Better Than Your Parents Had It (Education)

Another post on the OECD index and inspired by postconsumers.com timotheories? Wow, haven’t you farmed this land enough yet?

Well… No, dear readers. Technically I still have to cover off the following – education, environment, governance, health, life satisfaction, safety and work-life balance. So we’re only a third of the way in! Plus, I could write at length about all of these topics and how they relate to being a good global citizen as well as a participant in your local community (and how it relates to the arts). This is a good thing, the website is called timotheories after all, it’s all about the curating the arts and connecting seemingly disparate theories together while having fun.

And this one is sure to be a good post. Education is one of MY FAVOURITE TOPICS. Ever. Period.

The Parents Broken Dream

One of the things I’ve learned as I transitioned from being a child into an adult, and as I recount experiences I’ve had with parents, my own and others, is that every parent wants to provide their children with a life better than they had growing up.

I’m not sure if this is one of those impulses ingrained in our brains OR if it’s a social conditioning similar to the idea that we need to have a good education and a stable job in order to have a good life, but it’s out there in the ether as a theory for success. I mean, life is hard, one minute you are living the dream and the next you are blindsided at 4pm on some idle Tuesday but an event that never crossed your troubled mind.

You can thank Baz Luhrmann for that tidbit. Back to my point.

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The economic privilege of the baby boomer generation is well behind us, dear readers. Baby boomers grew up with all kinds of benefits (free educations, established unions, more vacation time, company cars and trips) that generation x, millenials, and whatever comes next can only dream about. This is a major consequence of rising house prices. House prices in the 1970s and 1980s were incredibly low and the earnings on selling those houses has been significantly more lucrative for those families than what singles and young families could hope for today. On top of that, many retiring boomers are leaving behind debts and living on reduced pensions without any savings to back their lifestyles up.

If addressing gender and ethnic privilege are key tenements of politics today, we need to add in generational privilege as well. Skiing (spending the kids inheritance) is a thing of the past.

Investing In The Future

I hope you can see where this post is headed, and if you’re a futurist, like me, than you’ll appreciate the witticism, of that heading. For those of you without the blessing and/or curse of a dry sense of humour, investing in the future is never done. It’s an act of commitment to a process, not an effort towards a goal.

the-future-now

This is incredibly important in the face of a changing world creative cuties. When you make art you are expected to focus on the details, to see the bigger picture, or to pull from both camps. Effectively learning when to use your macro and micro lenses takes time, and an investment in the process, but as you gain skills you will gain confidence and see how your contributions to society are relevant.

This article from Forbes goes over it quite well, but I’m going to summarize it quick for you –

  1.  You need an authentic and personalized network of contacts. Yes social media connections factor into this bucket, but I’m referring to mentors and professionals you rely on for key advice. Who is your career expert? Who do you go to for construction and mechanical advice? And who is your health guru? Do you have someone you can go to for general advice? Spending time each day reaching out to these people is important – it gives you a support system. Plus it feels good to help others and will teach you invaluable things about people.
  2. Live outside your comfort zone, always. Whether it’s learning to wake up early, going out to a social event once a week, or finally starting that book of songs you’ve been dreaming about for years, tapping into your vast potential yields some fantastic dividends.
  3. Get your secondary business going. Maybe you weren’t expecting to have two jobs, maybe you hate the idea of doing more than your 40+ hour work week. But let’s be honest, you are more than your job and you definitely have skills that are being underutilized. You need to make practical use of your cooking skills, your computer programming skills, your animal husbandry (awesome word choice timotheories!), I could go on. You’re not out to get rich and famous, its to continue to develop your skills and to challenge yourself.
  4. Active and critical thinking. This one comes naturally to me, I can’t help it. I think a lot about a lot of different things. If we could visually showcasing what thinking, reading, and using our minds does for our mental capacity, I’d get compliments on my brain all the time. This is not arrogance, because we all think. But we need to think actively about the future, goals, how to improve relationships and solve problems. Don’t settle for your situation, think about how to change it – then go for it.

theories Summarized

In brief, education is important. And while I suspect your instinct was that I was headed towards a post about academic learning and certification, I should be clear and state that that kind of education has absolute value, but it’s not the only way to invest in the future and given how economic dynamics are changing, we need a new game plan. That’s my theory anyway.

