Ooo I sometimes use that too, Monica! I counted down to when I'd see my sister again, and also when I'd return home to Tall Man. Anticipation is a magical feeling ☺️
Hi Cait, thank you so much for your (yet again) inspiring email. I am grateful for sharing your "thinking" process, your authenticity and honesty. On top of my financial task list is how to work out the annual rent increases for our rental homes - which is our main income. I find it challenging and feel conflicted with existing tenants since market rents have shot up and I am aware of financial constraints for some of my tenants- by the same token, I need to take into consideration our financial capacities, especially since property taxes have gone up 50%. Overall I want ease and financial security!
It sounds like you're approaching it with both reality + thoughtfulness, Elke! Also, as a renter myself, I would say... we know it's coming. (I was given the option to sign a lease that locked in my new rent for 3 years—though only *have* to stay for 12 months—and was very happy to do so.)
Thanks for your reply, Cait, and your kind words. We were able to come up with a strategy that is easing my tenants into higher rents. I am glad to hear about your option in the UK with the 3 year fixed rent but flexible in leaving early!
Isn’t the point of being mindful/aware of your money so that you can be flexible when needed? I would love to hear more about your “lean” years because that is a direct reflection of your high earning years, and something that isn’t talked about nearly often enough.
My big financial goal of the year is to find a new job. Increasing my income would be great, but the purpose of finding something new is to bring back enjoyment, curiosity, and motivation to my working hours. As I have no clue what direction I want to go, this feels overwhelming.
Well those sound like great words/feelings and things to aspire to find, Jodie. I can see how it would feel overwhelming. I wonder what prompts might help you dig into/explore your options?
If you have any ideas I am open to them! I have always been more of a DIYer when figuring out my life and don’t often ask for help, but the longevity of this feeling of stuckness has me seriously considering a life/career coach this year.
I'm now retired (no advice there -- I'm lucky that my Social Security check is generous to live on) but matters of livelihood and the job search have always intrigued me. I never had a "permanent" job and worked an almost unbroken succession of intermingled pink collar, blue collar, no collar and white collar jobs -- that verbiage is probably before your time. Anyway, here's a quick list of books on livelihood (I'm still buying them!):
Wishcraft: How to Get What You Really Want (1979), by Barbara Sher. Ideas in this book helped me change from being a technical secretary in various settings to being a technical writer in business and and computer science -- without any education beyond 2 years of Liberal Arts and my well-honed ability to write clearly about just about anything.
Refuse to Choose! Use All of Your Interest, Passions, and Hobbies to Create the Life and Career of Your Dreams (2006), by Barbara Sher.
ANYTHING by Barara Sher.
The Renaissance Soul: Life Design for People with Too Many Passions to Pick Just One (2006), by Margaret Lobenstine.
Making a Living without a Job (2009), by Barbara J. Winter.
Be a Free Range Human: Escape the 9 to 5, Create a Life You Love and Still Pay the Bills (2013), by Marianne Cantwell.
Various books in the What Color Is Your Parachute? series.
You can use these books kinda like the water witcher's stick: It helps a person holding it to find underground water for a well, and ideas in these books may reveal your own wellsprings.
If you include applying online for work, here's an article from the Washington Post. It sometimes allows non-subscribers a few free articles, or may offer a free or nominally priced introductory subscription.
I am new to the workforce after spending 25 years at home. I definitely can relate to the overwhelming element of finding a new job. I am attempting to create something that is flexible for my life, yet I do want to earn money. I want to keep keep it fun and playful. 🙂
My primary financial goal this year is to work out how to feel physically safe(r) with money. This doesn't have to do with a dollar amount, or an investment strategy, but with my feelings and thoughts around money.
So interest, Charlotte, and thank you for sharing! I'm both curious what the outcome of this might look/feel like in daily life... and how you think/feel about money right now? If you feel like sharing more, I'd love to read ☺️
I am here for all the personal finance stuff, Cait! 👏🏼👏🏼 I miss those PF blogging heydays but I digress...
I love how you mapped out what you would like to have happen. Also, Spain? 😃 That sounds absolutely amazing!! Can’t wait to see what photos you share from your travels and all the amazing food that you’ll have! 💛
Get ready for more, my friend! And yes, I've never been before! Honestly, the only country I've been to on "the continent" (as they say here) is France. So I'm excited to change that this year...
