Welcome to another episode of Living Above Self
Our interview segment this week, features an amazing entrepreneur who is not only disabled but also a transformational leader. She is Karen Brown, a Jamaican who was diagnosed with Brittle Bone Disease. She has managed all the risks associated with living with the disease and lives a rewarding life as a mentor, coach and advocate for members of the physically disabled community.
FEATURE: GROW YOUR MONEY
MANAGING RISKS DURING THE PANDEMIC
Living Above Self challenges you not to fear investing during the pandemic.
Emergency Fund:
Now is the right time to add or create an Emergency Fund to cover living expenses. Prepare for the next crisis. No one can predict the next economic downturn, but you can make preparations to survive it. Seize the opportunity to manage credit card debt. Seek to clear credit card debt and give yourself financial breathing space. Emergency Fund ideally represents at least 6 months of living expenses.
Retirement Plan
Renown Financial Advisor Andrew Crowley says “The further from goal you are the more investment risks you can take to reach your goal”. Living Above Self recommends that you shouldn’t fear risks, fear standing still. In life you can’t escape risks but you can manage risks. Don’t allow fear to rob you of financial freedom. Examine your retirement plan. If you have an IRS, it is still wise to supplement your pension in retirement. Don’t fear declines in the Stock Market. Declines create opportunities to acquire more shares which will be of much greater value when the market recovers. Invest in stocks and bonds and reduce your investment risks. Bonds tend to perform well stocks are declining. Always remember that stocks give you higher returns than bonds over the long term. Get tax free profits from investing in Stocks. It’s best to start investing in Stocks early to create wealth tax free. If you are in your twenties, now is the best time to invest in Stocks and benefit from Compound Interest. Also buy stocks for diversification. Don’t rely on one source of income. During a pandemic or recession, you can lose your job and your income can dry up. Own your future now. Investing in great companies can make you wealthy. Become an investor and not a speculator. Don’t be a spectator either. Get in the game. Don’t be afraid to invest. Remember inflation destroys your savings.
During this pandemic, it’s convenient time to evaluate your life insurance needs. Are you paying too much for life insurance? On the other hand, do you have enough life insurance? Term insurance is a lot cheaper than Whole Life Insurance. Now is the time to have a conversation with your Life Insurance Advisor. So, recapping. Use the opportunities the pandemic provides by taking stock of your Emergency Fund, your Retirement Plan and your Long-Term Investment. Invest in Stocks to grow your money long term and create wealth. As a Financial Advisor I encourage you to build your future today. Thanks for joining us on Grow Your Money – Your Living Above Self investment feature.
NUGGETS OF WISDOM
THE CAPTAIN AND THE LIGHTHOUSE
In the Book, the 7 Habits of Highly Effective People – Stephen Covey tells the story of a battleship being at sea during heavy weather. Visibility was poor due to the fog. The captain of the lead battleship saw what appeared to be another vessel in its path. The captain gave instructions to signal the other ship to change course in order to avoid a collision. A response came back from the other ship saying “Advisable for you to change course 20 degrees”. The captain replied “I am the captain, change course 20 degrees”. A reply came back from the other vessel “I am a seaman, second class, change course 20 degrees. The captain became furious and answered “I am a battleship, change course 20 degrees. Then came the flashing lights, “I am a lighthouse” The captain changed course. Stephen Covey says “Our values may govern our behaviors but the consequences of our behaviors are governed by lighthouse principles that are there to govern our lives. He said “how we see the problem is the problem”. The lighthouse principle reminds me of the Bible. We may choose to live our lives base on our own value system, but that doesn’t change the biblical principles that are there to govern our lives. In the story of the lighthouse, the captain experienced a paradigm shift. A lighthouse guides ships at sea. The captain thought the lighthouse was a ship. According to Stephen Covey principles are the territory and values are maps. Therefore, let us not mistake the territory for the map. You may need to amend the map, but you can’t change the territory. It is necessary therefore to build our value systems base on principles such as integrity, honesty, service, excellence, fairness and human dignity. Living Above Self encourages us to listen to what others have to say. Respect other people’s opinions. When we listen, we learn more about others and we also learn about ourselves. When we are on a collision course and refuse to change direction, we break ourselves against the lighthouse. Remember we can’t break the lighthouse, we only break ourselves against it.
Oftentimes in life we get warning signs or signals about our health, our relationships, our success. It’s that small voice that says “change your course”. If we ignore the signals the results can be fatal. Reflect on your life. Were there times when you thought you were right, and had to change course? We close with a quote from Stephen Covey “There are 3 constants in life “change, choices and principles” – Stephen Covey. Thank you for listening to Nuggets of Wisdom on your podcast “Living Above Self”.