Tim!

Notoriously Problematic (Income)

Money is money is money is money. Everything likes to think that if they had more money all of their problems would be solved. And maybe there is some truth in that statement. But have you ever heard the old adage by the poet The Notorious B.I.G.

Mo money, mo problems.

I’m not going to point out all the obvious analogies being made in the song, I instead want to focus on a specific one, which is that as you gain more money you indeed do solve the current problems you have, but you trade up for new ones, and the risk of those problems is sometimes greater than the reward.

Which means, is it really within your means to aim for more means?

Income The Problems

I may have already written about this once or twice before, but there are a myriad of factors to consider in the OECD Better Life Index. You know what I am referring to dear readers? Where you rank housing, income, jobs, community, education, environment, governance, health, life satisfaction, safety, and work-life balance. Those are all pieces of the puzzle, and as I’ve mentioned previously, they vary by importance from country to country in how we measure well-being.

Inspired by this concept and following the footsteps of a post I wrote up on the website Postconsumers and how they view health and wellness, I realized there is a great way to address these factors. Writing dedicated posts to each topic. And today I want you to consider the second of these points, your income. This is a difficult topic to write about because, generally speaking, we are very protective of sharing what we make with others, and for good reason.

When we reveal our incomes certain things can happen. You associate your identity with your income for starters, and depending if you make more or less than others it can swing you upwards into arrogance or downwards into submission or depression. People will target you as a source of wealth and liquidity, which means you might get gamed by strangers or expected by friends, not to top judgment on how you spend your money. And it also puts you into the spotlight with business and agencies.

And if you have to share you income be prepared. If you make within a certain median grade for your job description, it’s less likely for you to be targeted when the situation calls for a share and care session.

Incoming

It is important to figure out what a health income is for you, you don’t want to make money just so you can now spend it on things that you don’t really need. That’s counter to the purpose of the wisdom being imparted. However, I do disagree with the notion that you should settle for a certain income just because you don’t know how to get to it.

But maybe that’s not the issue here, you could just not see the value of additional income. Consider this theory for a minute.

If you spend more than you earn, you have negative money, correct? Conversely, if you spend less than you earn, you have a positive flow of cash into your personal finances. Which means you can pay off debts if you have them OR if that is not the case you can begin to invest into retirement or other personal goals you have. As a for instance, you could buy a car outright and avoid the financing costs OR get a brand new iMac upfront with no credit card fees.

Being frugal allows you to move towards wealth, which can make you independent and allow you to focus on your positive contributions in the world. Say by travelling to areas of the world, making art, performing in theatre or going on a comedy tour.

I’m not going to dive deep into how exactly you increase your income, a lot of the time it’s a result of limiting spending and investing money, but here are some key examples that you can look into, and an article that details it better than I could do in this post space.

 

  1. Max out your salary – negotiation, raises, and planning are key, maybe a second job
  2. Get an education – stats prove those with better education earn more
  3. Monetize your hobbies – mystery shopping, photography, and baking for starters
  4. Start a side business – you choose the commitment level, and can earn much or little, blogging too
  5. Real estate – it’s complex but you can be an investor, landlord or combination thereof
  6. Selling old things – it’s not a one-to-one return, but old items get new use, and you get some money

Again, I’m not rolling in the dough by any means dear readers, but I’ll let you in on a secret, I have done or am currently doing all of the six things I’ve listed out for you. You can live the lifestyle you want, you just have to commit to it and like the author of this GetRichSlowly article I referenced says, if you are willing to make some sacrifices, you can make more money than you do now. But hey, that’s just a theory.

Tim!