Category: Personal Finance

Categories
Blog NUTRITION Optimize Your Life Personal Finance SELF-CARE travel Uncategorized

5 Life Lessons I Wish I Knew at 20: A Reflection at 33


In retrospect, life’s journey is filled with twists and turns, and the lessons we learn along the way shape our perspectives and choices. At 33 years old, I find myself reflecting on the past and contemplating the five key lessons I wish I had known at the age of 20. Join me on this journey as I share insights that could potentially spare you from making the same mistakes I did over the last 13 years.

  1. Understanding Money Better:
    Looking back, one of the primary things I would have done differently is to gain a better understanding of money. Personal finance is rarely taught in schools, leaving us unprepared for managing wealth, savings, and cultivating a healthy relationship with income and expenses. Whether adopting the conservative Dave Ramsey approach or the more risk-oriented Grant Cardone mindset, the key is to find a perspective that aligns with your financial goals and principles.
  2. Investing in High-Paying Skills:
    If I could turn back time, I would invest my time, energy, and attention into acquiring high-paying skills. In the rapidly evolving landscape of the job market, skills such as video editing, software engineering, coding, marketing, and sales hold immense value. While conventional advice often emphasizes secure job paths, the true wealth lies in entrepreneurship and cultivating skills that open doors to financial success.
  3. Taking Care of Physical Well-being:
    Physical health is wealth, a lesson that became apparent to me as I aged. If given the chance to advise my younger self, I would advocate for moderation in alcohol consumption and a greater focus on maintaining overall well-being. The mind-body connection is a crucial aspect of a fulfilling life, and investing time in healthy habits from a young age can yield long-term benefits.
  4. Embracing Humility and a Growth Mindset:
    At 20, it’s easy to feel invincible and believe we have life figured out. However, adopting humility and cultivating a growth mindset is crucial. Recognizing that we don’t know everything opens the door to continuous learning and personal development. As a 33-year-old, I value humility and the realization that there is always more to discover and understand.
  5. Trying More Things and Embracing Variety:
    Perhaps my favorite lesson learned over the years is the importance of trying new things. At 20, I wish I had been more open to diverse experiences, from rock climbing and kayaking to playing instruments and exploring unconventional paths. Embracing variety not only enriches life but also helps break free from monotonous routines, preventing the feeling of being stuck.

Life is a journey filled with opportunities for growth and learning. While I can’t go back in time, sharing these insights serves as a guide for those navigating their own paths. Embracing financial literacy, investing in valuable skills, prioritizing physical well-being, fostering humility and a growth mindset, and trying new things can contribute to a more fulfilling and successful life. As we continue to evolve, may we all find wisdom in the lessons that shape our unique journeys.

🌟 Join the Conversation:
What advice would you give to your 20-year-old self? Share your thoughts in the comments below, and let’s build a community of wisdom!

Want to learn how you can work with me? Here’s a link to a free discovery call… keep this a secret (serious inquires only) calendly.com/zacharyrance/discovery

👍 **If you found value in this video, don’t forget to hit the like button, subscribe to my youtube channel, and ring the notification bell so you never miss out on future insights.

Categories
Awareness Blog Personal Finance

STORY TIME: 2008

A year before I went off to college my parents lost all their money in the Global Financial Crisis.

Here’s why I’m thankful for this happening.

The next year in 2009 my parents dropped me off at college with a $50 gift card to the grocery store. Before I bought books I went out looking for a job. I had no choice but to find a reliable source of income because financially my back was against the wall.

In situations like this a massive sense of urgency was created. It was find a job or essentially be homeless. This financial pressure turned me into a money making savage.

After finding work in a sorority house kitchen washing dishes, I made sure to take pride in being a competent, respectful and reliable employee. I held multiple jobs for 5 years straight while attending school to pay my rent and buy food.

Today as a multiple six figure entrepreneur I still live life like my back is against the wall. Every time I collect a check I invest 90% of it and immediately go out looking for a bigger check.

Moral of the story: find ways to create pressure and urgency in your life and you will miraculously make amazing things happen.

Zach

LIFE COACH ZACH PODCAST

LISTEN NOW
Categories
Awareness Optimize Your Life Personal Finance

THE GREAT STOCK MARKET CRASH OF 2022

The first half of the year is done. I can’t believe we are already approaching the year 2023. Nearly 2 and a half years post covid and so much has changed.

The years 2020 and 2021 saw a lot of prosperity for people who invested in assets and saved their money so they can become homeowners or start the business they’ve always wanted. Even though it seems like COVID was just yesterday we are approaching a completely new wave of economic circumstances. It is of the utmost importance you do not be naive or ignorant to the dramatic shifts in the costs of everyday commodities. So what does that mean specifically for you and your family? What goals have you set for the month of July and for the rest of the year when it comes to personal finance? Here’s one: Save, save, save, save. Use your money more wisely than ever and guard every dollar you have. It’s going to be a very cold winter and I suggest you pull back on all extracurricular spending, I know this is what I’m doing. I’ve even canceled some travel plans because airfare has gone up in price so much over the last 45 days. This article is not to scare you, this article is to help you be more aware and to take a look at your circumstances, and be as prepared as possible.

