What is holding you back?
It’s almost the new year, and in the spirit of self-reflection it’s time for new personal and professional goals! And, if you’re like most of us, those goals will be something we’re fully invested in, for a brief while anyway, and yet, we won’t reach them. Research has indicated that of those surveyed, only 8% of us fully complete our goals, although half of us do make some progress towards reaching them. So, what holds us back?
How are you approaching your goals?
Making change is never easy, and for some of us, our goals are ones that we’re not personally invested in, but they’re the ones in which we think we “ought” to be pursuing. Personal investment in change is a crucial component to our success in creating new patterns of behavior or working through to achieve accomplishments. If we really don’t care, even though we think that others feel we should, change isn’t going to last for long. For other goals though, it’s not because we don’t care passionately about them, but that they’re so lofty that knowing exactly how close we are to completing them becomes overwhelming and we get lost along the way. Our passion isn’t in question, but our approach is.
Trent Hamm, writing at The Simple Dollar, identified a way of achieving goals that worked for him in his approach to personal finance, and which can work for all of us in any area.
“I like to envision giant goals like this as squares on a piece of graph paper…I’d take a piece of graph paper…and I’d simply mark out one of those squares every time I did something that saved $10 and I put that $10 aside in an account somewhere,” Hamm wrote. “Whenever that account earned $10 in interest or dividends or growth, I’d add another square… Maybe your goal is even bigger…that’s okay. It’s still just made up of little steps and little squares.”
Little steps and little squares
When focusing on your goals, identify the steps that have to occur in order for that goal to be accomplished.
Start at the beginning in your thinking, and resist the temptation to label any step as too small.
For example, let’s say your goal is to go to graduate school to pursue an additional degree or certificate to expand your knowledge base. It may seem oversimplified, but an initial step might be as easy as talking to your significant partner or your family about your decision, or perhaps you need to start by making a phone call or sending an email to the registrar’s office to begin the application.
Just keep swimming
For some of us, in our minds, we’ve already moved past these initial steps, thinking about financial aid, the scheduling of courses, or the work-school-life balance changes that may be coming soon. We’d be right to think about these considerations, as they do play a part in us reaching our goal, but by focusing on the smallest of initial concrete steps, and doing them in a timely fashion, we get the sense of motion necessary to begin to feel accomplished.
By making a visualization of these small steps, we see our progress towards reaching the ultimate goal, and can find comfort when things don’t seem to be going well. We’ve been successful in the past, and although we might be having difficulty at the moment, we can expect to be successful again in the future; the important thing is not to stop trying to accomplish the goal.
An example of this is the work being done in goal setting with students in K-12 public and charter schools around the nation. Work is being done with students to help them understand the importance of goal setting for themselves, whether the goal is academic, behavioral, or social. Students identify goals that are important to them and which are aligned with them being successful in school, as they define success. Goals are broken down through the use of the SMART format; goals are specific and framed by times for completion of the overall goal (as well as individual action steps), and progress towards goals can be measured. Additionally, goals are both achievable and realistic.
Achievable and realistic
Some struggle with this last concept that goals must be achievable and realistic. Think of it this way: for a non-runner to say that they were going to set a goal to place in the top three in the Boston Marathon, there’d be a lot that would stand in their way as they moved towards that goal. It doesn’t mean that a penultimate goal might not be to run in the Boston Marathon and to place in the top three, but it means that a better goal would be set for a more immediate reward along the way and would help them transition from a non-runner to a marathon winner.
Students track their progress towards their goals visually and have regular goal-setting meetings with their teacher or counselor to review performance, identify barriers to progress and brainstorm solutions, and to celebrate wins as they happen. We can’t assume that students grow up knowing how to do this, just like we can’t assume that, as adults, we’re any more talented at it.
As we are all works in progress, let’s follow in the words of Whitman by celebrating ourselves and singing ourselves. Identify the goals that are important to you, down to their most discrete steps. Clearly provide yourself a timeline for completing them, and place a visual reminder of your success in that step in front of you to keep your progress going.
7 ways spending habits have changed since COVID-19
(FINANCE) How are spending and saving habits changing for Americans during the pandemic?
Regardless of whether you’ve lost your job or kept it during the pandemic, you have undoubtedly been affected financially in some way over the past 8 months. For those who have been furloughed or laid off, it’s more obvious. If you’ve kept your job, you might be operating in a limited capacity, experiencing setbacks, or have a decreased client base. Of course, some of us are luckier than others, but if you’re not Jeff Bezos or Elon Musk (who have seemed to profit endlessly during COVID), chances are your bank statement looks a little different than you thought it would.
So how do these changes affect how we’re spending this year? Here are 7 ways Americans have changed their spending habits since March.
Out of work, using up savings
For those who are out of work and require more to live on than the negligible unemployment amount (especially after the extra $600 in COVID relief expired), resorting to savings is a means of survival. I’m sure no one imagined the “rainy day” they were saving for would be the economic repercussions of a global pandemic, but here we are.
Slashing expenses, saving more
We all arguably have less to spend money on these days. Going out to eat and drink? Travel? Shows and events? Not so much. It’s possible our wallets might be feeling a bit flush (especially if you’re still employed). As a result, many Americans are putting this new extra cash into their savings. Re-fluffing your financial cushions is a smart move, no doubt about it.
Putting life on hold
Did you want to move to New York City last spring before all hell broke loose? Did you want to buy a house or go back to school? You’re not alone. With all the financial insecurity that COVID-19 has brought on, it’s no wonder why many Americans are putting their dreams on hold.
Paying off debts
Similar to stock-piling cash for saving, many Americans are taking this time to pay off debts they have, weather that be a mortgage, students loans or something else. Smart move, I must say.
