It’s been some time now that I’ve had a proper sleepless night about money. Yes, I still have them but usually about other things.
Also the source of sleeplessness has changed.
When thinking about money, I used to have the kind of night where you drop off into a tensely restless sleep sometime after midnight just to wake up couple of hours later with your tummy in knots of dread.
It is ugly! I would never willingly go there again. Still, I remember the nights after we found out in exactly how deep trouble with debt we were. Having sleepless nights about money didn’t even start to describe how I felt. It was part of it though; for couple of years I woke up after three-four hours sleep, pondering visions of Dickensian levels of poverty and suffering. Flights of imagination are one of my inclinations; during this period they gave me visions of darkness and despair.
Now I have sleepless nights about money of a different kind entirely. It is the kind of night where you drop off to bed exhausted sometime after midnight just to wake up four hours later with the fluttering of excitement and anticipation in your belly.
This is not too bad apart from the tiredness.
So my question today is:
What are the three things that give you sleepless nights about money at the moment?
These sleepless nights about money can be because of dread or exited anticipation; I still want to know.
I’ll get the ball rolling and tell you what the three things that give me sleepless nights about money at the moment are.
#1. Planning new income streams
I was tempted to tell you that what gives me sleepless nights about money is investing but decided to be much more specific about this one.
You see, I’ve noticed that when we say investing most people – including me until very recently – thought about stocks and shares, and property. And this is not right.
Stocks and shares, and to a degree property, are an acceptable way to keep your money and get some interest. The way things are going at the moment one has to have a lot cash – and seriously, the amount of cash you’d need to generate income makes even my aspirational numbers look modest – and given the current volatility things can go either way.
This is why I’ve refocused on developing new income streams. Compound interest be damn! I can’t think of a single large fortune that was built solely on using compound interest. Large fortunes mostly come from contributing value to other people’s life (and being paid for it).
#2. Deciding what do I really want to do in the future
A personal finance blogger friend asked me the other day in which group of bloggers I’d place myself; there were five choices.
I looked at them and couldn’t find the group I belong to – you see, there wasn’t a group for meddlers on her list.
This made me think that may be the time to make a clear choice regarding what I put my efforts behind has come. The Money Principle has reached its ‘limit of growth’ at my current level of commitment.
I have to choose whether I’ll become a ‘proper’ blogger, or I’ll continue to meddle.
(What do you think? Please be honest because this is a choice that troubles me deeply.)
#3. Our sons’ financial situation
This one keeps me awake late at night and early in the morning.
I’m planning to write about it separately but my generation of people is in an interesting position.
We are in our 50s and the world is changing away from the kind of employment, job security and retirement benefits that were in place when we started out. There is no choice but to make our financial security in older age a priority.
Our children were still raised with the notions of jobs, job security and expertise. There is a small problem though: there are fewer jobs as these are being automated. Particularly in the lower competence level (lower creativity necessary) end of the spectrum, where most people naturally fit.
As a result we have to support our children financially which conflicts with the need to prioritise higher retirement savings.
Don’t know about you, friend, but I’m really caught up in this one. On the parents side, I mean (I don’t think it is easy for young people to extend their dependence on their parents either).
We give our grown up sons quite a bit of money monthly (or ad hoc). Because we have a rather large positive monthly cash flow, we can do both – support sons and build future income streams. I still have visions of our sons becoming bitter and unable to cope with the demands of life tomorrow people.
We all have sleepless nights about money be those from dread or excitement. Here I have shared the three things that give me sleepless nights about money at the moment. There is no fear and dread any longer and couple of the issues that give me sleepless nights are ones of growth and change.
My only concern is our sons’ financial situation and working out ways to support them without damaging their chance to become self-sufficient. Or our chances of a dignified retirement.