Let’s review some good examples of goals for the month of July.

Examples of some July personal finance goals:

  • Reduce monthly spending by 15%
  • Open up a retirement account and deposit $100.
  • Drive 20% less than you did the previous month.
  • Transfer $250 to your savings account.
  • Only go out to eat 1 time per week.
  • Don’t spend any money on clothes, electronics, or travel.
  • Cancel subscriptions that haven’t been used in the last 10 days.

“Invest early and invest often.”

Are you investing any of your money? Do you have a personal finance plan or personal finance goals? Today is July 1st, 2022 and the first half of the year is officially over. The stock market is down the most it’s ever been for the first half of the year since 1970. Why am I saying this? Because this is a great time to get in. I know I am.

Are you investing any of your money? Do you have a personal finance plan or personal finance goals? Today is July 1st, 2022 and the first half of the year is officially over. The stock market is down the most it’s ever been for the first half of the year since 1970. Why am I saying this? Because this is a great time to get in. I know I am.

One of the few regrets I have when it comes to my personal finance journey is not investing money in the stock market earlier. There is no secret recipe or magic to becoming rich and wealthy. There is a proven step-by-step process to becoming a millionaire and it goes a little something like this. Invest early and invest often.

As we approach a recession and some even argue we are currently already in a recession a lot of people’s expenses have risen dramatically. Rent, gas, food, insurance, etc have all gone up in price and it’s getting increasingly harder for the average Joe to not only save money but invest money for their future.

You have to have a plan.

Why you must have a plan…

It’s extremely important that you have a specific personal finance plan regardless of market conditions. The creation and implementation of a plan will guide you in the direction of where you are trying to go. I think it’s safe to say that we all want to be rich and have financial freedom, but not all of us are willing to make the sacrifices to eventually get there. It is crucial to always be learning more about money so that you can provide for yourself, your family, your friends, and your community. So do you have a plan? And is your plan bulletproof? There are always ways in which we can work smarter and be better so don’t just assume that your plan is the best.

Find the holes in your plan.

I am always looking for ways to reduce my spending, increase my savings, become a more intelligent investor, and learn valuable ways to use credit and leverage to my advantage, it’s called humility.

In conclusion…

More so than ever it is vital for you to be aware of your current spending habits. Create a money journal. Track every cent you spend every single day. This will not only show you where you spend your money but where you can possibly make some changes to keep more of your money. There are so many ways to keep more of your money, but the starting point is getting a handle on where your money is currently being spent. Also before you spend money ask yourself…. Do I need this? or do I want this? If it’s a need, then get it. If it’s a want, then take a step back before spending the money. Creating wealth isn’t about intelligence, it’s about behavior and a lot of people’s behavior is taking them down the path of eventually being homeless. You don’t want to be homeless.

Categories
Blog Optimize Your Life Personal Finance

NAVIGATING A RECESSION, MENTALLY Part 2

During a recession, it’s really important to save your money and try to maintain your cash and assets close to what you currently have. Being able to get through rough economic and financial times with just a few nicks and bruises would be something to be proud of. Usually, during recessions, hundreds of thousands and potentially millions of people lose their job, have their retirement accounts swallowed up, and lose their most prized assets. Why does this occur? Each recession is different and this impending recession is characterized by the tail end of a global pandemic, massive inflation, questionable monetary policies, and massive stock, real estate, and cryptocurrency gains.

So why is this potential recession different and how does that affect you? This recession will likely happen because of massive inflation for the most common goods and services. When the most common products and services like gas, utilities, packaging, logistical operations, and food increase in price out of line with typical increases, the spending habits of people soon follow. Businesses start feeling the effects of massive inflation on their bottom line which results in them not making as much money which then results in having to let people go. Businesses go out of business at scale, massive amounts of people lose their job. Because massive amounts of people lose their jobs this results in fewer people spending which means lower profits for businesses, which means more layoffs. Typically when growth in an economy slows for two quarters you are officially in a recession. This is loosely followed by economists, there are other indicators as well that show a recession is happening but they all revolve around a slow down in certain sectors of the economy. It’s a revolving door, a never-ending cycle, and the only way that we are going to get through this and back into a time of economic growth and prosperity is if we hit the reset button which was just hit by the Fed when they rose interest rates yet again. And interest rates will likely continue to rise over the next year, which puts even more pressure on the spending habits of people. Rates increase to slow spending when it gets out of hand. But it’s a balancing act on the Fed’s part. Increase too much too fast and it’s like slamming on the economic brakes. Increase slowly, incrementally, and it allows the economy to absorb the effects.

I am not a financial advisor and this is not financial advice but because I’ve been getting so many questions about the coming recession I thought I’d write another post on this topic. However, this post is coming from a different angle, an angle I know well, mental health. So this blog post is not about personal finance this blog post is about how you can mentally navigate through this recession.

Step #1

Be hyper-realistic

Your first step is to be hyper-realistic. The next two years are going to be really tough. There might be months when you are barely paying your bills. There might even come a time when you lose your job, these are both possibilities. There will be times when you think to yourself that it couldn’t get worse, and then it does. Having the hyper-realistic mindset that it can get really ugly and expecting the worse is the mindset that you should currently be dropping into. This might sound a little apocalyptic but wouldn’t you rather be safe than sorry?