I love sharing resources, so here is one for you (if you already don't know about it). Athena Mellor and family (Ramble Co - https://rambleco.co.uk/shop) have a Lake District Hiking Guide (and pretty awesome YouTube Chanel). It's always fun to plan trips with great guidebooks.
SO funny you would recommend this now, because I literally just subscribed to their YouTube channel and watched a couple vlogs yesterday morning! Thank you for sharing, Caroline!
I can see a collective resurgence this year around personal finance topics, conversations, writing. Feels like everyone is hungry for it and asking similar questions!
I see it too, friend. And, it doesn't feel surprising, considering the state of the financial world/personal cost of living crises around the globe. PF blogging really took off after the 2007-2008 financial crash. Makes sense it's picking back up again now!
Financial Goal for 2024: Work as a pediatrician for 6 months/year in Oklahoma so I can afford to live off-grid in frontier Alaska for the other 6 months.
I definitely have a lot of sensory events I'd love to experience this year so instead of tracking everything, I've started tracking bills and savings only. I focus more on how I feel and want I really need or want to accomplish not just this year but every year. I'm surprised it's helped with my intense need to mindlessly spend. Still writing down the reflections prompt you shared all those years ago :)
Regarding more hiking is something I also want more of! I spoke to a friend about how much I loved my 8 year old leather hiking boots, not many insoles are leather and she suggested I get them resoled. I asked around and eventually found a very cute old shoe repair store called Evans. $350 was a big purchase but it was well worth it! And I also made some amazing memories with my mother picking them up walking around the old arcade in Melbourne.
So cool you still use the reflection prompts, Lia! Curious which ones they are? From my old weekly spending reports? Or from Mindful Budgeting? And I agree, I've also found that more expensive products do tend to last longer. I'm just at this place where I can't *afford* the more expensive products at the moment... so I'm either going to hold off until I can, or will make a "good enough" purchase for this year.
From Mindful Budgeting I believe :) I also agree "honoring your season" acknowledging where you are currently and what is doable right now. Our microwave died at the start of December so it's been interesting that while I had the urge to replace it straight away, we wanted to spend our money on the holidays, so surprisingly we have been managing alright without it. Until we are both in a position to get another. It's nice to know it's okay to hold off :)
I think that's a really interesting experiment to do, anytime we have to live without something! I wrote a line in TYOL that said something like... we can't figure out what we *need* until we live without it.
I am trying to work with my feelings when purchasing and once it arrives. Sometimes, I notice that I love the research and the picking more than the actual object. I am starting to pause before buying purchases. I leave it in my cart for at least a couple of days. Then I come back to see how I feel.
I finally added goals to my Invoices/Jobs spreadsheet, and it's helped me think larger picture instead of just sheer panic at making enough money. Goals include:
LOVE the specificity and clarity of these goals, my friend! Also curious what the fund for the baby will be for? Baby things? Or future things? (Happy for you ☺️)
💛 far flung future things - want a little nest egg they can use toward a down payment, starting a business, further education - whatever’s right for them
I fell down the FIRE rabbit hole 2015/2016 (which led me to your podcast!). By the time the book came out, I was well versed in American FIRE. I had a reasonable interest in money/finance products in the UK just from growing up here and taking an interest in my money, so the book contents weren't totally new to me, but it was still really nice to see all the concepts / ideas etc (FIRE, but also pensions and finance in general) that I'd been reading about on American blogs explicitly laid out in UK terms!
I haven't re-visited in a while, so I can't remember if there is anything that will be particularly dated, but the broad strokes should still be true! Good luck with the 2024 Goals. :)
It's a mix of both, Laura! Some things I know what to do but will take time, some things will take both research and time. But so great to read this mini book review from you! It's one that has popped up, as I've been making a list of PF books written by UK authors. Thank you for sharing!
Hope you're now feeling well during these dark dreary winter days :-)
In reading your plans for this year, I was thinking that I should add another few tasks to your list (if you hadn't already thought of them). These are quite important (imho).
(1) Creating / revising one's will is most definitely wise but it's only as good as whom you pick to be the executor/executrix of your will. And of course, (as you probably know), you also need to find someone willing to be your Power of Attorney. Maybe you've already decided on who they will be and have asked them if they would be willing to take on that important responsibility when the time comes. If not then that would be a first concern.
