Questions to ask yourself: Do you really enjoy camping?
Are you camping for convenience and/or cost
Do your really enjoy nature
Given unlimited money would your still go camping
Types of camping:
Car camping (intermittent hotel/camping)
Wilderness camping – back packing, canoeing
RV camping – tent trailer, travel trailer, motor home
Most kids love camping
Camping comes with built-in entertainment
Equipment – the right equipment will make a big difference
Location – if you desire the most sought after places it will cost (proximity to attractions)
Meal preparation – can be a plus and a minus at the same time
The more comforts of home you desire the harder you will work
Have dedicated camping equipment and supplies
Build a family legacy, early exposure may have a lasting impact
Don’t overstay your welcome
Go with no expectations
Decision Fatigue: In decision making and psychology, decision fatigue refers to the deteriorating quality of decisions made by an individual after a long session of decision making. It is now understood as one of the causes of irrational trade-offs in decision making.
The problem with decision fatigue
Bad decisions lead to bad outcomes which will result in reduced confidence
Procrastination – no decisions often leads to a decision
Impulsive decisions – lack of logic or emotion often leads to regret
The path of least resistance is not the path to prosperity
Solutions to decisions fatigue
Routine will automate the small decisions leaving time and energy for the big ones
Put big decisions on the calendar – use time to your advantage.
Eliminate distractions – when a decision is required make sure you are in a good place
Write it down – emotions turn off and logic turns on
Don’t operate in a silo – use your support system
Have a value system – these are pre-made decisions
Your emotions make most of the decisions in your life and
our logical brain tries to create sound reasoning to support your emotional
Control: We have the elution that we control things we
actually have no control over. If we submit to the fact that our emotions are
in charge and we control far less that we think we do you can begin to put in
place a framework of a financial value system that will drive our actions.
The problem with making emotional financial decisions is we
often evaluate those decision later with logic.
How do you
know you are making an emotional based decision?
control your emotions when making financial decisions
Don’t rely on your “gut”
Pause and come at it from a different angle
Write it down – Pros and Cons (pen to paper
awakens the logical brain)
Get external opinion – hire a professional
(lawyer, agent, accountant)
Don’t marry yourself to an outcome – make it
about the process
Have a value system based on overarching rules that you can rely on for your
decision making process.
Car loan: maximum 3 year
Mortgage: paid off in 15 years
I will never pay for a service I can do myself
I will not commute more than 30 minutes
Borrowing money for things that go down in value
is not an option
Credit cards are a form of payment never to be
used for credit
I will never use the equity in my house as a
source of money
Replacements decisions are based on an items
If you do figure out a way to survive on minimum wage you actually have a superpower.
When does it make sense:
To build a career or it leads to greater prosperity
Concerns with living on minimum wage:
Not a long-term solution – deprivation will catch up to you
Living on the financial edge for an extended period of time will wear you down
Raising a family would be a challenge
Credit could be your undoing
Location is important – if you can’t solve the income equation work on the expense side
You will not be able to build wealth
Are you really being deliberate?
Why guilt free spending is important?
– deprivation is not sustainable
– bring change into your life
How much should you be spending guilt free?
– relative to your income
– on a regular interval
– not on life’s necessities
– not automated spending
– be deliberate about it
– make sure it is aligned with your priorities
– no room for personal agendas (not significant in value)
Sources of guilt free money:
– allowance – make it part of your budget
– gift money