Lessons learned: 'Show Your Work', 'Stolen Focus' & 'The Richest Man in Babylon'.
This is the first post in a series based on putting into practice some of the lessons I learned gaining knowledge from reading in 2022.
As per my book review, it was this little book that got me started on this blogging journey. It may not be a groundbreaking blog, but it shows my thought processes and success stories and failures along the way. I have learnt that I should not be afraid to share my thoughts and ideas online. Whilst there may be some criticism of my blog I know I need to take advice on board in order to improve. Thanks to this book I have been able to 'put myself out there' and I aim to take it a step further this year with a YouTube channel which will launch in the first quarter of this year.
I have been trying to spend more time on one thing; less switching between tasks and instead concentrating on my flow rate. This includes dedicating time to a certain task such as writing a report for work and then setting aside time for checking emails. If I keep switching tasks I find that not only does the initial task take longer overall but I lose the focus and energy to complete it. If I immerse myself in the task at hand with a 'spotlight' focus the quality of the work is better and it is completed more efficiently. By concentrating on my 'starlight' focus I can see my plan for the year ahead, looking at my goals such as setting up the YouTube channel and my investing plans.
As per my review, the book teaches you about seven cures for a lean purse and I am now trying to implement each of them where I haven't already and grow them in other areas.
- Start thy purse to fattening. I am setting aside 10% of my salary immediately via direct debit into four different savings accounts. First into my daughter's JISA, second into my emergency fund, thirdly into my stocks and shares ISA and finally into my SIPP.
- Control thy expenditures. This one may sometimes be easier said than done but I am trying to control any spending that would mean living outside our means.
- Make thy gold multiply. Through the use of my ISA I am investing my savings and allowing them to compound over time.
- Guard thy treasures from loss. I don't invest in getting rich quick seems or through dodgy stocks and shares. As I don't understand the Crypto market very well I have not invested very much at all (or any in the past year).
- Make of thy dwelling a profitable investment. We have a mortgage that is currently being paid off so that eventually we can own our home.
- Ensure a future income. Other than a couple of years without from 2013 - 2015 I have had various pensions since 2007. I am enrolled in my current workplace pension scheme and have a SIPP.
- Increase thy ability to earn. Over the last year, I have been learning more through books and investing in myself. I have also switched careers and aim to make more money on the side of my main job.
As you can see I have taken something from every book I have read and will continue to do so over the next year. There are more book reviews due shortly and the next three will also have an article looking at my learning process from them. In the meantime, I recommend sitting down with one from last year's list which can be found here.
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