Looking to buy a home
Have you saved so much during the pandemic that you actually have enough to make a down payment on a house? Good for you!
It’s also important to note here that this trend also applies to those who participated in the mass flights from major cities to the ‘burbs – why live in a tiny, cramped apartment during a pandemic when you could buy a spacious home 30 miles away?
Ain’t nothing wrong with a little retail therapy. If you’re using your end-of-the-month surplus on fun items for you, your home or others, I totally get it. Chase that serotonin rush – times are hard out here!
All that aside, as a consumer, I find market trends and marketing techniques during COVID so interesting. Absolutely no shade if you end up buying that $80 face cream because #selfcare (I’ve been there), but I have a fun time dissecting the ways in which digital marketers are extorting the current moment for financial gain. Think about it the next time you’re about to buy something you 100% would not have in a pandemic-less world.
Donating more than ever
On the other side of the spectrum, many Americans who have a little extra to spend right now are helping out their communities and other funds by donating to them. Whether it be mutual aid funds that provide meals to members of the community who need it right now, or to national funds that support disenfranchised or marginalized groups hit hardest by the pandemic, Americans are donating more than ever – especially with their stimulus checks!
It’s always interesting to see how large-scale events impact micro-economies, such as individual American households. The discrepancy between those who are working and those who are not plays a crucial role in dissecting spending habits but have less to do with the overall picture than one might think.
It will be interesting to see if COVID-induced spending habits will just be a fad for these dire times, or if they will continue after a vaccine is widely distributed. It seems only time will tell.
Will China’s new digital currency really compete with the US Dollar?
(BUSINESS FINANCE) It isn’t the first time that China has tried to compete with the dollar, but the release of a digital currency has lead some economists to raise red flags.
For decades the US has been the world standard for foreign trade. As of 2019, 88% of all trades were being backed by that almighty dollar, making it the backbone of the world economy. However, China may be sneaking in something new for digital currency.
In the last few months, over 100k people were “airdropped” cold hard digital currency. This currency came from People’s Bank of China (PBOC), who has created a digital manifestation of the Chinese yuan. This is planned to run concurrently with its paper and coin playmates. Upon initial inspection, they resemble the same structure as Bitcoin and Ethereum. But there’s a major difference here: The Chinese government is the one fronting the money.
The suspected plan behind this is that the government plans to tightly control the value of the digital yuan, which they are known to do with the paper one as well. This would create a unique item within the world of cryptocurrency. Personally, I don’t think that any of this is going to go anywhere soon. Too many people still need hard currency but it does open up a unique aspect of currency that has only just started since debit and credit cards. It gives the government the ability to spy on its cryptocurrency users. Being able to monitor transaction flows can reveal things like tax evasion and spending habits. There is even the possibility of experimenting with expiring cash.
But how does this affect the US? There’s a method that has been used by Americans since WWII called dollar weaponization. The exchange domination allows the US government to monitor how the dollars move across the border. Along with that monitoring they are actually able to freeze people out of global financial products as well. It’s a phenomenal amount of power to hold.
The concern for economists is that the price fixing capabilities of this new currency as well as its backer being an entire countries government could affect everything about the global financial system. Only time will tell how true that turns out to be.
There are a number of possibilities that could come up honestly and they could fall flat on their face unless they put their entire monetary worth behind it. Only time will tell but some economists are already calling for DigiDollars from the American government. Another step into the future.
A tiger shows its stripes: The growth of Tiger Global and their investments
(BUSINESS FINANCE) Tiger Global has been acquiring a load of tech companies – let’s talk about who they have and how they’ve been so successful.
In 2003, Tiger Global was founded by Chase Coleman who began his career at Tiger Management (brilliant name choice). In the ensuing years the investing firm expanded to include private equity and venture investing. Today it’s hitting the charts at $65B with its employees (number at ~100) being the firms’ biggest shareholders.
Earlier this month, Tiger Global raised one of the largest pots of VC money ever recorded, coming in at $6.7B. These came from a list of occurrences and investments.
- Roblox: A sandbox gaming startup, Tiger Global owned 10% when it went public in March and the value is hitting ~$38B+
- Stripe: A fintech firm Tiger Global leaped onto this investment when Stripe announced a $600m rise in value at a $95B monetary evaluation of the company.
- M&A wins: In 2020, 3 portfolio companies (Postmates, Kustomer, & Credit Karma) of Tiger Global were acquired in billion-dollar deals.
The tactics that Tiger Global stands by are well documented in a few different locations. One of the biggest that they push is speed. The deals that fly across their tables are completed in just 3 days, far outpacing other firms. When you are an investment firm hour are a time between success and failure. To keep up with these ideas, they have a pre-emptive approach to startups. Doing thorough research and throwing money at people before they even start looking for it. Knowledge is power and this lets them get their foot in the door faster than anybody else.
Resources and a monstrous war chest are 2 of the other factors that they set their claim to fame on. The numerous portfolio companies have high-priced consultants thrown at them for advice on a regular basis. These consultants just add to the success of the companies and keep things building. Where does this money come from? The stakeholders. The mountainous mounds of money that this firm keeps on hand is matched very few in the world. Scrouge McDuck would be hard pressed to keep up with these guys.
They also keep to long-term holdings as an approach to their methods. Unlike traditional VCs, Tiger Global operates public market hedge funds which provides price stability for startups since it doesn’t have to distribute funds after an IPO, unlike traditional VCs.
In the first quarter of 2021 Tiger Global has closed 60 deals, keeping with their hit the ground sprinting approach. They have bids on a number of different companies already as well (ByteDance, Discord, Hopin, & Coinbase). At least one of these reaches a value into the tens of billions. This company is set to be one of the fastest growing groups in the globe. Who knows where it will stop? Let’s wait and see, or join. Whatever hits your fancy.
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