Net Worth Hacks

Ken has undergone tons of changes these past few months. From a pandemic to braces to a new house (ep. 73), Ken has taken the opportunity to reassess his own financial outlook. He revisits his new recurring expenses, automated payments, changes in cashflow. He then applies these new factors to his financial plans – which has been a bit neglected during COVID. All this to get back to truth and back on track, because life can be messier then a spreadsheet.

One of the responsibilities of preparing your children for adulthood is teaching them how to manage their own finances. In an increasing digital age, depositing checks is becoming a lost art. Ken shares his own experiences teaching his children about checking accounts and check deposits – and why it’s important.

When it comes to personal finance, Return on Investment is something you must consider. Net worth is about culminating assets, and investments is one way to do it. Making investments is critical but tracking them is just as critical. You must assess what is going to create the best overall outcome. Factors to evaluate are the amount you invest, the return and the timeline. Is it long term? Did you factor for inflation? Ken walks you through the considerations in this short but informative episode.

Bias can appear in all areas of our life, not just race or prejudice. Ken first defines it and then frames it in the context of finance, going on to explain how it can negatively affect your finance. Take for example recency bias, which can skew your perception of future market performance. Ken delves further into these bias’ and the mistakes that it causes. Listen in to this episode as Ken helps ground you in reality and encourages you to make informed decisions – bias free.

Ken is currently on a retreat for his organization, which features keynote speaker Clint Bruce. Clint talked about how curiosity is an important quality in a leader. Ken also points out that to be curious (and admit what you don’t know) requires courage. Do you have the courage to ask questions about your finances? Ken encourages you to feel empowered by asking the right questions.

Two words that don’t evoke positive emotions – Ken often hears these words when discussing finances with others. Rather than focus on the negative, Ken offers up this: Frustration leads to Breakthroughs & Confusion leads to Learning. Ken offers up insights to combat these negatives and simplify finances, even if you’re bad with numbers. Know that with these emotions there is a happy ending.

Ken explores Abundance Mindset and it’s antithesis, Scarcity. Abundance Mindset sees more then enough opportunity for everyone. Scarcity Mindset is when you see others succeed and think there’s no opportunity left for you. Ken recounts a personal experience he had, running a triathlon. During the event, he found his “competition” to be supportive and positive, encouraging others with an Abundance Mindset, lifting everyone’s spirits. What mindset do you have regarding your Net Worth? Abundance or Scarcity.

It’s a special day for Ken and his family. This episode was recorded in his newly constructed home, an endeavor that was 18 months in the making. Ken shares the valuable insights he learned during this long, tedious process. He’s thoughts on remote working has been re-framed. He’s learned to trust the process and that “sticking with it” will yield results. And finally, this experience reaffirms the value of alignment with your spouse. Listen in as Ken expands upon these lessons.

A short but powerful testimonial, Ken talks about a Dan Sullivan quote:”All progress starts with truth.” Ken applies this kernel of wisdom to your financial situation. Only by facing the reality of your situation will you know what to do next. Sit down and assess your net worth, discuss it with your spouse and move forward with purposeful action.

Ken recounts a movie that his family recently watched: War Games. This 80s classic follows a boy as he accidentally hacks a government computer that simulates and enacts nuclear war. To prevent calamity, the boy teaches the computer that “The Winning Move” is no move at all. Relating back to finances, Ken argues that you shouldn’t try to “game” the stock market. Don’t focus on any one move or stock. Listen in to hear Ken expand on this idea and what you should do instead.