Monthly Archives: January 2016

15 Questions you need to ask yourself about your personal goals


Life is all about possibilities that’s why asking questions are relevant as we grow and nurture ourselves. 
When it comes to handling your finances you need to ask great questions so you can have liberty to dream 
again. The impact of questions will surely be changing and challenging your existing perspective now.

Goals should be outcome oriented; Stephen Covey said “let us begin with the end in mind”. When it comes
to your growing knowledge in finances you need to understand and focus on what is really relevant.
Here are the questions you need to ask yourself.


      Focusing on the End Goal:
1.      What is it that you really, really, really want? Dig deeper…
2.      What is the SPECIFIC goal or outcome you’re looking for?
3.    What is the REGRET for you of NOT achieving your goal?



Aligning with your Core Values:
4.    Is this goal in line with your life vision, mission, overall life-plan?  (Don’t know – what does your gut tell you?)
5.    Is this goal in line with your values? (if you are not sure about it, Ask yourself what’s REALLY important to you in life – will this or that goal help you achieve more of it?)
6.    Are these goals something YOU truly want, or are they something you think you SHOULD have or SHOULD be doing?  (Tip: If it is a SHOULD, it may be someone else’s dream…)
7.    When you think about your goal does it give you a sense of deep contentment or ‘rightness’, happiness and/or excitement? (If so, these are good signs that it’s a healthy goal.)
8.    If you could have the goal RIGHT NOW – would you take it? (If not, why not? What are the problems out there?)
9.    How does this goal fit into your life/lifestyle?  (Time/effort/commitments/who else might be impacted?)

Identifying Obstacles:
10. Can YOU start & maintain this goal/outcome?  (ie. Do you have grit to complete control over achieving the project?)
11. How will making this change affect other aspects of your life?  (ie. What else might you need to deal with?)
12. What’s good about your CURRENT SITUATION? (ie. What’s the benefit of staying right where you are?) Then ask, how can I keep those good aspects while STILL making this change?
13. WHAT might you have to give up/stop doing to achieve this goal?  (Essentially, what’s the price of making this change – and are you willing to pay it?)
14. If there was something important around achieving this goal (to help you succeed, or that could get in the way) that you haven’t mentioned yet, what would it be?

15. WHO will you have to BE to achieve this goal? (ie. Friends or families that will be with you ups and down)

David Isaiah Angway currently helps young, urban and educated millennial (Gen Y) set and achieve their
long-term financial goals by educating them about investments, asset allocation, risk management, 
retirement planning, and estate planning. His role as a financial planner is to find ways to increase the 
client’s net worth and help the client accomplish all of his/her financial objectives. 

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Filed under Behavioral Finance, Financial Coaching

23 personal finance killers to change this 2016

Taliban

 
A lot of people are constantly having issues with their finances last year, but thank God, it’s a brand new year again. A fresh new start for everyone, I strongly believe that your personal finance is going to change today but there are things that you need to let go in order for you to go to a higher ground.  As you look back from the past these are the following habits that you need to be mad or uninstall from your system. 
  1. Believing that change won’t happen
  2. Spending too much money without thinking the cost-benefit
  3. Overusing credit card
  4. Too lazy to create or track a budget
  5. Borrowing so many times by obtaining a cash advance from your credit card to pay for living expenses and/or other debts
  6. Having liabilities in excess of assets
  7. Thinking that retail therapy can make you happy in a long-term perspective
  8. Not saving enough for your future retirement
  9. Reaching the maximum limit on a credit card most of the time
  10. Running away from your credit card and phone line bills
  11. Having a non-existent or low emergency fund
  12. Always want a “FREE” ride
  13. Unable to pay due bills more than twice a year (e.g., credit cards, utilities, rent)
  14. Unable to repay installment debts and asking for a loan to pay all the existing debts
  15. Receiving “overdue notices” from creditors
  16. Being denied from additional credit because of a lack of a sufficient positive credit history
  17. Losing money to scams
  18. Losing money by gambling or buying lottery tickets
  19. Allowing an insurance policy to lapse (e.g., vehicle, renter’s/homeowner’s, medical, life)
  20. Feeling emotionally stressed about money matters
  21. Having a seizure when there’s a big SALE
  22. Investing without doing due diligence
  23. Being a hoarder and not a giver 
Bonus,
Denying that you need help


Knowing-yourself-is-the-first-step-towards-building-a-dream-and-achieving-your-goals.-1000x768


 
Self awareness is the key to change. Knowing about these will give you an advantage but what you do with what you know will set you apart from the rest. Many champions are willing to rise and grind to create the habits that they want while looking at the reward. Yes, I know it’s hard, but if you want to be stretch and win, you need to have grit to take charge.
 