(2) The 2nd important task that I would suggest that you might wish to consider is related to your plans to manage and increase your income. There is an old saying that states that a patient never tries to be his own doctor and nor does a defendant never try to act as his own lawyer. Rather they hire experts to represent their interests/needs. With that said, it would be a good idea to seek out a wealth management advisor to help you out. Of course it's important to choose the right kind of advisor - not one that just wants to earn a commission by getting you to buy his/her company's financial products but rather choosing an advisor strictly for his/her knowledge and experience, as well as guidance on what type of products that best meet your investing risk tolerance. Yes - investing, simple savings is not enough. The earlier one starts the better since compounding over time is your best friend.
I have adopted all of the above over the years and I think most people should do so as well (unless of course they were born into filthy rich families to begin with) :-)
As to my 2024 financial goals -
My wealth accumulation goals have already long been set in place and so I just monitor their performance and make slight corrections, if/when needed. My new financial goals relate to additional spending. This year I plan to budget for $$$ that I will be giving to help out for my mom's care as well as $$$ to help with my grandkids' educational expenses.
Lots of great stuff here, Rob. And it's beautiful to know what your years of work and money management now help you do for your family. Re: my goals, I've already chosen my executor, yes! And I would definitely look into working with someone when my income reached a certain amount. Being where I am right now, it doesn't make sense (I don't have money to invest). But hope to get back to the place I was in two years ago soon, and can re-strategize then!
Thanks for the reminder. My parents are finalizing all of these issues. My hubby and I have procrastinated these for way too long. This is the year to set our finances in order for our kiddos.
I’m away for Feb/March but available for Wainwrights in April/May! Let’s make it happen in 2024?!
YES YES YES! Let me know when you'll be back and we will make our first plan!
I too plan trips at beginning of year to have things to look forward to. I have this app countdown calendar that I love to use.
Ooo I sometimes use that too, Monica! I counted down to when I'd see my sister again, and also when I'd return home to Tall Man. Anticipation is a magical feeling ☺️
Hi Cait, thank you so much for your (yet again) inspiring email. I am grateful for sharing your "thinking" process, your authenticity and honesty. On top of my financial task list is how to work out the annual rent increases for our rental homes - which is our main income. I find it challenging and feel conflicted with existing tenants since market rents have shot up and I am aware of financial constraints for some of my tenants- by the same token, I need to take into consideration our financial capacities, especially since property taxes have gone up 50%. Overall I want ease and financial security!
It sounds like you're approaching it with both reality + thoughtfulness, Elke! Also, as a renter myself, I would say... we know it's coming. (I was given the option to sign a lease that locked in my new rent for 3 years—though only *have* to stay for 12 months—and was very happy to do so.)
Thanks for your reply, Cait, and your kind words. We were able to come up with a strategy that is easing my tenants into higher rents. I am glad to hear about your option in the UK with the 3 year fixed rent but flexible in leaving early!
Isn’t the point of being mindful/aware of your money so that you can be flexible when needed? I would love to hear more about your “lean” years because that is a direct reflection of your high earning years, and something that isn’t talked about nearly often enough.
My big financial goal of the year is to find a new job. Increasing my income would be great, but the purpose of finding something new is to bring back enjoyment, curiosity, and motivation to my working hours. As I have no clue what direction I want to go, this feels overwhelming.
Well those sound like great words/feelings and things to aspire to find, Jodie. I can see how it would feel overwhelming. I wonder what prompts might help you dig into/explore your options?
If you have any ideas I am open to them! I have always been more of a DIYer when figuring out my life and don’t often ask for help, but the longevity of this feeling of stuckness has me seriously considering a life/career coach this year.
I'm now retired (no advice there -- I'm lucky that my Social Security check is generous to live on) but matters of livelihood and the job search have always intrigued me. I never had a "permanent" job and worked an almost unbroken succession of intermingled pink collar, blue collar, no collar and white collar jobs -- that verbiage is probably before your time. Anyway, here's a quick list of books on livelihood (I'm still buying them!):
Wishcraft: How to Get What You Really Want (1979), by Barbara Sher. Ideas in this book helped me change from being a technical secretary in various settings to being a technical writer in business and and computer science -- without any education beyond 2 years of Liberal Arts and my well-honed ability to write clearly about just about anything.
Refuse to Choose! Use All of Your Interest, Passions, and Hobbies to Create the Life and Career of Your Dreams (2006), by Barbara Sher.
ANYTHING by Barara Sher.
The Renaissance Soul: Life Design for People with Too Many Passions to Pick Just One (2006), by Margaret Lobenstine.
Making a Living without a Job (2009), by Barbara J. Winter.
