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  • 2 Lessons from a Timeless Parable, 3 Reasons to Check Your Credit Report, How to Stop Working So Much, and More

2 Lessons from a Timeless Parable, 3 Reasons to Check Your Credit Report, How to Stop Working So Much, and More

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Read Time: 4-minutes

Happy Saturday,

Here is this week’s edition of 6-Point Saturday — financial insights to help you make smarter money decisions.

Let’s get into it.

Point #1 — A Parable: The Monk and the King’s Minister

Two close boyhood friends grow up and go their separate ways. One becomes a humble monk, the other a rich and powerful minister to the king.

Years later they meet. As they catch up, the minister (in his fine robes) takes pity on the thin, shabby monk. Seeking to help, he says:

“You know, if you could learn to cater to the king you wouldn’t have to live on rice and beans.”

To which the monk replies:

“If you could learn to live on rice and beans you wouldn’t have to cater to the king.”

What a reminder of the total costs of acquiring wealth.

2 lessons here:

  1. In a culture that tends to overemphasize material things (to say nothing of status and power), it’s worth reexamining the tradeoffs occasionally. In this context, particularly whether simplifying might bring more happiness.

  2. This isn’t to demonize striving for material things, of course. It’s more of a call to make sure you’re prioritizing the things that bring you the most overall value in life.

Otherwise, you might find yourself serving the wrong “King.”

Point #2 — 3 Reasons to Regularly Check Your Credit Report

Maybe you think you don’t need credit in the near future…

Or you simply don’t feel you have enough time right now to check your Credit Report.

In any case, it’s important to review your Credit Report periodically. 3 reasons why:

  1. To detect fraud or identify theft: by spotting bad actors early, you can take quick action to limit damage to your finances.

  2. Spot and dispute errors: you can identify incorrect late payments and any typos or errors in reporting.

  3. Find ways to improve your score: your credit report gathers all of your credit in one place to easily review and track. For example, you can monitor your credit utilization rate (how much of your available credit you’re using) which is a major factor (30% for your FICO score) in determining your Credit Score.

I recommend checking your Credit Report at least annually. The good news? You can get a free weekly credit report from each of the 3 major credit bureaus (Equifax, Experian, and Transunion) at www.annualcreditreport.com. Requesting your credit report does not impact your credit score.

Point #3 — How to Stop Working So Much

The Wall Street Journal published 2 pieces recently that caught my eye. A few snippets from each…

The first ($) covered how Americans are working longer hours:

“The number of meetings people logged after 8 p.m. over the 12 months through February, in fact, were up 16% from the year before, according to new data from Microsoft on the activity of millions of workers who use the company’s business applications. By 10 p.m., nearly a third of them were back in their inboxes after pausing for dinner or home duties.“

“Mentions of burnout by employees on job-review site Glassdoor, meanwhile, jumped 32% in the first quarter from a year earlier, hitting their highest levels in nearly a decade.”

“A cooling white-collar job market has made it harder for others to push back on more work. In a Gallup survey of more than 10,000 workers last summer, 63% said they had been asked to take on additional responsibilities, up from 47% in early 2023.”

The second, shared tips for “How To Say No At Work” ($) for help setting better boundaries:

“…As human beings, we are hardwired to help and conditioned to be cooperative. We believe that saying yes means we’re a team player, a good friend, a successful professional. Refusing seems like it isn’t an option and will bring terrible consequences.

But saying yes to things we don’t want to do also has terrible consequences—it can make us unhappy and resentful.”

1. “First, do some self-examination: Figure out your principles and set rules for sticking to them. You might set up a rule to maintain the quality of work you do: ‘I don’t take on new projects till I am well under way with my progress on the ones already on my plate.’ Or establish a personal policy that helps you maintain better work-life harmony: ‘I don’t take calls or meetings after 6 p.m. or on the weekends, because that is family time.’”

2. “Then, when you do refuse, frame your response with empowered language. For instance, use ‘I don’t,’ not ‘I can’t,’ which signals that your ‘no’ stems from who you are and the rules you have set for yourself. Communicate that the refusal stems from our core principles rather than mere convenience.

