|My new wallet - it has many zippered compartments for cash enveloping|
and oodles of card space too. It also holds my iphone too and is not bulky.
So, as you all know I have been studying up copiously on the Jewish 'take' on life due to the fact that Mrs HM is of Jewish extraction - the learnings thus far have been astounding and as yet I am only scratching the surface. The fabulous thing about all-things-Jewish is that there is more opinions and perspectives than there are Jewish voices! Ha ha - it keeps it interesting to say the least.
Frugality and Simple Living have been a big paradigm shift for Mrs HM and I over the last few years and have made a vast positive change in our financial lives. This change has also manifested so many knock-on positives in other parts of our life too. However, I have recently learnt that it is not enough, nor is frugality the single 'answer' to a financially meaningful life - far from it in fact.
|Home made dessert|
As it turns out, frugality practiced by itself can be rather damaging and regressive. Frugality practiced in isolation can actually create long-term financial stress. Frugality can be all-consuming .... and therein lies the problem. Nevertheless, frugality IS a vital ingredient of a larger triangle of disciplines required for a good life - a bountiful life - a meaningful life - a memorable life.....but again, not in isolation.
Frugality needs to exist in equal proportion to two other vital financial disciplines. The three disciplines that create a strong basis for a financially meaningful, bountiful, memorable and good life are:
Frugality - Earnings - Investments
Each of these three disciplines must be given EQUAL time and attention.
Spending all our effort on single-mindedly earning more money is a well known ugly life pathway. Allotting all our life efforts to sniffing out the needle-in-the-haystack of lucrative investments is also pretty dodgy. In the same way, being obsessed with frugality just turns us into an unlovely Scrooge.
|A special night out and a special dessert. Frugality|
makes the occasional treat 100% affordable.
However, a wise balance of all three will create a firm financial foundation on which to build and grow our lives, meaningfully contribute to our neighbourhoods and society and be free of the clutches of consumerism.
I have had this balance VERY wrong over the last few years and it is now being addressed. This triangle of financial strength gives us three anchor points on which to move forward and grow.
|Do you have a coin jar too? Ours is a recycled coffee jar.|
I am going to elaborate much more on these three disciplines in future posts and how they are so powerful as a symbiotic union and yet how destructive they are by themselves. Basically, doing frugality all by itself will not improve our long-term financial situations. Likewise, just focusing on earning more money will not curb wastefulness or addictive consumerism. Similarly, being obsessed with investing is pointless if there is nothing to invest!
A vital key to long-term financial empowerment is a balanced and wise attention and commitment to prudent frugality, continued increase of personal income and dedicated life-long investment habits. There is no grey area here. Remove a single one of these three disciplines from the equation and our finances will stall pretty fast - conversely, ensuring all three disciplines are attended to will see exponential and continuing financial improvement that will live on generationally.
So much more on this and heaps of other topics in the future folks.
Take care and stay nice!
Mr HM (Phil)