Comments on: Self-awareness and staying engaged http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/ The Wesabe blog Thu, 14 Jan 2010 18:37:20 +0000 http://wordpress.com/ hourly 1 By: Marc Hedlund http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/#comment-3703 Marc Hedlund Sat, 28 Oct 2006 04:13:14 +0000 http://www.wesabe.com/blog/index.php/2006/10/20/self-awareness-and-staying-engaged/#comment-3703 Sean, I think you're exactly right. We actually have a feature in Wesabe that keys exactly off this idea -- given what you said, I think you might find it interesting, or at least funny. Check it out when we launch. Regards, Marc Sean,

I think you’re exactly right. We actually have a feature in Wesabe that keys exactly off this idea — given what you said, I think you might find it interesting, or at least funny. Check it out when we launch.

Regards,
Marc

]]> By: Sean McManus http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/#comment-3702 Sean McManus Thu, 26 Oct 2006 13:52:30 +0000 http://www.wesabe.com/blog/index.php/2006/10/20/self-awareness-and-staying-engaged/#comment-3702 The key to sticking to goals is to use imagination over willpower. There was one piece of goal-tracking software I saw that encouraged you to use a picture of your goal on the front page, so you saw it every day. I can't say that software worked for me, but I think the idea of visualising the outcome is valid. When you find an image that resonates, it's much easier to stick to a plan. Saving money just because you think you should is hard to do. Saving money so you can visit Australia, or take six months off work, or have the power and resources to cope if made redundant, or be able to afford a house, is much more powerful. One of the most powerful images I've seen for financial management comes from the book 'Swimming with piranhas makes you hungry'. It encourages you to work out how much you earn per hour (deducting any expenses incurred for work, like suits and travel). That gives you a time value for money. You can ask yourself, for example, is this meal worth three hours of my life? Because that might be how long you'll have to work to earn it. That's a good way to visualise the real meaning of money and also gives you a basis for assessing whether things are good value to you or not. Keeping track of progress towards goals is important, but is only truly useful if the goal is well defined and vivid in your imagination, and if you can see yourself getting closer to it. The key to sticking to goals is to use imagination over willpower. There was one piece of goal-tracking software I saw that encouraged you to use a picture of your goal on the front page, so you saw it every day. I can’t say that software worked for me, but I think the idea of visualising the outcome is valid.

When you find an image that resonates, it’s much easier to stick to a plan. Saving money just because you think you should is hard to do. Saving money so you can visit Australia, or take six months off work, or have the power and resources to cope if made redundant, or be able to afford a house, is much more powerful.

One of the most powerful images I’ve seen for financial management comes from the book ‘Swimming with piranhas makes you hungry’. It encourages you to work out how much you earn per hour (deducting any expenses incurred for work, like suits and travel). That gives you a time value for money. You can ask yourself, for example, is this meal worth three hours of my life? Because that might be how long you’ll have to work to earn it. That’s a good way to visualise the real meaning of money and also gives you a basis for assessing whether things are good value to you or not.

Keeping track of progress towards goals is important, but is only truly useful if the goal is well defined and vivid in your imagination, and if you can see yourself getting closer to it.

]]> By: Menuka http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/#comment-3701 Menuka Tue, 24 Oct 2006 00:40:53 +0000 http://www.wesabe.com/blog/index.php/2006/10/20/self-awareness-and-staying-engaged/#comment-3701 On a tangent re: Quicken, I'm trying out this not-so-new product on www.mvelopes.com that aims to track your spending vs your plan in real-time to get around that whole 'dealing with the past' issue. It's set up so you can go "Oh shit, I'm reaching my morning coffee budget limit for this month, I can either stop buying coffee or forgo my monthly manicure... hmmm" I've read the blurb and like the idea behind it, too early to say how it's going in practice as yet. On a tangent re: Quicken, I’m trying out this not-so-new product on http://www.mvelopes.com that aims to track your spending vs your plan in real-time to get around that whole ‘dealing with the past’ issue.

It’s set up so you can go “Oh shit, I’m reaching my morning coffee budget limit for this month, I can either stop buying coffee or forgo my monthly manicure… hmmm”

I’ve read the blurb and like the idea behind it, too early to say how it’s going in practice as yet.

]]> By: jolly http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/#comment-3700 jolly Fri, 20 Oct 2006 23:11:46 +0000 http://www.wesabe.com/blog/index.php/2006/10/20/self-awareness-and-staying-engaged/#comment-3700 We need shoes with built-in scales and a little LED display to tell us how many ounces/pounds we are putting on with each bite. Likewise, we need credit cards with real-time balances on them. e.g, swipe. by charging $50 for that dinner, your new balance is $2050. Oh, and if you look tomorrow, it's $2051 because interest has accrued! Or debit cards that say "your balance was $0, your $2 cup of coffee just cost your $22 because you incurred an overdraft charge!" We need shoes with built-in scales and a little LED display to tell us how many ounces/pounds we are putting on with each bite.

Likewise, we need credit cards with real-time balances on them. e.g, swipe. by charging $50 for that dinner, your new balance is $2050. Oh, and if you look tomorrow, it’s $2051 because interest has accrued!

Or debit cards that say “your balance was $0, your $2 cup of coffee just cost your $22 because you incurred an overdraft charge!”

]]> By: Marc Hedlund http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/#comment-3699 Marc Hedlund Fri, 20 Oct 2006 22:11:57 +0000 http://www.wesabe.com/blog/index.php/2006/10/20/self-awareness-and-staying-engaged/#comment-3699 Thanks, Brian! We aren't out to replace Quicken (we're looking for much simpler and easier tools, which necessitates leaving out a lot of what they do, and like I say I think they solve a set of problems I don't believe match today's needs), but I think you'll be happy with what we're working on, given what you say above. We're getting close to launch -- I'm holding off naming a particular date since the real date is, "When it's ready." But you won't have to wait long. Thanks for the feedback, and I hope what we're building winds up being what you want. Thanks, Brian! We aren’t out to replace Quicken (we’re looking for much simpler and easier tools, which necessitates leaving out a lot of what they do, and like I say I think they solve a set of problems I don’t believe match today’s needs), but I think you’ll be happy with what we’re working on, given what you say above.

We’re getting close to launch — I’m holding off naming a particular date since the real date is, “When it’s ready.” But you won’t have to wait long.

Thanks for the feedback, and I hope what we’re building winds up being what you want.

]]> By: Brian http://blog.wesabe.com/2006/10/20/self-awareness-and-staying-engaged/#comment-3698 Brian Fri, 20 Oct 2006 21:43:18 +0000 http://www.wesabe.com/blog/index.php/2006/10/20/self-awareness-and-staying-engaged/#comment-3698 I love the ideas and concepts you're putting forth on this blog - I'm truly excited to see what Wesabe will be. You're dead on about Quicken, but I can't imagine how a website can replace it. Or is it even your intention to replace Quicken? I hope at least one aspect of Wesabe will be more comprehensive and easy-to-use personal finance tracking, in addition to community knowledge-sharing. What's the timeline for launch/beta at this point? I love the ideas and concepts you’re putting forth on this blog – I’m truly excited to see what Wesabe will be. You’re dead on about Quicken, but I can’t imagine how a website can replace it. Or is it even your intention to replace Quicken? I hope at least one aspect of Wesabe will be more comprehensive and easy-to-use personal finance tracking, in addition to community knowledge-sharing.

What’s the timeline for launch/beta at this point?

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