This year, like all years, has flown by. Regardless of how we felt about 2016, it’s time to shed our old skin and embrace the future. As with many things our lives, our viewpoint and attitude will shape the outcome of our happenstance and actions (or lack thereof).
Here are 4 things you MUST do before 2017:
#1. Calculate what your net worth is. This is the first and foremost thing that will set the stage for 2017. Even if you have a trust fund, you’ll need to know how much money you’re worth so you can start evaluating what to do next. No matter what mumbo jumbo anti-capitalist people rant about, the reality is: we ALL need a basic level of financial security to survive comfortably with food to eat and a home to live in.
As I state in many of my viral Quora posts, INCOME IS MEANINGLESS. Yes, let’s repeat this:
INCOME IS MEANINGLESS. The good news is that: This goes everyone, no one is exempt from this rule. – Dandan
Anyone can be successful no matter what your title is because of the reality that your wealth is actually measured by your NET WORTH aka NET ASSETS aka NOT YOUR DEBT NOR PRE-TAX EARNINGS (income therefore is meaningless). The media doesn’t think so; they keep talking about 6-figures like someone has hit the jackpot. They haven’t! Oftentimes, the 6-figure earner is in just as much financial woe as the 5 or 4-figure earner!
How can this be true? The reason is simple. Most people outspend their earnings, whether you’re making a million bucks or nothing. This is a common issue with the majority of people because most parents, schools, universities, what-have-you, all do not teach basic financial common sense. You’re left to figure it all out, at the ripe old age of whatever age you are at the time where you realize things aren’t working out.
Here’s one principle to put your earning and spending philosophy in perspective:
Every dollar you earn is actually 50 CENTS.
Every dollar you spend is actually 2 dollars.
Round up to be conservative. Sadly, none of us can dodge the effects of inflation, opportunity cost, AND taxes! The good news is, we can strategize around it because we know it exists. Knowing the enemy will help defeat the enemy.
Calculating your net worth will help put your financial health in perspective. Are you safe? Are you covered by some type of insurance should you fall ill? Are all your assets protected from being sued or wiped out? Or are you drowning in a pile of debt? This will be the first step into shedding light into what your 2017 will look like should you continue your existing behavior patterns.
#2. Determine if your money is where it should be (the answer is NOT your random bank paying pennies in interest). Once you figure out where you are in the spectrum of financial health, are you truly getting your money’s worth in your existing investment plan?
What are you doing with your income leftover from your spending? Are your Benjamins rotting away in some savings account where your value is about to be stripped by inflation? (Deflation will end shortly, commodities are rising in value again, and longterm inflation always wins! Economics 101) Are you scared to invest in financial instruments? Do you know all the financial investment options in front of you?
If not, it’s time to brush up. Don’t make excuses, make time to: read a book, follow a financial blog, start getting familiar with what others are doing. Take advantage of your working years to experiment. Compound interest and investment losses are better to experience sooner rather than later. It takes time to earn money from investing, so the first step is to START right away. Even losing money is actually making money because you’re learning!
DG TIP: Add Dandan Global on facebook – we just did an intensive interview on Financial Investing 101 with advanced tips with renowned financial Guru Cody Shirk. REALLY great ideas I’ll definitely be implementing in 2017!
#3. Evaluate how you use your time. How much of your energy is spent doing activities with little to negative ROI (return on investment)? How many hours were spent with people who added little to no value in your life? Why did you feel pressured to deal with people who are unhelpful to your mental or financial health?
When we get older, it’s only natural that we evolve. Shedding people, habits, and even HOBBIES that no longer drive value are NECESSARY for personal growth.
As children, we probably all liked to play with action figures and seesaws. Guess what, we have grown out of that stage in life. Why should we stagnate as we get older? I argue we shouldn’t!
Certain hobbies and material goods were only good for a certain period in our lives. It’s time to move on. Sell your old stuff when it doesn’t bring you joy or just donate it Goodwill. Out with the old, in with the new!
In 2017, who or what should we eliminate from our lives? It’s time to draw the boundaries and protect your own sanity.
Misplaced loyalty to people and habits that hurt your livelihood is folly. -Dandan
We need to be in full control of our own time as MUCH as we can. This doesn’t mean “be a mean person or control-freak”. This means “put yourself first because only when you’re at your best can you truly help others”. How can you take care of others if you can’t even take care of yourself adequately?
#4. Lastly, analyze your career satisfaction, future trajectory, and big picture view. It also doesn’t hurt to update your resume! Check out Dandan Global for your free resume format based on my headhunting expertise.
Is what you’re doing enjoyable, rewarding, or meaningful? Are you earning what you should? What’s your 2-3 year career plan? Take advantage of your vacation to reclaim time lost to others and focus on aligning your vision with reality. What do you want in your career? What are the options ahead of you?
Overall, all of these activities sound boring, adult-ish, and way too much effort! As such is life! What valuable outcomes don’t require work to acquire? For goodness’ sake, if we want success, we’ll have to work for it and rightfully so! Dodging these crucial issues will only prolong suffering and delay success.
Let’s get ahead of the game now to maintain our lead. No matter what situation you’re in now, the fact that you’re taking a proactive step beats all else! Game on, 2017!
Join the DG community at Dandan Global for more game-changing ideas to achieve the life and career you envision!
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