Working people worldwide are experiencing unprecedented levels of financial change and emotional uncertainty due to the corona virus pandemic. This pandemic has caught us off guard and resulted in working people everywhere either working from home, working under extreme circumstances or just working reduced hours providing essential services, health care, and just overall care.
“Having issues isn’t the absence of victory in our lives. It might be the very call to action needed to get you started to victory.”~Terkeurst
Difficult times, often force us to evaluate what financial success is and looks like –particularly when they are not of our making i.e. catastrophes, occurrences beyond our control, COVID-19. The amount of income needed for financial peace varies per family, per person and per lifestyle. However, for working people at all financial levels, challenging times like these encourage us to assess and reassess what is important.
How to be Financially Successful
No matter where you fall on the income spectrum, feelings of extreme, financial and emotional uncertainty is on the rise and permeating our lives; the lives of working people worldwide. Those who are familiar with my work know, I strongly believe “Money is Emotional!” Our feelings partner with our spending habits. Hence the reason I speak about and offer solutions simultaneously in the arena of both money management and money matters, a combination that actually transforms lives when we recognize and differentiate between the two.
Connecting the Dots
Connecting these dots (money management and money matters) is the dynamic duo and the key to what I call trans-formative financial education and money behavior. Conversely, I believe it is the missing dot in the larger field of money management.
I believe these “commandments” will help you get through both unstable and stable economies, stable and unstable times, COVID-19, emotionally and mentally strong. I have used these principles to build wealth, weather financial storms and enjoy mostly ‘sunshiny’ days! Here are the 10 commandments I have taken to heart and practiced to build a great life. I believe they will help working people worldwide do the same, even in the midst of the corona virus.
Health care providers, first- responders, retail workers, law enforcement, mail carriers –We salute YOU!
Thank you for your service!
10. Thou shalt not seek shortcuts!
We live in a world of microwave and fast food, where we want everything we eat or desire instantly! We want it all NOW! Financial success. Weight loss. Achievement of Goals. However, it is impossible to gain wise application of knowledge, wealth management and favorable results without going through what I call, the process. For most working people, financial success begins at the ground level long before we even reach Step 1. The ground level is where you learn how money works, how to be a savvy shopper, how to build financial character…
Get Rich Quick
For example, taking the minimum wage position at the fast food restaurant around the corner teaches humility and character development that only comes from starting small, struggling, failing, as you earn your rise up the ranks. The tricks and traps of shortcuts trips us up on our path to wealth building and lead us down a road very different from our initial goal. (tongue twister intended) “Easy” success, get rich quick notions, get stuff without merit and putting in the work are distractions that tend to hinder and prolong good success.
It is in the long runs where we learn to problem solve, persevere and rebound through tough times. Better to learn these lessons about financial stewardship while managing minimum resources, working the minimum wage job, making mistakes, receiving constructive criticism, and performing your best, with a good attitude.
Learning these life and heuristic lessons while working the minimum prepares you to manage and keep the maximum.
9. Thou shalt create a written, strategic financial plan!
Research proves people who write their goals have an 80% higher success rate than people who don’t! In the midst of these uncertain times, now is a perfect opportunity to either create or reassess your financial plan as we self-quarantine. What do you want most out of life? What is the best route to take? What skill-set and training will I need? What is the best route to get to my destination safe and sound? In all of my books and blogs, I ask you to clearly define your dominant passion and develop a road map to achieve. Set SMART goals: goals that are specific, measurable, attainable, realistic and timely. What better time to start than now while we are being commanded to stay home!
“Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree.”Martin Luther
8. Thou shalt SAVE!
Saving for your present and future is a deliberate, premeditated and thoughtful act. Strategic saving and allocation of dollars to the 3Rs: Responsibilities, Recreation & Retirement will take you far. Small financial seeds planted today become money trees tomorrow. Never despise small beginnings.
Never Consume All Your Wealth
A key component to financial success is to never consume all your wealth. In other words, never spend all you make. Start saving today, even if that means putting your coins in a gallon jug. And remember to guard or protect assets saved and acquired.