David Isaiah Angway currently helps young, urban and educated millennial (Gen Y) set and achieve their long-term financial goals by educating them about investments, asset allocation, risk management, retirement planning, and estate planning. His role as a financial planner is to find ways to increase the client’s net worth and help the client accomplish all of his/her financial objectives. 
 
Image courtesy of gqindia.com

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Filed under Debt Perspective, Killer Habits, Money Suckers

5 costly behaviors from top athletes of yesterday who are broke today

 

NBA players keep signing massive amount of contracts from team owners and endorsement deals year by year. Those who were once worth 90 to 200 million dollars during their good old days spent their money like they have unlimited resources. It was sad that they are currently struggling today and ended up not having those funds kept for a very long time. Worst is their getting those so called menial jobs just to make their ends meet. Here are the following reasons how they lost control of their funds and why those once richest and famous athletes are facing rock bottom today.
They fathered 7-10 children from different women– According to recent studies done by different universities in the United States that athletes who got the chance to play in a big league are more prone to engage with their fans that means more opportunities to hang out with them. They get to meet women from different locations and had various activities including sex. That causes a lot of unexpected pregnancies as they go along with that habit throughout their career. As they continuously play in different teams it is their responsibilities to pay child support or else they will face legal charges that are going to be more costly.

The danger of materialistic lifestyle– An NBA player who once had a flourishing career usually had fat paychecks and extravagant lifestyle for example; buying 2,000 pairs of shoes, a luxurious seven-bedroom mansion, yachts and jet for partying alone. They tend to overestimate their earnings with their expenses which are very normal at the peak of their career. “The problem with that lifestyle is they forget the tax they must pay in a long run, leaving them with a very small chunk of what they truly earned” an ex- NBA player said. As they increases their lifestyle the more it is hard for them to keep up with it. When they sign another contract that’s lower than they usually get, this is where the problem of falling starts, thus financial bankruptcies are epidemic in the league.


Gambling addictions  Rehab International Organization says more than $5 billion has been lost each year, also the social effects of addictions in the family are tremendously devastating since family members also suffers from physical and psychological abuse.  An NBA player, who earned over $200 million dollars throughout his career due to his gambling and drinking issues, loses his wife through a messy divorce, can’t pay his duty like child support, failed to have lifetime collaboration with Reebok.  Therefore, addictions can corrupt your good values in life; ruin your family, career and reputation.


Created a business but financial meltdown was really bad – Athletes are trained to do what they need to do on the court but not easily in the league of business. It is too risky for them to manage it without extensive training. Shifting from once famous career can lead serious mistakes and financial injuries will definitely occur. A lot of them attempted to create their own identity after those glorious years, helped a lot of people by simply creating business hoped that it will thrive but low economic growth took all those investments away and left them crippled from many creditors. Without solid financial plan they won’t able to sustain the business.  


He is supporting a lot of people  Sports Illustrated done an incredible study that family problems, risky investments, misplaced trust, and providing for an athlete’s friends as the main reasons why players go broke after retirement.  Free loading friends as many as 70 left an NBA player who was a top pick in the 1996 NBA Draft, worth 108 million dollars, proved that he was not immune to this kind of misery, he was not able to sustain his earnings after he retire from the big league. He lost everything within 2 years. There’s a lot of athlete who had major financial commitments to a number of extended family members, they spoil their entourage and serves like an ATM for various groups of people. It also shows that they are not well equipped to handle their finances compare to handling balls and technical fouls on the court.


Bleacher Report and Mint.com says 60 percent of NBA players file for bankruptcy five years after retirement.  The combination of bad investments, poor economic conditions, lavish spending, bad attorneys, poor mindsets and lack of discipline shows that they are not excluded in financial woes like anybody else.


David Isaiah Angway currently helps young, urban and educated millennial (Gen Y) set and achieve their long-term financial goals by educating them about investments, asset allocation, risk management, retirement planning, and estate planning. His role as a financial planner is to find ways to increase the client’s net worth and help the client accomplish all of his/her financial objectives. 

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Filed under Athlete, Behavioral Finance, Millionaire