• Catalina Martinez P

The legacy of my 20s

Updated: Oct 19, 2020

In your 20s you learn, in your 30s you earn.

I am living my last year of my 20s and for some of you it might sound like I am still young… for others around my same age, you can understand I am starting to grow up. And as you get older more responsibilities come with it.

I am in a constant persuasion of knowledgeable growth. So this year I decided to get inspiration for how to be better in life by listening to audiobooks while I work out. My plan is one book per month and I started in January with...

The subtle art of not giving a fuck, from Mark Manson

Who has read or listen to this book? Of course, my plan is not to summarize this book, but I do want to share my key learnings.

1- Uncertainty

I need to confess I am not a fan of uncertainty and maybe this is one of the reasons why I like planing so much. However, Manson mentions that you should never be afraid in life because you don't have an answer. Everything is uncertain … what matters is to always take action, which he names the...

2- Do something principle

You know, most of us have in mind that to be motivated and take action towards a goal, you need to feel inspired. Well for most of your surprise this cycle works effectively the other way around. You're on going motion, taking action attitude, generates motivation, and feeling this motivation starts building emotional inspiration to keep on thriving. Literally don’t just sit there in life, waiting for something to come, do something and the answers will follow.

Then I thought alright this is all about taking action although you are not certain where you will get and my head straight away thought... FINANCE! Where do I really want to get with my finance?

And this curiosity took me to the next book I decided to read in February...

The barefoot investor, from Scott Pape

Who has read this one? I expect more people than the previous one as the author is Australian. As Pape mentions this book literally summarizes How To Become Financially Fireproof with the Barefoot Step and it made me do what he calls a “Financial health check”

1- Question myself, do I know where my money is going? Is every month a salary coming to your account and leaving in less than 30 days? Are you saving 60% of your salary? Where are you spending your money?

2- And straight away, without letting you get too crazy about it, he suggests: ‘The Serviette Strategy’ – a simple three ‘bucket’ solution where you put your money on autopilot so you’ll never have to worry about it again. Sounds easy right? And literally, it looks like this, imagine opening a water tap which will be the equivalent to 100% of your income and spreading different quantities in three different buckets.

bucket 1 - this one will have 3 holes on it and will be known as the blow and some splurge money. Blow as its compulsory money that gets out of your account and then splurge as money to have some fun in life.

bucket 2 - will have no wholes and we'll call it Mojo - Safety money, you keep and only use it in case of an emergency like for example if your house gets burnt by the bushfires.

bucket 3 - The last one will only have one hole and will be named Growth - this will be your long term wealth, which you safe and then learn to invest. Make sure you find the best saving interest rate for this one.

After this book, the word Invest started to spin in my thoughts. Yep! do I have an idea about how to invest? And this straight away drove me to my book for March...

Rich dad poor dad, from Robert Kiyosaki

He has sold over 58 million copies in more than 51 languages across more than 109 countries, also been on the New York Times bestsellers list for over six years. Who has read this one? It's a classic of the early day entrepreneurs and real estate investors.

And what I really liked about this book was:

1 - His attitude toward money. “Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.” “The best thing about money is that it works 24 hours a day and can work for generations.”

2- His differentiation between assets and liabilities: “You must know the difference between an asset and a liability, and buy assets.” An asset puts money in your pocket. A liability takes money out of your pocket. “The rich buy assets. The poor only have expenses. The middle class buys liabilities they think are assets.

In conclusion, as I keep preparing my last year of learnings to hit my 30th with earnings I need to admit that the single most powerful asset we all have is our mind.

And as Manson says in the Subtle art of not giving a fuck: you see the world through your beliefs and this is where your limitations or problems can be overtaken and start taking action in what you want to accomplish.

Which this year for me, is all about my wealth foundations, and nothing better than following a strategy like the three buckets Pape mentions in The Barefoot Investor. This way I can ensure the income that I am having is been taking care of and put in the right places to produce future growth.

But growth is not just all about money, as Kiyosaki says in Rich dad and poor dad. He also says, work to learn not to earn money, because you don't need to earn a high income to be rich, you just have to ensure you are not working for money but money is working for you.

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