Be a Free Range Human: Escape the 9 to 5, Create a Life You Love and Still Pay the Bills (2013), by Marianne Cantwell.
Various books in the What Color Is Your Parachute? series.
You can use these books kinda like the water witcher's stick: It helps a person holding it to find underground water for a well, and ideas in these books may reveal your own wellsprings.
If you include applying online for work, here's an article from the Washington Post. It sometimes allows non-subscribers a few free articles, or may offer a free or nominally priced introductory subscription.
https://www.washingtonpost.com/technology/2023/08/21/job-sites-tips-ai/?wpisrc=nl_most
I am new to the workforce after spending 25 years at home. I definitely can relate to the overwhelming element of finding a new job. I am attempting to create something that is flexible for my life, yet I do want to earn money. I want to keep keep it fun and playful. 🙂
My primary financial goal this year is to work out how to feel physically safe(r) with money. This doesn't have to do with a dollar amount, or an investment strategy, but with my feelings and thoughts around money.
So interest, Charlotte, and thank you for sharing! I'm both curious what the outcome of this might look/feel like in daily life... and how you think/feel about money right now? If you feel like sharing more, I'd love to read ☺️
I am here for all the personal finance stuff, Cait! 👏🏼👏🏼 I miss those PF blogging heydays but I digress...
I love how you mapped out what you would like to have happen. Also, Spain? 😃 That sounds absolutely amazing!! Can’t wait to see what photos you share from your travels and all the amazing food that you’ll have! 💛
Get ready for more, my friend! And yes, I've never been before! Honestly, the only country I've been to on "the continent" (as they say here) is France. So I'm excited to change that this year...
I love sharing resources, so here is one for you (if you already don't know about it). Athena Mellor and family (Ramble Co - https://rambleco.co.uk/shop) have a Lake District Hiking Guide (and pretty awesome YouTube Chanel). It's always fun to plan trips with great guidebooks.
SO funny you would recommend this now, because I literally just subscribed to their YouTube channel and watched a couple vlogs yesterday morning! Thank you for sharing, Caroline!
I can see a collective resurgence this year around personal finance topics, conversations, writing. Feels like everyone is hungry for it and asking similar questions!
I see it too, friend. And, it doesn't feel surprising, considering the state of the financial world/personal cost of living crises around the globe. PF blogging really took off after the 2007-2008 financial crash. Makes sense it's picking back up again now!
I agree! There is an energy to all this conversation about finances, traveling and writing. Bring it on!
One of my goals this year is also to earn more money and pay off debt. I want to start feeling abundant instead of 'just getting by'.
Go Abundance!
Stretch bands are good for strength training and travel much better than dumbbells.
Financial Goal for 2024: Work as a pediatrician for 6 months/year in Oklahoma so I can afford to live off-grid in frontier Alaska for the other 6 months.
SO COOL! Do you already have a place you stay in Alaska, Elisa?
I was able to visit my kid in Alaska after a NOLS outdoor trip. It was amazing and wild. What an amazing goal.
I definitely have a lot of sensory events I'd love to experience this year so instead of tracking everything, I've started tracking bills and savings only. I focus more on how I feel and want I really need or want to accomplish not just this year but every year. I'm surprised it's helped with my intense need to mindlessly spend. Still writing down the reflections prompt you shared all those years ago :)
Regarding more hiking is something I also want more of! I spoke to a friend about how much I loved my 8 year old leather hiking boots, not many insoles are leather and she suggested I get them resoled. I asked around and eventually found a very cute old shoe repair store called Evans. $350 was a big purchase but it was well worth it! And I also made some amazing memories with my mother picking them up walking around the old arcade in Melbourne.
I thought I'd share this helpful trip for blisters incase anyone is also interested. I will definitely be purchasing some trekkers wool: https://www.trailhiking.com.au/gear-reviews/trekkers-wool/
So cool you still use the reflection prompts, Lia! Curious which ones they are? From my old weekly spending reports? Or from Mindful Budgeting? And I agree, I've also found that more expensive products do tend to last longer. I'm just at this place where I can't *afford* the more expensive products at the moment... so I'm either going to hold off until I can, or will make a "good enough" purchase for this year.
From Mindful Budgeting I believe :) I also agree "honoring your season" acknowledging where you are currently and what is doable right now. Our microwave died at the start of December so it's been interesting that while I had the urge to replace it straight away, we wanted to spend our money on the holidays, so surprisingly we have been managing alright without it. Until we are both in a position to get another. It's nice to know it's okay to hold off :)
I think that's a really interesting experiment to do, anytime we have to live without something! I wrote a line in TYOL that said something like... we can't figure out what we *need* until we live without it.