Save: Pennies. Nickels. Dimes. Quarters.
Let’s create a financial habit of just “having” without the emotional stress of saving a certain percentage of your income, saving for a specific cause or emergency. Just save stress free and as with any habit, the more you do it, the more you want to do it and the better you become at it. Practicing this technique of saving your coins weekly will ultimately lead to increased amounts saved. Do it in community, involve your children, family members, friends and watch everyone’s quality of life increase..
What you spend time doing is what you become good at doing!
~Timolin R. Langin
HOMEWORK CHALLENGE: Working people worldwide: Let’s save our coins as a community for 90 days. Share your interests and comments below. We will determine a start date together.
7. Thou shalt be whole!
Financial gurus rarely speak about the emotional underpinnings of poor spending practices. A high jacked heart can hurt your hutzpah! I truly believe every human being has a hole in his or her heart that leads us to either overspend, overeat and/or overindulge in some bumbling behavior. Here are some examples of what I mean when I say our feelings and spending habits, work hand in hand leading to retail therapy:
Broke up with your mate. Bosses yelling. Children misbehaving. Buy Designer Bag.
Got the promotion. Overjoyed with vacation-planning. Purchase new wardrobe.
Joneses got a new car, the house you want. I want one too.
Bored. Angry. Hurt. Online shopping will take my mind off things.
In times like these we must have a rescue plan in place; a plan that does not involve spending.
Alternatives to Spending
Consider these options: walks in the park, talks with friends, sing loudly, sing badly, dance like no one is watching, talk to God or your Higher Power! All are great medicine for your soul and lend themselves to a healthy wallet and waist!
6. Thou shalt leave a legacy.
Wealthy people desire to leave a legacy for generations. Working people should consider doing the same. Generally, we believe leaving a legacy means leaving a financial inheritance only. Whether you leave a million dollars or a thousand dollars, legacy entails so much more. The legacy should be coupled with the dissemination of family values, family traditions, family practices: particularly the wisdom, the stories, the pain, the impetus that created your family wealth. It should also be in writing, be it a will, living revocable trust or at minimum a notarized statement. Far too many people of all elks leave this earth without allocating their assets.
To prevent the “from rags to riches stories” where 70% of wealthy families lose their wealth in the second generation and 90% in the 3rd, I believe the emotional and educational components of wealth building must begin in the early years of child development.
Family Values Lead to a Legacy of Wealth Building
I believe family values, traditions, practices and concrete money/experiential finance lessons can be taught in a fun, age appropriate ways that even elementary aged children can easily grasp. Teaching and providing the young, the old, all loved ones and providing them with opportunities to learn and practice your money tools, your work ethic, your core values through work-study opportunities will decrease concerns about wealth squandering and work wonders in the passing and maintaining of your family legacy for generations.
Scriptures says “Train up a child in the way he should go and when he is old, he shall not depart!” Or risk the alternative which can perhaps be summed up in the words below:
“What we obtain too cheap, we esteem too lightly.”~Thomas Paine
5. Thou shalt read a minimum of 30 minutes per day!
At first glance, it’s easy for us working people to think family life, work life and living life make it difficult for us to read 30 minutes every day. However, it is by reading and studying we gain heuristic knowledge, witty ideas and insight, marketing and other skills necessary to create multiple streams of income, by learning high achieving strategies from the failures and successes of another, without having to experience all their growing pains.
Make the daily reading a fun, family activity by setting aside and scheduling 30 minutes every evening, where everyone in your home reads self-selected books and set the timer to reflect seriousness. Self-directed family reading time is one of the best ways for everyone to soar in business and bond as a family.
One of my favorite slogans I frequently shared with my first graders says:
“What you Learn is what you Earn!”
~Timolin R. Langin
4. Thou shalt enjoy life!
Working people are so busy making a living, we often don’t make time to live! Following these 10 commandments mean you are being a wise steward of your financial resources and making pretty good life decisions overall. So, I recommend you schedule to 5, 10, 15 minutes per day, every day to do something you absolutely love, starting now, especially in the angst of the corona virus.
