1266: Strive To Wake Up And Do Nothing (With Your Finances) by Craig Stephens of Retire Before Dad on Simplifying Money

Automatic TRANSCRIPT

This is optimal finance daily episode twelve, sixty, six stripe to wake up and do nothing with your finances by Craig Stevens of retire before. Dad. Dot Com, and I'm Dan. I'm your host and narrator of some of the best blogs on personal finance and for more content being narrated to you for free in a format just like this covering personal development minimalism and much more checkout optimal living daily where we've got a bunch of episodes you can check out. But since you're here, let's get right to today's posts ten start optimizing your life. Stripe to wake up and do nothing with your finances by Craig Stevens of retire before Dad Dot Com. Quote. If you really have done a great job as a leader, you should wake up in the morning and have nothing to do. Steve Case Co founder of AOL and Chairman and CEO of revolution. This quote changed the way I think about my career soon after I read it a CO worker complained to me that his manager was dumping menial work on his underlings to the point it appeared he was taking on very few tasks previously, I would've sided with my coworker thinking this manager was not pulling his weight but now I realize that this guy is working on becoming a good manager while his team is writing his status reports the manager is likely devising his. Next Steps up the corporate ladder the goal of actually having nothing to do as a manager or leader is impossible to achieve but strive to wake up and do nothing, and it will drastically change the way you approach your career. Mr Case also states that putting in place at team of the right people is an important step toward achieving your goals by streamlining workflow and empowering capable and trustworthy people. A manager can inch closer to quiet mornings with an empty email inbox. Wake up and do nothing in your life. You may not be a manager job, but you are the CEO of your household and your finances. So how can you take this management philosophy and apply it to your life? Can you reduce streamline, delegate, simplify and automate your life on the way to financial independence getting your finances in order to the point where you have little to do except enjoy. Life in retirement that would be true independence. The whole idea behind passive income is to make money with little effort and ultimately not need a job to pay the bills. The hard work is done upfront whether it be buying real estate property, a dividend stock, or some other form of investment income. Some maintenance work must be done to such as managing the. Rental property or communicating with the property manager and making decisions or keeping up on stock investment performance passive income is the vehicle you need to achieve financial independence but once you're there, it's time to slow down and enjoy yourself having too many things that need to be done. All the time defeats the purpose of striving for free time in the first. Place. Those seeking financial independence want more free time to pursue passions that can't be pursued while working a forty hour per week job pursuits can include new business ventures traveling and Athletico spending more time with family picking up a hobby or just simply reading for pleasure. The last thing you want in early retirement is unwanted administrative tasks that take up your time. What are some things you can do to reach this goal? Number one if you have income from real estate that you manage higher property manager to run it for you, rental property problems can with your life like when my was due to have a baby and the Condo Association called me in for a hearing about my tenants putting their garbage out on the wrong night or outsource your real estate investing portfolio to fund or realty mogul. Number two. If you buy individual stocks, you'd better by good companies with long histories of paying and increasing dividends companies with wide economic moats, strong balance sheets, and excellent management. Too much work go with total market index funds or ETF Like v TSA X. or V. TI or try dividend ETF slake the S. t. y. v. I g. and an OB L. or try a Robo Advisor. Number Three US one financial institution to manage all of your investments. I'm guilty here I have taxable online brokerage account a few drip accounts with computer share a before one k account through work and a few other brokerage accounts. I'm overdue for consolidation. Number Four. If you invest in peer to peer lending automate with lending robot. Number Five, automate your net worth calculation. Personal capital is by far the best free tool that I've seen for calculating net worth. All your accounts are imported automatically and it spits out your net worth selfie no more manual spreadsheets, personal capital save me about two hours per month. Number six eliminate car payments and other bills. Don't have bills don't have bills to pay pay off your consumer debts, crush student loans, and consider paying off your mortgage cancel on needed Insurance Policies Cable TV magazine Subscriptions Jelly of the Month Club whatever it is you don't want or need eliminated and you won't have a financial action to take my wife had a Banana Republic credit card for years and she liked it because they sent her coupons since she no longer needs work clothes she doesn't shop there is frequently when she did use it it was just another bill to pay. Number seven embraced the ACH. Automated. Clearing House and set up online bill pay. Most young people are already doing this, but you can get extreme and not sign up for anything that can't be automated us one bank to pay all of your bills or better yet use the same financial institution where your investments reside never write another check. Finance as a hobby. People like me, and probably a lot of you think finance is fun when I implement automation from my bills and simplify finances, it opens up more opportunities to analyze investments and make crazy spreadsheets hobbies. I enjoy and it makes more time to spend with my wife and kids writing. This blog is something I enjoy and it's a side business when I can automate financial aspect of my life or eliminate an action I need to take it gives Me More time to create helpful content. For example, I used to pay my car insurance four times a year but recently, I switched to the one payment a year plan paying once a year instead of quarterly saves me three checks. I don't have to write an account for maybe I need to find an insurance company that does bill pay with my bank the more small steps like this I can take the more time l. have for everything else. Final thoughts. When I'm retired and traveling in some remote part of the world I'll always have some financial responsibilities that need to be taken care of concerns like filing taxes, following investments, and home bills and maintenance. While I'm gone will need to be addressed the less I have the better. You just listened to the post titled. Strive. To wake up and do nothing with your finances by Craig Stevens of retire before Dad. Dot Com. And a real quick thanks to anchor for hosting this podcast anchor is the easiest way to make a podcast. They'll distribute your podcast for you. So it can be heard everywhere spotify apple podcast, Google podcasts, and many more. You can easily make money from your podcast to with no minimum listenership anchor gives you everything you need in one place for free, which you can use right from your phone or computer creation tools allow you to record and edit your podcast. So it sounds great download the anchor APP or go to anchor dot. FM to get started. And that's GonNa do it for today and another installment of optimal finance daily hope you're having a very happy Thursday if you're listening in real time and thank you as always for being here with me every day and listening and I'll see you back here tomorrow for the Friday show where your optimal life awaits.

Coming up next