HIP Monthly Round Up {July 2017}

There are so many awesome bloggers and people sharing their lives and ideas around the world. I try to curate the articles and posts others write that would pertain to the target reader here.

Parents, high income earners and those that fall in both category will benefit from the articles listed in the HIP Monthly Round Up. I try to find content that is relevant to raising our kids, helping our kids with finance and helping their parents make responsible financial decisions.

Without further ado, let’s get to it.

 

The Round UpHIP Monthly Round Up {July 2017}

As most of you know by now I like thinking about how we (human beings) think. I try to understand why we do the things we do so that I can avoid mistakes and capitalize on the advantages. FullTimeFinance reminds us about the Sunk Cost Fallacy in What is the Sunk Cost Fallacy?

It’s something we should understand, especially when it comes to investing and why we should avoid becoming victim to it.


I’ve dabbled in real estate investing. It’s mostly gone well but I’ve had my fair share of troubles. Anytime I want to feel better about my minor problems I just cue up FinancialSamurai’s post called The Worst Landlord Horror Story: You’ll Never Want To Own Property Again. This one will make you feel good about only needing to clean some carpets after a tenant moves out.


Taking care of our kids is not free.

We want the best for them, but it can also get out of hand if you don’t take care to watch expenditures. I thought it would be an interesting experiment to try some of the ideas BudgetonaStick shares in Frugal with Kids. I’m anxious to see if my kids give me some crazy looks or like me copying some outside the box thinking. One on the list is going to the Library and we already do that a ton. It’s awesome. I don’t know why everyone doesn’t get a huge amount of their entertainment there.


 


ApathyEnds does a great job of breaking down the eternal debate of Should you focus on Increasing Income or Cutting Costs?

Around these parts, most of us have already done a great job of increasing income. If we aren’t able to meet our financial goals, then maybe cutting costs is the next step.


Peter over at BibleMoneyMatters host a guest writer named Melissa. She writes on a topic that many parents will consider. I think most of us plan for our kids to go to college. Most of us went to college and it seems like a natural progression. There are always two sides to every coin. I think it’s good to consider the 4 Reasons Why You Shouldn’t Be Afraid To Let Your Child Take A Year Off College. It might be the right choice.


Financial Panther is reminding us to Be Comfortable With Being Uncomfortable.  Although that seems impossible, it’s something I preach to my kids and remind myself to embrace. I think it’s a real key to growth and success.


 

Inspiration

Meet Laura Dekker. Laura Dekker circumnavigated the globe in a sailboat solo. She made the announcement in 2009 and started her journey from the Netherlands in 2010. 15 months later she set foot back at her home after traveling in her 38-foot ketch completely alone. No chase boat and no camera crew accompanied her.

Meet Jordan Romero. Jordan scaled the tallest mountain in the world in May of 2010. He’s also climbed the highest mountains on every other continent. This includes Kilimanjaro at 19,340 feet of elevation and Denali in Alaska at 20,320 feet. Don’t forget Vinson Massif in Antarctica. He conquered that one too.

Meet Thomas Gregory. In 1988 he swam the English channel. It took him 11 hours and 45 minutes but he left France and arrived at Shakespeare Beach in England a little under 12 hours later.

Meet Louis Braille. You’ve probably heard of him, but he is responsible for creating the system of writing for the blind. He became blind at the age of three after an accident with leather working tools. Reports state he took two to three years to develop the language that is wide spread today.

Meet Willie Johnson. Willie was given the Medal of Honor, the military’s highest distinction by President Abraham Lincoln after heroism in battle during the civil war.

 

What’s the Big Deal?

At this point, I’m sure you are impressed but also asking what’s the big deal? The thread that all these exceptional individuals have in common is every one of them was under the age of 16 when he or she accomplished these amazing feats of courage, bravery, physical and mental triumphs.

I remind you of these amazing “kids” because it helps me realize what our own kids can accomplish when they put their minds to a task. Most of these kids had parents behind them backing them and encouraging them all along the way. Laura Dekker’s dad had to go to court for almost a year to allow her to take the sailing circumnavigation attempt. They risked her being taken from his custody.

I’m not saying every parent should push their kids to do something they don’t really want and make our kids live our own dreams. I’m saying if our kids come to us but we are scared or worried about helping them accomplish their dreams, maybe we should put our worries aside and see how we can help them make those dreams happen. It might take a lot of planning. It might take helping them work hard to earn money or knowledge to have the ability to accomplish their dreams.

Jordan Romero got the idea to summit all the continents highest mountains from a poster he saw in the hall of school one day. Sometimes that is all it take and greatness erupts from those little nudges.

We don’t have to turn our kids into world record holders, but encouraging them to dream and use the position, income, and networks we have as parents, we can help them achieve their dreams and goals and experience that unbelievable joy with them.

 

Thanks for a great month,

Tom @ HIP

 

Tom
Tom is a doctor, husband and father of five with a passion for parenting and finance. When he isn't skateboarding, riding BMX, or jumping on the trampoline with his kids, he is reading and writing about personal finance. He helps high income parents educate and mentor their kids to become financially, emotionally, and intellectually self sufficient.

4 Responses to “HIP Monthly Round Up {July 2017}

  • Thanks for the shout out! Lot of MN bloggers in the mix

  • I am with you. Let your kid find their passion and dream. If you are in a place to help them get there do it. They will end up better for it and it can end up being amazing for everyone involved. Good round up as always. Kids are amazing and I can’t see what ours all end up doing.

    • It is really awesome to see them do something you would think they have no business doing.
      It’s hard to put aside your own concerns sometimes and help them achieve amazing feats. It takes some effort but is well worth it.

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