New Years resolution - in advance

Here's some preparation of what's to come and a little exercise.

Over the holiday period you may have a little time to think really hard about your dream.

It works better if you involve your partner and  kids if you have any.

I'm going to spend a little time with Sue, thinking about whether the next year will be like the last.
Do I want to be doing the same things, going on the same holidays to the same places.

Or do we want something different from what we have now. This will be the start of what I hope to be a good new year's resolution.

What's better? Friends, Strangers or Enemies?

Not everyone is serious about making a change in their lives. Some friends are happy to let others carry on and stay as they are. For me a true friend is someone who can dedicate time and share skills with you. Spend 2 hours a week with me for a month to reboot your life. Just think, what if it worked?

Why having a family (or a dog) is so good for your financial future

I've just been focusing seriously on my diary for the next 4 months.
So, now I know what I will be doing until Feb 2009 and this led me to remember what my wife Sue had said to me when we were about to have our first child, Herb, 8 years ago.

"for the next 18 years you'll be responsible for knowing where he is every day and night"

Ok, that's a great responsibility. 8 years later we've moved to a larger house and started several businesses which have helped fund our homebuilding.

Now after looking at my diary I have a few questions for you.

Do you know where you will be every day and night for the next 18 years?
What will you be doing that is Asset time and what will be Liability time?

Here's why I think having a family is good for your financial future.

1. Network (you meet so many people at the school gate, parties, clubs etc.)
2. Planning (you have to be in at certain times, so this gives you time to plan)
3. Knowing where you'll be for the next 18 years.
4. Demand for bigger (kennel, more bedrooms, bigger house) helps you to drive forward
5. Time (you can't afford to go out so use your home and time as assets)

Anyway have a look at my ever growing calendar at my meetup group.
http://www.meetup.com/letsevolve/calendar/
How can you use your time to help build your dream?
kind wishes
Mark

How much time and income do you need for your dream

Again, I'm making an assumption here,
but your dream involves some kind of freedom - financial or time.

Here's a spreadsheet I've put together to see what's achievable.

http://spreadsheets.google.com/ccc?key=0AgOnzC1aJT2edDFicHJOcXNUc3hfYVlaSFdJQ2hWcVE&hl=en

Change the values in the yellow boxes to see what you could "retire" on or when you could sack the job / boss

As ever, if you need to contact me, I'm at mark@hopgood.eu or 01732 80 80 67

regards
Mark

Asset time vs Liability time

Those who have read Rich dad poor dad or the cashflow quadrant will know about Assets and Liabilities.
http://astore.amazon.co.uk/richdad-21

Asset - something that actually earns you money.
Liability - something that costs you money.

I like to think of my time and how I spend it. Notice the word "spend" - time is money they say.
I like to categorise my use of time in 2 ways.

You can either spend your time improving yourself or working on your business (asset time). This ultimately generates you money.
or
You can spend time as a liability, i.e. watching TV, sitting in traffic, doing nothing. This ultimately loses the opportunity to increase your potential or earnings.

I like to try and maximise my asset time and minimise my liability time. This helps me with the previous step in that it helps me to decide what's a good use of my time.

Next blog post we'll have a look at how much time you have in a lifetime and what can be acheives with a little planning.