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- The Borrow Smart Chronicles - Saving For Your Future Self
Any useful statement about the future
should appear to be ridiculous.
DALLE Image of me thinking about my finances in the future…
In this edition, I want you to pause momentarily and think about your future financial self. You won’t regret it if you take it seriously. First, let us consider Dator’s Law which talks about four possible futures… for society. You ARE a part of society, but probably spend more time focusing on your individual needs.
The four futures outlined in Dator's Law are:
Continuation is a future in which current trends and patterns remain largely unchanged. It is a relatively predictable future based on extrapolating from the present.
Collapse is a future in which the current system breaks down, often due to social, economic, or environmental crises. It represents a discontinuity from the present of your current trends.
Disciplined Society is a future in which a highly structured, rule-based society emerges, often in response to perceived threats or a desire for order and stability.
Transformational is a future in which there is a radical transformation of society, often driven by technological, social, or cultural changes that fundamentally alter the human condition and how we live.
Now, apply this to yourself. Which of these do you imagine for yourself? Is it a combination of these possibilities? Why? What are you doing now to increase the odds for yourself and your family that your future is brighter? Every action you take now is seeding that future.
For myself and for society I hope it is 1/3rd Continuation, 1/3 Disciplined, and 1/3rd Transformational mix, and I like to think I have a plan for each, but when we make plans, God laughs!
a BORROW SMART CONCEPT
Saving For Your Future Self
Much has been written about using a ‘future self’ to help with savings goals. Here’s one article I enjoyed. (Download) The idea is that you are forced to picture yourself in the future, older, more frail, and less likely to be able to earn the same living. You are more likely willing to make changes now to take care of that future self.
There are many tools for aging an image, but FaceApp is a very popular free app. You can download and see your future self. I urge you to try it. Keep a picture of yourself as an older person and commit to future you that you’ll do what it takes now to protect that future self — to give them the best and brightest future you can.
That could mean making more calls, learning more, saving more, and being a better partner… that’s between you and your vision of your brighter future.
“Man! Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived.” — Dalai Lama
It all needs to be in balance. I learned at a very early age some profound financial concepts that guaranteed a simple financial future. I gave tennis lessons to a local financial advisor and he gave me books to read. The Wealthy Barber, Think and Grow Rich, and more. It got me started thinking about this at an early age that saving a little consistently over time would be enough.
I’d like you to consider the same, for yourself and your children. How does your financial literacy grow and compound over time? It’s not about the money, it’s about what it can do for you now and in the future.
 | Download one of my favorite spreadsheets on Savings. Great concepts can be easily illustrated, and I’ve loaded one of my favorites for you, the easy path to $1,000,000 over 40 years… imagine the average first-time home buyer is 33 per NAR. They start with their first house saving $350 a month till age 73 as one example. |
avoid being a financial Disaster Girl Meme - create your own at maximaize.me - yes this is me as Disaster Girl…
With less, I find more energy.LIABILITIES
What’s Happening?
the rate-cut magic number remains elusive
rate cuts are moving further out
this continues to drag on housing
and home buying plans
yet consumer are optimistic
there is still no job concerns…
but wage growth is slowing
and everyone is living with their parents
or renting, but that is also going up
"Letting go gives us freedom, and freedom is the only condition for happiness. If, in our heart, we still cling to anything—anger, anxiety, or possessions—we cannot be free.”
REAL ESTATE
What’s Happening?
drops from 5.5 to 4.87 this past w
inventory is increasing
but we have more realtors than homes for sale
and housing payments are expensive
which is keeping GenZ out of buying for now
some areas of real estate are really still negative
and property listing prices are coming down
and while real estate is a great wealth creator, the big money continues to be made in the stock market over longer periods of time…
“The best things are placed between extremes.”
ASSETS and INCOME
What’s Happening?
we continue to see extremes in volatility
older people have all the money
and people with money are the ones spending it - duh!
who is paying what in taxes?
income is a big driver
after-tax income is going higher
and refunds are trending up again for certain demographics
it pays more to retire in certain states
overall the market is riskier now than in the past
and there has been a big shift in who is earning within those markets
the law of 72 is taught in our CALM course at niofe.org
ON BEING HUMAN
What’s Worth Sharing?
“Life is long enough, and a sufficiently generous amount has been given to us for the highest achievements if it were all well invested. But when it is wasted in heedless luxury and spent on no good activity, we are forced at last by death’s final constraint to realize that it has passed away before we knew it was passing.”
DOPAMEMES
And Other Happy Moments…
Endless Movie 📺🎬🎞
— osmankubat.eth (@osmankbt)
6:16 PM • Aug 12, 2023
I want to be remembered like this…
AIdeas
Future Proof Your Business with AI…
In a recent survey, 41% of executives felt their workforces would shrink due to AI productivity increases. (read more) However, 50% said they expect AI to create ‘new roles’ within their organizations.
MAKE PRETTY MUSIC:
https://www.suno.ai/
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