finance | The Caleb Barney Collection

Chasing money

What do you benefit if you gain the whole world but lose your own soul? – Mark 8:36

As a competitive, ambitious, frugal, investor-minded individual who comes from humble beginnings, this graphic speaks to me.

The competitive side of me wants to be in the top 1% of everything I do (including financial-related goals).

The ambitious side of me wants to prove to myself, my family and friends, my acquaintances, etc. that I can do anything I set my mind to.

The frugal side of me wants to have the financial security money can bring.

The investor side of me hates waste and focuses on being as efficient as possible (like investing in assets and having my money work for me).

But when I think about what’s really important in life and what brings me the most joy, it’s not money…

I’m happiest when I’m hanging out with family – whether that’s at home, going on mini adventures to the zoo, watching our kids hang out with their cousins/aunts/uncles/grandparents, or going on our yearly trips to Mohican, Hocking Hills, or the beach.

I’m happiest when I’m working out and competing with friends at the gym (whether or not they know I’m competing with them is up for debate).

I’m happiest seeing friends and playing board games with them for game night or going out and grabbing something to eat.

I’m happiest finding people homes to live in or to invest in and negotiating the best terms for them.

And when I think about all that makes me happy, I realize that I don’t need to always be chasing 💸…life is easier with money, to be sure. But as long as I’m keeping things in perspective and still able to enjoy life while pursuing money, that will be enough for me.

Don’t lose your family, friends, or health chasing money. Because in the end, what do you benefit if you gain the whole world but lose your own soul?

Don’t go broke trying to look rich.

I saw this post from FinancialSimplified on Instagram and loved it. How many people spend above their means just to try to impress other people?

If you have the “keeping up with the Joneses” mentality, it’s going to take you a really long time to build wealth. And if you’re ok with that, that’s fine. But if you have children, maybe it’s time to shift that mindset. I say this for a few reasons…

1) It is your duty as a parent to live responsibly, and to teach your kids to live responsibly. This goes for health, work ethic, attitude, teaching them about money, etc. If you have bad money habits and idolize material things or trying to impress others with your new clothes, new shoes, new car, etc, what does that teach them?

2) You don’t have to leave your adult children anything. At that point, they should be self-sufficient. I remember my dad saying that when he passed away, he wanted his last check to bounce. I have the complete opposite mentality. When I pass away, I want to leave my kids with millions. As long as I’ve given them the proper financial background so they don’t blow the money, and I’ve raised them to be good human beings (moral, just, etc), I’d be more than happy to relieve any sort of financial burden from their shoulders. If you don’t have to worry about how you’re going to pay your bills, it gives you the freedom and creativity to try new things that can be more fulfilling.

We never know when we’re going to pass away. If you’re not financially set, or if your passing will create hardship for your significant other and your dependents, you need to have life insurance set up. It’s a small cost for you right now, but if you leave this earth without it, the people you love most will suffer the most – not only emotionally, but financially too. If you needed two incomes to pay for your house, child care, food, transportation, and general living, what kind of stress and struggle will your family encounter if you pass away and they’re left with nothing?

3) You owe it to yourself. Why is it that we love ourselves so much, we are all so selfish in a way, but we care about what other people think? Why should other people’s opinions of us matter when they don’t really even know us?

You know yourself. Are you buying that $500 fancy wallet to impress yourself, even if there is no money in it? If I did that, I would feel worse about myself. Why cave into others’ expectations? Why have no money left over to spend on an experience with my wife and kids? And, not only that, but you’ll feel like an imposter too. Sure, you look rich. But you’ll know that you don’t actually have the money to back it up.

Don’t go broke trying to look rich. Don’t try to impress people you don’t know, you don’t like, and who don’t have to deal with your poor financial decisions.

We all have to start somewhere. Live within your means. If people laugh, just know that as long as you keep saving and investing money, trying to increase your income constantly while it increasing your spending, you’ll eventually have the last laugh. You’ll get to retire early when they are still slaving away in their 9-5.

Discipline, forward-thinking, and your success

Do what you need to do now, even if you don’t want to, so you can set yourself up for success and reap the rewards later. — “I hated every minute of training, but I said, ‘Don’t quit. Suffer now and live the rest of your life as a champion.’” – Muhammad Ali

Do what you need to do now, even if you don’t feel like it, so you can set yourself up for success and reap the rewards later.

Does a farmer plant seeds only when he feels like it? No, because then when he needs to harvest his crop, it won’t be there!

Success takes time, it takes hard work, and it takes consistent action. If you work out once, you’re not going to have six pack abs. If you save money to invest one month, you’re not going to be able to retire off of it. But if you do those things consistently over time, you’ll eventually achieve things that most people aren’t disciplined enough to do.

“Suffer” now. “Sacrifice” now. Live below your means, take care of your mind, body, and spirit now. Do these things consistently and continued take massive actions daily, weekly, and monthly towards your goals, and you will achieve success. Think about your future self, not just about what you feel like doing right now.

Smart debt versus dumb debt

If you’re buying an asset that makes you more money (whether through appreciation, cash flow/dividends, or tax benefits) than it costs to borrow (paying down your principal and interest while more than keeping pace with inflation), you can make a legitimate argument to go into debt to invest in that asset.

If you’re going into debt to buy something that doesn’t make you money, you’re giving into your inner child.

Only borrow money to buy things that go up in value. Otherwise pay all cash for it or not at all.

How to stay healthy: 10 things to focus on everyday for your healthiest life.

How do you stay healthy?

1. Stay adequately hydrated. This will help you feel more alert and awake, it will help your body feel better (and more your joints lubricated), and it will help your kidneys.

2. Eat a healthy diet (varied color and type of fruits and vegetables each day; different protein sources each day). The cleaner you eat, the better you feel. Aim for a good variety so you aren’t missing any key nutrients. Take a multivitamin as a true supplement (it’s meant to add to your dietary success, not to be your dietary success).

3. Live a healthy lifestyle (minimize sitting; do meaningful exercise at least 30-minutes per day…do something physically and mentally challenging every day). Be outside – get some sunshine (vitamin D).

4. Maximize quality sleep. A high quantity of sleep can be helpful, but why sleep more than you need to? At that point you’re literally sleeping away time in your day, and time is the most important and scarce non-renewable resource we have. Focus on getting just the right amount of good sleep.

5. Interact with someone you care about each day AND treat them well. Be generous. It will help you mentally and make others feel good too.

6. Forgive yourself and don’t sweat the small stuff. In the grand scheme of life, it probably doesn’t really matter.

7. Be interested/learn something new every day. When you stop growing or getting excited to learn, you slowly start dying and becoming less interested.

8. Be involved with a good church (or other positive community). See, talk with, and interact with positive people in a positive environment often.

9. Spend less than you earn. Automatically set aside money to “pay yourself first” and invest. This will help you feel less financial stress and allow for you to spend on things you actually care about.

10. Have long-term goals. You should always be striving to improve yourself.