Reward yourself with free virtual tours of museums and other places you’d like to visit in your country or abroad, Zoom happy hours, whatever you like. For me the time is always right for karaoke, even by way of Zoom since COVID-19 commands us to stay home.
I am looking forward to driving 20 miles along Pacific Coast Highway to my favorite beach town for my first overnight stay overnight in Malibu, the place I visit often to enjoy a different experience. Make doing something you enjoy a part of your daily and weekend life! We working people are supposed to have plenty of FUN!
Rihanna fan, Ratoya Banks shows us how to take a break from the seriousness of the Corona Virus and feel good while we are physically distancing; think social connection via Zoom and YouTube in this season.
3. Thou shalt GIVE!
You have heard it said,
“It is more blessed to give than to receive.” Amen.
It is also a secret to success living overall, including financial success.
Most wealthy people, billionaires have established philanthropic organizations for the sole purpose of helping others. Millionaires tend to volunteer 5 hours or more per month giving back.
Check out this interview with billionaire Chamah Palihapitiya by Stanford Graduate School, which embodies the ‘spirit’ of Timolin’s 10 Commandments of Financial Success for Working People worldwide. Chamah Palihapitiya admits to emotional struggles with insecurity, the importance of the slow build (not taking shortcuts) and more to building and living wealthy lives.
Money Mindfulness Disclaimer: He curses…
How shall working people give?
Give of your treasure, time and talent! Your giving can be in the form of your treasury, financial donations, or coupled with time; time spent at your elementary school or a cause dear to your heart, sharing heuristic knowledge, sharing how you overcome obstacles, sharing the keys to your success…
Share what you’ve been reading about and how reading those books helped you on your life’s journey. We all need to be reminded that there is no such thing as overnight success for most high achieving people. Let listeners know how much time and work are required to perfect, even your natural, God-given talent, ability and skill-set. I have discovered in the process of giving, I walk away feeling blessed by being afforded the opportunity to help someone and perhaps, having a heart to give is the reason for my blessings.
What percent of millionaires volunteer 5 hours or more per month?
2. Thou shalt invest—OWN something!
True financial gain, financial success comes through the portal of Ownership! Ownership at minimum could start with buying the place you call home. It could also involve owning a side business or being self-employed. Have you ever thought about being an employer? Many people maintain successful careers while also creating and sustaining other income streams. We touched on the importance of having multiple streams of income to support ourselves. This was true pre-Covid 19 and considering the latest news regarding job loss, it will be more important than ever, post -Corona virus.
Never fear as we know that it is in times of hardships and difficulties many successful business ventures begin.
Of course, there are numerous investment vehicles ranging from real estate to stocks and bonds, crypto-currency and more. Keep in mind all investments involve risks and should never be taken lightly. Read, research and seek counsel to discuss your specific and individual need. I am not suggesting a particular investment, just information. Again, consult your financial adviser to discuss your specific and individual investment strategy.
1. Thou shalt marry the right person!
One of the greatest asset protection, the greatest keys to financial success, the greatest indicator of life success is to marry the right person. In fact, I speak from experience when I say, (I believe) it is the second biggest life decision you will ever make and when made lightly, it can lead to financial and emotional ruin.
Whom to Marry
Whom to marry should be both a “head” and “heart” decision. Head decision sounds more like this, the more aligned our belief systems, core values and financial values; the more likely we will remain married. Heart decisions are made based on love, love-like feelings, looks, likes, goo- goo eyes, etc.
I believe both “head and heart” matters matter in marriage and are essential to maintaining healthy relationships and families that stay intact.
When it comes to relationships my motto is “opposites attract, but similarities keep you together.”
Marry the person who shares your same faith, financial fitness and key daily habits. Doing so will keep you on the path of the Good Life.
May Implementing these commandments help you increase not only financial success, but success in all your life endeavors.