistically.  I do face some materialistic challenges and enjoy fashion which can cause me to spend outside of my budget at times, however I am trying to learn to second hand shop more often and to decide what my needs are versus my wants.  Your view of money can definitely affect the way that you live by living outside of your means or going into debt. If you view money as a necessary thing that allows you to live comfortably and happily then you can use it wisely and for your family’s security and comfortable lifestyle.  Once you are able to have financial stability it is very important to give back and help others.  Although the only service that we can provide right now is of our time, I know that when we do someday have a more substantial income when my husband is in his career, we will definitely want to use our money to help others who are in need.

3. What rules are recommended for prospering?

The rules to follow when prospering are laid out by Jim Ritchie in the lesson six video titled “Financial Fitness”.  We must deposit money into the correct accounts and create both a savings and investment account that we do not touch. We must also pay ourselves and have a savings account for our wish list. When it comes down to it we should live on a strict budget, and within our means, and save and invest the rest.  We also need to be paying our tithing and making charitable donations.  It is crazy to me to see how many millions of people cannot grasp this, including myself at the moment, but I am so thankful to be learning the necessary steps and rules so that I can implement and work toward living this way.  I have a great example of my in-laws who live well within their means but have a very comfortable lifestyle and have a great retirement set in place.   In contrast how I was raised and my parent’s financial situation is not nearly as great and I see them spend money on wants over needs which has impacted how I make financial decisions and purchases.  My husband and I are currently working toward sticking to a budget and plan to open an IRA in January and start contributing monthly toward that and a few other individual savings accounts.  Although we are nowhere near where we want and need to be financially, I know that if we make steps and work toward being better every day that we WILL get there!