I am trying to work with my feelings when purchasing and once it arrives. Sometimes, I notice that I love the research and the picking more than the actual object. I am starting to pause before buying purchases. I leave it in my cart for at least a couple of days. Then I come back to see how I feel.
I finally added goals to my Invoices/Jobs spreadsheet, and it's helped me think larger picture instead of just sheer panic at making enough money. Goals include:
- set up the Shangrilogs woodshop store by April
- start a fund for the upcoming baby by June
- max out our IRA contributions by September
- pay one extra mortgage payment by October
LOVE the specificity and clarity of these goals, my friend! Also curious what the fund for the baby will be for? Baby things? Or future things? (Happy for you ☺️)
💛 far flung future things - want a little nest egg they can use toward a down payment, starting a business, further education - whatever’s right for them
A beautiful and meaningful idea! One I'm sure Future Baby will be very grateful for ❤️
I am impressed by the goals. I tend to keep mine too broad. I think that is why they don't happen!
I'm not sure if your financial to-do list was "find out more about" or if you've done that, and the list is "go and do it". However, if you were looking for find out more, try Reset by David Sawyer (https://www.amazon.co.uk/RESET-Restart-Unconventional-Retirement-Careerists-ebook/dp/B07GPJD8L6/).
I fell down the FIRE rabbit hole 2015/2016 (which led me to your podcast!). By the time the book came out, I was well versed in American FIRE. I had a reasonable interest in money/finance products in the UK just from growing up here and taking an interest in my money, so the book contents weren't totally new to me, but it was still really nice to see all the concepts / ideas etc (FIRE, but also pensions and finance in general) that I'd been reading about on American blogs explicitly laid out in UK terms!
I haven't re-visited in a while, so I can't remember if there is anything that will be particularly dated, but the broad strokes should still be true! Good luck with the 2024 Goals. :)
It's a mix of both, Laura! Some things I know what to do but will take time, some things will take both research and time. But so great to read this mini book review from you! It's one that has popped up, as I've been making a list of PF books written by UK authors. Thank you for sharing!
Ugh this is an excellent reminder that I still need to do some of this stuff!
Haha, I feel you, friend! I'm ok with being the person who sparks this reminder. ☺️
Hi Cait,
Hope you're now feeling well during these dark dreary winter days :-)
In reading your plans for this year, I was thinking that I should add another few tasks to your list (if you hadn't already thought of them). These are quite important (imho).
(1) Creating / revising one's will is most definitely wise but it's only as good as whom you pick to be the executor/executrix of your will. And of course, (as you probably know), you also need to find someone willing to be your Power of Attorney. Maybe you've already decided on who they will be and have asked them if they would be willing to take on that important responsibility when the time comes. If not then that would be a first concern.
(2) The 2nd important task that I would suggest that you might wish to consider is related to your plans to manage and increase your income. There is an old saying that states that a patient never tries to be his own doctor and nor does a defendant never try to act as his own lawyer. Rather they hire experts to represent their interests/needs. With that said, it would be a good idea to seek out a wealth management advisor to help you out. Of course it's important to choose the right kind of advisor - not one that just wants to earn a commission by getting you to buy his/her company's financial products but rather choosing an advisor strictly for his/her knowledge and experience, as well as guidance on what type of products that best meet your investing risk tolerance. Yes - investing, simple savings is not enough. The earlier one starts the better since compounding over time is your best friend.
I have adopted all of the above over the years and I think most people should do so as well (unless of course they were born into filthy rich families to begin with) :-)
As to my 2024 financial goals -
My wealth accumulation goals have already long been set in place and so I just monitor their performance and make slight corrections, if/when needed. My new financial goals relate to additional spending. This year I plan to budget for $$$ that I will be giving to help out for my mom's care as well as $$$ to help with my grandkids' educational expenses.
Lots of great stuff here, Rob. And it's beautiful to know what your years of work and money management now help you do for your family. Re: my goals, I've already chosen my executor, yes! And I would definitely look into working with someone when my income reached a certain amount. Being where I am right now, it doesn't make sense (I don't have money to invest). But hope to get back to the place I was in two years ago soon, and can re-strategize then!
Thanks for the reminder. My parents are finalizing all of these issues. My hubby and I have procrastinated these for way too long. This is the year to set our finances in order for our kiddos.