#97 Assessing Net Worth & Asking for Discounts

Welcoming you back with a little poem on this lovely December day:

Christmas is coming, and the goose your wallet’s getting fat…
And if it’s not don’t worry, ‘cause we’re here to help with that.

This week’s OTF has not one, not two, but three
Sections that’ll keep your wallet greener than your tree.

So if it feels a little lean, don’t let stress take its toll
Take a step to plump it up with a nice morning scroll.

As in, scroll down for THREE wallet-fattening content sections and MORE!

Let’s get it.

The Highlights This Week 📈 

FATTENING THE WALLET 💰️ 

• Making Cents of Your Net Worth

• Hustle Hub: Start a Franchise with $10K + Much More

• Cool Communicator: Ask and You Shall Receive!

ELEVATING YOUR BRAND 📈 

• The Stock Market, Habits of Wealthy People, and Google’s Weatherbot in this week’s Did You Know

BOOSTING YOUR PRODUCTIVITY 🕺 

• A Food For Thought on FOCUS

MAKING CENTS 💰️ 

Score Your Wealth: (Assets - Liabilities = Net Worth)

Short and Sweet: Certain financial experts emphasize tracking the ins and outs of where your money is going. I agree, but something even more crucial to know — your score. Meaning, what is your Net Worth…?

Q&A Time:

What is Net Worth? 

• Take the assets you own and subtract it from the liabilities you owe. What’s left over is your net worth. For example, if you own a car that is paid off and worth $20,000 and you also have $10,000 in a savings account or high-yield savings account, that gives you $30,000 in assets that you own. Then subtract, say, your $20,000 in student loans and $2,000 in credit card debt, and your left with $8,000. That’d be your Net Worth.

Why should you track your net worth regularly?

• It measures your financial progress over time.

• You can use it to identify opportunities to increase assets and reduce liabilities.

How can understanding your net worth improve your financial decisions?

• It tells you whether or not you can afford a big purchase without adding unnecessary debt.

• It shows you how close you are to reaching financial goals, like saving for a home or retirement.

• It highlights areas where you might be overspending or under-investing.

For example, if your liabilities outweigh your assets, you may prioritize paying off high-interest debt before investing. On the flip side, if you’re in a good position, you might focus on maximizing retirement contributions or other investments.

O.T.F. 
O.F.T - One Final Thought

Your net worth is not a measure of your worth as a person; it’s simply a tool to guide you to your financial score. By regularly checking your “score,” you understand the total money owned and owed. Knowing these figures in your 20s and 30s is important because it shows you are on top of your finances and have a wholistic sense of where you’re at.

Actionable Advice: Take 15 minutes today to calculate your net worth. Write it down, and make a plan to either increase your assets or reduce your liabilities. If you’re upside down (more liabilities than assets), don’t get overwhelmed. Student loans, for example, can make people feel like they’re upside down, but remember you paid for education, experiences, and other things that benefited you. Don’t get discouraged; get aware and be on the look out for opportunities where you can flip the script.

HUSTLE HUB 💰️ 

YOUR SUCCESS:

Get Started - Here are 10 franchises you can start with $10K or less!

THEIR SUCCESS:

Get Inspired - From garage to 8-figure revenue, this married couple bootstrapped their way to $$$.

YOUR SUCCESS:

Get Accelerated - When business is slow, what should you do? This article’s got you covered.

DID YOU KNOW 🕺 

• Self-Interest: Did you see Motley Fool’s recent stock market forecast? (Use this info however you see fit.)
  

• Human Interest: Did you know most people who retire wealthy have the same 8 habits?
  

• Artificial Interest: Did you hear about Google’s AI weather predictor?

COOL COMMUNICATOR 🤝 

You Never Know Unless You ASK

Here’s a simple but wildly underrated hack just in time for the holiday shopping season: next time you’re at a store - any store, buying anything (not just Christmas presents) - kindly ask the cashier, “Are there any discounts or promos I could use today?”

I’ve been doing this a lot lately, and while it doesn’t work every time, it has saved me a not-insignificant amount of money. See, cashiers often know about discounts or promo codes that aren’t openly advertised, but they’re happy to share them if you ask nicely…

So when it’s finally your turn to check out, step up and turn on the charm. Be kind. Maybe throw in a compliment. Then ask with confidence, because if you don’t ask, you won’t receive.

TL;DR Takeaways

1. Being Polite (Literally) Pays off

2. Assertiveness > Timidity - Don’t worry about hearing “No” or coming off as a haggler. As long as your kind, there’s no harm in asking.

O.T.F
O.F.T: One Final Thought

The added benefit here is that you develop confidence and improved conversational skill from interactions like this, which will pay dividends in future interactions with higher stakes.

Overcoming shyness, engaging in kind exchanges with a stranger, being clear and assertive with what you want - these are all crucial components of maximizing your potential as a communicator. So the next time you’re in a store, ask for the discount. Be confident, stay polite, and see what happens. If you get the 10% off, great; if not, you’re still growing as a person. Small steps toward a greater outcome.

FOOD FOR THOUGHT 💡 

Before You Go

We hope you enjoyed this week’s edition. Next up is our third of the month, which means AI time. What do we need to know about AI that’s relevant for this holiday season?

Find out next week!