Step #2

Be grateful for what you have and appreciate the little things in life.

Covid showed us how depressed we can get. I myself experienced an awful few weeks of mental health during the beginning of covid when I was afraid to leave my house and saw the economic impact it was having on all the people around me. You can try to fight your hardest but battling through depression doesn’t always work. Living with severe and chronic depression and anxiety is not easy and it seems as if these feelings are exacerbated during financially hard times. If you experience constant or severe depression now you will definitely be feeling it worse when your finances begin to crumble. So where should you turn and what should you do? Your first step is to recognize your negative thought patterns and then actively change your thoughts to more appreciative and grateful ones. This is the most important part. Easier said than done, I know. But, I’m confident that you got this.

What should you be appreciating?

Appreciating all the things you currently have and proving it by taking care of the things you have. This includes the roof over your head, your car, your pets, friends, family, and relationships with the people that you care about most. This is a great time to invest your time, energy, and attention into the people around you. If you’re going to fight through a recession at least don’t do it alone.

What are you grateful for?

Gratitude is being grateful for the little things in life. Most of us go through our lives taking our legs and health for granted. If you are in perfect health or near-perfect health you are very lucky. Money isn’t everything and there are a lot of billionaires that would trade their exorbitant amount of wealth for a few years of good health. Put your health first. Be grateful that you have time and opportunities ahead of you. Prove to yourself you are grateful and take in each moment as if it’s your last.

With all that being said I hope that I’m wrong. I don’t like seeing my stock account and Bitcoin being this low and I can’t even imagine what it will look like if it goes lower. No one can predict the future but everyone can prepare for it.

Make use of these two simple steps so that you can thrive not only mentally but financially as well!

Good luck and stay disciplined folks!

Best,

Categories
Awareness Blog Optimize Your Life Personal Finance

HOW TO NOT GET CAUGHT UP IN THE HYPE

The Story Of Dogecoin.

This has been a really bad week for the stock market and cryptocurrencies. Since the Fed raised interest rates the stock market has crashed alongside Bitcoin and other cryptocurrencies. Over the last two years, a lot of millennials and gen-z have been spending their Covid stimulus money and discretionary income on Bitcoin, Ethereum, Dogecoin, and the sorts. These investments in the short term looked solid but as we know nothing great in life is easy and it seemed just too easy.

Well if you haven’t been keeping up with stocks or cryptocurrency there has been a very sharp and steep decline and there is no telling when it is going to hit bottom. For example,  if you would have invested $1000 in Dogecoin just a year ago you would now have less than $100. This accounts for a majority of people that purchased Elon Musks’ so-called “side hustle” and it’s leaving a lot of investors broke. Unfortunately, I am writing this as one of those people that got caught up in the hype and didn’t want to have FOMO (fear of missing out) so I put some dollars in too.

I’ll tell you my story…

In late January, and early February 2021 a lot of my friends were telling me how much money they were making in cryptocurrency. At the time I was looking for additional speculative investments and my risk tolerance was high so it seemed like Bitcoin fit that description! After a few extensive conversations with  “Cryptocurrency experts”, I decided to give it a shot. It is now 18 months later and I have lost a majority of my investment. Why did this happen to me? I got caught up in the hype. It’s very easy to get caught up in the hype especially when it comes to business and money.

How not to get caught up in the hype…

In order to not get caught up in the hype, you have to be a long-term thinker. You must not chase short-term gratification and be more focused on the bigger picture. It’s the short-term thinkers that want it right here, right now that end up getting caught up in the web of new trends and ultimately get crushed.

I got caught up in the hype of cryptocurrency and put a decent amount of money into Bitcoin and Ethereum. My profile is currently down over 70%. For me, this is a lesson to be more of a cautious investor. How do I invest more cautiously? Buying slower and not going in all at once. This is a lesson to be learned for all of us. Now that 90% of people that bought cryptocurrencies have lost money you would think that most people are going to learn this same lesson however it might be too late for them, here’s why?

So many people have invested a substantial amount of their net worth into these cryptocurrencies and it has left them with absolutely nothing. One of my friends, for example, had over $2 million of cryptocurrency on paper but after the last few months, he now has zero. This is a true story, and a lot of other people that live paycheck to paycheck and invested in these cryptocurrencies are getting crushed.

So what do you do from here…

So the next trend that comes along you must tread lightly. If you think it’s a good opportunity and you have a decent amount of risk tolerance I encourage you to take action. But take action slowly. The next few years are going to expose a lot of people that don’t actually have skills. The people who are not spending the time, energy, and attention on personal growth will be left behind. I myself am preparing for this recession by sharpening my skills as a writer, speaker, and podcaster, and obviously with my physical health and mental health so I can make a bigger impact on my client’s and future clients’ lives.

If you want to know what I’m doing specifically to sharpen my skills and get ready for the next 10 years you can email me at zacharyrance@gmail.com, text me or call me at 561-779-3401.

Best,