My boy James Clear just came out with a clever new newsletter, and I thought I’d be a bit cheeky today and copy it for a fun little blog post ;)
Here’s the idea behind his latest endeavor:
“Every Thursday, I send out my “3-2-1” newsletter with 3 ideas from me, 2 quotes from others, and 1 question for you. The goal of each 3-2-1 email is to share the most wisdom per word of any newsletter on the web.”
Now I can’t say my post here will contain the most wisdom per word on the web, haha, but let’s try it out and see what happens ;)
3 Ideas From Me
I. $1,000 checking account buffer. Melanie Lockert (DearDebt.com / Lola Retreat) recently asked how much people recommend keeping in their checking accounts, and my answer to that was a flat $1,000. Enough to shield you from stupid little mistakes that inevitably pop up, but not so much where it’s impossible to start or keep topped off! It also doubles as an excellent mini emergency fund and helps you sleep a little better at night. (Just make sure you’re not someone who spends everything they see! Otherwise chop off one of the zeros and go for $100 to protect yourself from yourself 👀)
II. $20 monthly donations to places you care about. I’ve talked about this one before, but I just added the 6th organization to my list of donations and I can’t tell you how EMPOWERING (and EASY!) it’s been since implementing this idea! I tend to be good at donating and raising money when it’s a *project* I’m working on (see: Love Drop and The Community Fund), but it’s always been a personal struggle doing it consistently in my offline world until recently when I realized *automation* is just as powerful here as it is in the other areas of finance. And now just a short while later we’re up to $160/mo and getting closer to my ultimate goal of 100 organizations to give to! Woo!
III. Calculate your Lifetime Wealth Ratio (LWR). Ever wondered how much you have left out of all the income you’ve earned over your lifetime?? Get a quick reality check by dividing your net worth by the total income earned that the Social Security Administration has for you (or your own records if you’re a super nerd!), and that will give you the ratio you’ve kept. Anything from 0%-10% is suboptimal, and anything 50%+ is sublime. It’s not an exact science by any means, but it sure does put things in perspective faster! Then use it to fuel your motivation.
2 Quotes From Others
I. From Sophia Amoruso, author of #GIRLBOSS and one of the richest self-made women in the world:
“Treat your savings account like just another bill. It has to be paid every month or there are consequences.”
II. From Mookie Wilson, former Major League Baseball outfielder and coach remembered as the Met who hit the ground ball that rolled through Bill Buckner’s legs in the bottom of the 10th inning of game six of the 1986 World Series:
1 Question For You
This weekend we’ll be wrapping up an old month and moving into a new one.
What’s the ONE thing you can do this next month, that by doing so makes your finances exponentially better? Or less stressful?
There’s a great book that deep dives into this if you need some help zeroing in – “The ONE Thing” – but try your best to really think about it as 20% of the things you do usually make for 80% of your success.
Good luck, everyone! Make those dinosaurs proud!! ;)
To learn more or sign up to James’ new newsletter as I just did, click here.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!