As CS mentioned in “What is Life-Life Balance”, we encourage all of our readers to forge a life which would remain unchanged if you suddenly had unlimited money.
Resigning yourself to a compromise in life can often be due to financial reasons. If you’re constantly in debt or not saving a penny then the chances are you’ll stay close to an existence of mere work-life balance.
With all the reading I’ve done on personal finance and ‘rich’ people, I’ve come across a few quotes from this article that help me illustrate the link between money and life-life balance.
Average people have a lottery mentality. Rich people have an action mentality.
We’ve never referred to the lottery on this blog before. We aim to share personal finance stories where we’ve taken action to improve our financial situation and where readers might find useful advice. Providing all the different ways to predict the winning lottery numbers might attract a lot of readers but in all likeliness it will be useless. Focussing on steps we can take each day to improve our finances is a far more fruitful way to use time.
Average people earn money doing things they don’t love. Rich people follow their passion.
*Not all of us at LLB are doing jobs that we 100% love. However, we are spending time trying to earn money following our passions in our spare time. We’re working to build a foundation that will allow us to make the transition whenwe*choose to and not when our companies decide to make headcount cuts.
Average people let money stress them out. Rich people find peace of mind in wealth.
We don’t believe you need a lump sum to achieve life-life balance. We believe in cashflow.Rich people focus on acquiring assets that provide them with cashflow. Cashflow is sought after, not to increase the number of items in their wardrobe or to acquire as many classic cars as possible, but to have the freedom to spend more time doing things they enjoy and to increase their opportunities in life.
Don’t be fooled…throwing caution to the wind can be destructive
Pursuing your passion whilst falling deeper into consumer debt is not going to create a harmonious life-life balance in the long run. Quite the opposite, in fact.
Instead, focus on improving how you manage, save and invest money. With the extra leeway of savings you can take that trip to improve your Greek or attend those food festivals to help you write your book on cuisine or start a small school to teach martial arts.
You won’t find articles here that talk about pinching every penny as we believe in balance when it comes to personal finance management. Here are a few of our regularly read articles:
- Zopa: Peer-to-Peer Lending Experiences of a Novice
- Building a Personal Finance Spreadsheet Part 1: “Transactions”
- Building a Personal Finance Spreadsheet Part 2: “Budget”
- Why I Love Personal Finance Management
- 5 Pieces of Money Advice I’d Give to My 16-Year-Old Self
What personal finance articles do you want to read about next? Post your ideas in the comments. Visit the Personal Finance section of LLB to read more articles.