Can we simplify our finances by just focusing on what is essential right now?
Hello investing heroes,
We’re kicking off our Rask Roadshow this week, and I’m excited to meet you all on the road. We still have tickets available for some of our events over the next few months, so head over here for more details!
Over the past week, I’ve been listening to the audiobook of Essentialism by Greg McKeown, which is all about doing less but better. Greg talks about stripping all the non-essential things away, so we can spend more time focusing on what’s important.
There are many ways we can apply his ideas to our finances, particularly when things seem overwhelmingly complex at the start. If we can boil everything down to an essential question, it might help us acknowledge that we’re ready to take the first step.
There’s plenty I can share about researching different investments like ETFs (in fact, we’ve created entire courses to help you do the work), but that can lead to analysis paralysis and the idea that you need to take the perfect first step.
But what if I boiled everything down to one essential question to focus on what’s important?
💸 Here’s my essential investing question…
“Can I explain this investment to a friend?”
That’s it. It’s that simple.
This question helps me focus on the core of the investment I’m looking at, stops me from jumping into something I heard about online and pushes me to do the research.
Of course, just because I can explain it doesn’t mean it’s a good investment for me. But it’s an easy way to stay focused and avoid getting distracted by the inessential.
✅ Your turn: Do you have an essential question when it comes to your money? Write it down in your notes app, and try and apply it to your finances this week.
Here are a few examples:
- How much of my salary do I want to allocate to future me this month?
- What is one thing I’m going to learn about investing this week?
- How will this discretionary purchase I’m about to make add value to my life?
📈 Investing month on the podcast
It’s investing month on The Australian Finance Podcast, and Owen and I are tackling all those investing basics you need to take the first step. Get started with our very first episode in the series by clicking the image below ⬇️⬇️⬇️
👀 What I’ve been enjoying recently
📚 Essentialism by Greg McKeown
The book that inspired today’s newsletter has been keeping me company on the train over this past week. I’d highly recommend this to anyone wanting to focus on doing some things better rather than everything averagely.
🎧 My conversation on happiness with Declan Edwards
Do you prioritise your own happiness? This conversation with Declan, a happiness researcher and coach, got me thinking about what it means to actively work on my own happiness. This episode is jam-packed with practical activities that you can apply directly to your own life.
✨ Join us in Rask Core to keep the conversation going
What are your essential money questions?
Let me and the Rask Core 🌏 community know about it by jumping into the Community forum. It’s now only $9.99 per month to be part of Rask Core – cancel anytime! Or send us a DM on Instagram 📨
I might just share your insights in our upcoming Money & Chill episode on The Australian Finance Podcast.
Cheers to our financial futures,
