success | 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?

The difference between good and great

The difference between good and great for most people is not talent or ability – it’s discipline.

Can you find the discipline to do what you don’t want to do, even though you know you need to do it? And the trick is, you can’t just do it once. You have to develop the habit to consistently do what you need to do and to make progress everyday.

Getting even 1% better everyday should be our goal. If we stay in our comfort zone, we will plateau early. But if we keep pushing the limits every day, in 10 years you will be amazed by how far you’ve come.

Money principle #1

Pay yourself first…make sure that you have automatic payments set up to invest in yourself. Ideally, you want this set up going to a low fee index fund. Time and compound interest will be your best friends. The earlier you can start regularly contributing to this fund, the better off you’ll be. The best part about having it automatically set up is that you don’t have to remember to keep investing every month. If you want to invest more, you can. But here, it’s basically like a subscription model (set it and forget it).

If you’re saving up for a specific purchase like a vacation, a new car, a house, etc, set up a separate account and automatically transfer money to that account. Have it set up for every paycheck. If you don’t “see the money” in your regular checking account then you’ll be far less likely to spend it. This will help you actually hit your saving goals and then you won’t have to use credit to purchase your consumer goods.

A hedgehog or a fox?

Are you a hedgehog or a fox? This is based on Stephen Covey’s writing…

While it is naturally appealing to be a fox (to be good at many things, but not world class in anything), should our goal be to become a hedgehog (be laser focused on mastering one thing, being world class at it, and benefitting from it)?

The idea here is to go deep in one particular subject. Read about it, write about it, talk with others who have already done it (mentors), talk with others who are on the same path (mastermind), listen to books and podcasts, and teach it (to those “behind” you on the path and to those who are not yet traveling on that path).

Learn even more by experiencing it yourself…You’ll make mistakes along the way, but as long as you take the time to figure out what went wrong (or what you think went wrong) and then get back up and try again – you’ll be better for it. In fact, some people think failing quickly and failing often is the key to success.

Because we are amateurs when we first set out to do anything, we don’t know what we don’t know. Nothing will ever be perfect and if we wait for perfection to get started then we’ll never get started. There is no perfect time. The “perfect” time to get started is right now…

If we do finally decide to take action, despite all of our preparation (aka procrastination), we will still make mistakes. So it’s best to get those mistakes out of the way and “fail” quickly! Because, in reality, it’s only a failure if you give up. Otherwise it’s only a bump in the road.

Go deep. Master one subject then try to expand to other related areas after you’ve truly grasped one. If you spread yourself too thin, you might be able to become a Jack of all trades and a master of none. But that will take a long time. If you focus on one (like a laser), you can “quickly” master it and move onto another subject if your heart desires.

Leadership and development

“The way to develop the best that is in a person is by appreciation and encouragement.” – Charles Schwab

If you want to bring out the best in people, you must work on how you communicate with them. Here are some quick tips:

Be firm, but fair.

Be gracious.

When they do something good, reinforce that behavior by praising them for their effort.

Show your appreciation for them and provide encouragement.

Help them develop a growth mindset, not a fixed mindset.

If they haven’t done something right, it’s a learning experience, not a failure.

They can get to where we need them to be with the right attitude, practice, and learning from their mistakes (and the mistakes of others).

Occasionally, you may need to push them a little. People like their comfort zone. But if they want to reach their full potential, they will need to go outside of it.

Hold them accountable. If they say they’re going to do something, check in with them to make sure they’re on track to complete it. If they need help, you can help them brainstorm, but don’t just give them the answer. If you do this then they will always bring their problems to you and not try to think of solutions on their own.