‘I can’t’ suggests helplessness and temporary obstacles. When you say ‘I’m sorry, I can’t,’ it often raises the question ‘Why not?’ and invites negotiation. Also, don’t give excuses when you say no. It invites questions. Instead, be firm and resolute. If you say, for instance, you are too busy now, you leave the door to the other person asking again.”

Point #4 — Jobs A.I. Might Create

Some of the biggest companies have been announcing layoffs or hinting at downsizing their headcounts because of A.I. efficiencies.

Recently, The New York Times looked at this trend in their article titled “A.I. Might Take Your Job. Here Are 22 New Ones It Could Give You.” ($)

“Commentators have become increasingly bleak about the future of human work in an A.I. world. The venture-capitalist investor Chris Sacca recently went on Tim Ferriss’s podcast and declared that ‘we are super [expletive].’ He suggested that computer programmers, lawyers, accountants, marketing copywriters and most other white-collar workers were all doomed. In an email to his staff, Fiverr’s chief executive, Micha Kaufman, added designers and salespeople to the list of the soon-to-be-damned.”

A major challenge is determining which jobs will be created by AI.

But rather than “sticking our heads in the sand,” let’s look at 3 broad areas the article explains where AI may create jobs:

“If we want to know what these new opportunities will be, we should start by looking at where new jobs can bridge the gap between A.I.’s phenomenal capabilities and our very human needs and desires. It’s not just a question of where humans want A.I., but also: Where does A.I. want humans? To my mind, there are three major areas where humans either are, or will soon be, more necessary than ever: trust, integration and taste.”

1. Robert Seamans, a professor at New York University’s Stern School of Business who studies the economic consequences of A.I., envisions a new set of roles he calls A.I. auditors — people who dig down into the A.I. to understand what it is doing and why and can then document it for technical, explanatory or liability purposes. Within the next five years, he told me, he suspects that all big accounting firms will include “A.I. audits” among their offerings.

2. Given the complexity of A.I., many of the new jobs will be technical in nature. There will be a great need for people who deeply understand A.I. and can map that knowledge into business needs.

Seamans calls this group the A.I. integrators: experts who figure out how to best use A.I. in a company, then implement it.

3. It will remain a human’s job, of course, to tell the A.I. what to do. But telling A.I. what to do requires having a vision for exactly what you want. In a future where most of us have access to the same generative tools, taste will become incredibly important.

When creative options are nearly limitless, people with the ability to make bold, stylish choices will be in demand. And this will be true not just for creative industries such as writing, filmmaking and advertising but for business of all kinds. Knowing what you want — and having a sense of what will resonate with customers — will be the core human role in developing products and systems.

Rather than go away, in the future, the term “designer” might actually grow to cover a whole range of jobs in which a person’s main function is to steer A.I. to create something compelling — a product, a service, a process — based largely on their taste.

Point #5 — Quotes of the Week

Our mindset around work, productivity, and motivation directly impacts our ability to build wealth and enjoy the process…

This week’s quotes highlight the power of your internal dialogue and perspective on productivity.

To building a mindset that makes productivity feel easy and enjoyable.

Point #6 — My Questions of the Week

What's 1 area of spending that brings you a disproportionate amount of joy? Are there ways you could find to spend more in this area?

Reply to let me know! I read all responses.

Thanks for reading — I hope you found a helpful idea or two.

I’ll see you next Saturday with more.

Have a great weekend,

Benjamin Daniel, CFP®

Founder, Money Wisdom

P.S. Want to take control of your money (and stop stressing)? Here are 2 ways I can help:

  1. Financial Health Check: Get your biggest money questions answered, understand where you stand financially, and get a personalized action plan from a CFP® professional. Book a free Intro Call here (or purchase today) to see if you’re a good fit.

  2. Financial Coaching: If you’d like some accountability in getting your finances into shape, engage in financial coaching. Build the habits & systems to help you start building wealth, pay off debt, and feel confident about achieving your goals. Reply to this email and say “Coaching” to join the waitlist.

Disclaimer:

This material is not investment or tax advice. No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading this material can be accepted by the publisher.

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