A dollar for your thoughts?

3-2-1: Budgeting Red Flags // The Almanack of Naval Ravikant // Ikigai: The Reason for Being

Author

Doing Well
June 19, 2024

“Embrace what you don’t know, especially in the beginning, because what you don’t know can become your greatest asset. It ensures that you will absolutely be doing things different from everybody else.”

— Sara Blakely, founder of Spanx, Inc

// TLDR //

  • Budgeting red flags

  • Key insights from Naval Ravikant, founder of AngelList

  • How to find your “Ikigai”

  • Reddit Q&A

// 3 tips//

1/ Budgeting Red Flags
Are you keeping tabs on where your money goes? Learn to spot these money traps early and keep your budget on track! [Read the blog]

2/ The Almanack of Naval Ravikant
Practical tips like using what you know to succeed, making smart decisions to seize opportunities, and finding happiness in everyday life. 1M+ copies sold, 18K+ Amazon reviews (4.7/5⭐) [Source]

  1. Understand How to Create Wealth: to get rich, seek specific knowledge, accountability, and leverage

  2. Build Judgment: judgment is the knowledge to make the right decision to capitalize on your actions

  3. Learn the Skills of Decision-Making: if you can’t decide, then the answer is no

  4. Learn to Love to Read: to build specific knowledge, read what you love until you love to read

  5. Understand Happiness is a Choice: in any situation in life, you always have three choices: you can change it, accept it, or leave it

3/ Ikigai: The Reason for Being
Ikigai, pronounced "ee-kee-guy," is a Japanese concept that unites the joy of life with a sense of purpose.

Here are 4 ways to find your ikigai:

  1. Unveil your passion: what you enjoy doing most, and, perhaps something you'd do even if you weren't getting paid for it

  2. Recognize your vocation: things that you naturally excel at that might not come as easily to others

  3. Discover your mission: explore the needs of the world and where you can make a difference

  4. Cultivate your profession: where you look at how to make a living from your passion and mission [Source]

// 2 questions //

Answer: You should look at a brokerage account first. You'll pay taxes along the way, but it's the most flexible in terms of contributions and withdrawals! There are other routes as well, but those involve insurance and it's impossible to know if those are good options for you while only knowing a small amount of information.

Answer: So a good rule is to take 6 months of your FIXED expenses and call that your emergency fund. Then, if you want to buy a home soon, save more in a separate account and call it your down payment! You're right, it's all relative to the person, which is why getting personalized advice is hard to do online.

Any questions? Email us at [email protected] or book a coaching session.

// 1 smile //

Doing Well is here to be your partner in financial management and help you:
• Build a solid financial plan and budget based on your personal needs
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Hope you’re Doing Well,

Janet