Knowledge Bomb: Personal Finance

by soco_admin | Jun 13, 2018 | Uncategorized

If you’re like us, you just clenched your jaw and hunched your shoulders. Understandably so – it’s an intimidating topic!

At SOCO, we know members have mixed feels about finance. But we also know finance is closely connected to our stress levels, work satisfaction, retirement goals, and freedom. For those reasons, it’s worth talking about.

That’s why we gathered members together in June’s Slack Session to discuss managing money in healthy, helpful ways. We wanted to hear how members are saving up, slipping up, and working toward financial independence.

Here’s what we learned.

Finances are a means to an end

SOCO members want to rock personal finance so they can have:

• More autonomy
• Protection against worst case scenarios
• More cash to give away
• The ability to buy a family member a home
• Means to travel extensively
• Flexibility to buy sweet gear (#swag)

One word that came up over and over again was freedom.

Personal finance matters to members because it gives them the freedom to travel, take time off, work jobs they want, and spend their money how they want.

We’re human and finances are hard

Members want to dominate their finances, but it doesn’t mean they are.

For example, a lot of us blow our budget on food –

And many of us have made painful financial mistakes. Things like:

• Buying a car without calculating taxes
• Choosing universities that left us with major student debt
• Not saving for retirement until way late
• Not investing in skills, like cooking, that save money over time
• Paying business taxes late
• Cashing out retirement
• Impulse buying (we see you Amazon Prime)

All this to say, finances are hard and everyone stumbles. Even members who are very good about finances now have made plenty of mistakes – and been in plenty of debt –  in the past.

Actually using a budget helps

If you’ve ever tried to budget, though, you know: sticking with it is tough. Members experienced this and have developed frameworks, tricks, and hacks they use to stay on top of cash flow.

Seasoned budgeters also recommended:

• paying yourself first
• using apps like Quicken and Simple to help you
• Profit First, by Mike Michalowicz

Compound interest is money-making magic

There are a few ways to make quick cash, but compound interest is the real ticket to success. That’s where you grow the money you have now into more money over time.

Some really smart ways members do this:

Other compound interest tips included:

• Avoiding debt (and getting out of it quickly)
• Setting up a Roth IRA, then maxing it out while tax brackets are low
• Utilizing a 401k
• Setting up automatic withdrawals
• Saving money as soon as your start working (even if that’s 15 years old)

The holy grail: Financial Independence

When members think of financial independence, many of them think of the freedom to work on whatever they want, whenever they want, without needing income.

Thanks to this conversation, more members are working toward financial freedom and are equipped to do so. One member even upped his monthly IRA contributions within a week of conversation!

Don’t you dare miss the next Slack chat. 

Already a member? Join the #Slack_Sessions channel in Slack for details on the next hangout.

Not yet a member? Schedule a SOCO tour today – it’s free and you’re guaranteed to meet a few of our rockstars. Membership at SOCO gives you access to conversations like these and the people who contributed their smart insights.

Knowledge Bomb: Creativity

by soco_admin | May 13, 2018 | Uncategorized

We have this idea that some people are “creatives.” As if they’re a special breed of human.

We picture them as whirlwinds of color, music, and poetry. We imagine they wake up with a kind of magic, overflowing with whatever creativity is.
And then we picture everyone else. The management jobs, legal jobs and logistical jobs that aren’t, you know, artsy.
This isn’t accurate, though. People in artistic roles often feel uninspired and people in “those other jobs” are often mindblowingly creative.
At SOCO, we see this all the time. It’s why we gathered our diverse members together in May’s Slack Session to talk about creativity – where they find it, how they lose it, and how we all can cultivate it.

Here’s what we learned from each other :

The source of our creativity

For many members, creativity starts with asking a question. Curiosity about people, places, and processes lead to experiences that inspire our members.

Problems also have a way of sparking our creativity. There’s nothing like an impasse that makes us stop and look at things differently.  

And, of course, alcohol has some inspirational effects.

The bane of our creativity

Travel, reading, meeting new people, and problem solving all spark our creativity. Other factors, like clutter and micro-management, actually snuff it out.  

When asked what all dampens their creativity, members responded:

Fostering the creative spirit

As we’ve seen before, though, our members aren’t the kind to throw in the towel when something opposes them. They’ve found all kinds of ways to cultivate their creativity, in spite of forces that work against them.

Rest and boredom play a surprising role (as do nerf guns).

And when it comes to finding inspiration, our members are nothing short of relentless.

Carry on, members, carry on!

Don’t miss out on future insights.

Want to join in the next discussion? That requires you actually be in our #slack_sessions channel as a member. Check out memberships here. We’d love to chat with you!

Already a member? Awesome. Join the #Slack_Sessions channel today so you can stay up to date on the next chat!