Opinions: The Lowest form of Commodity and how to Listen to the Only Voice that Matters in your Financial Journey…Your own

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If I had a dime for every opinion I've ever heard, I’d have—well, a very heavy bag of dimes but not much else of value. It's ironic, isn't it? Here I am, penning my thoughts on how opinions should be handled with caution and care as if my very meta opinion could shift the course of human discourse.

In this post, we'll explore why opinions are often considered the lowest form of commodity and how crucial it is to stick to your own voice, especially in the turbulent journey of managing your finances. As a personal finance blogger, I share my opinion on money management. But that's just it, an opinion. I genuinely hope to put out good, solid information backed by well-researched and time-proven strategies that have helped thousands of people, including myself, to get control of their finances. My intent is always to provide you with information that you might not have considered while explaining how it is helping me achieve financial independence.

As I've said before, personal finance is exactly that, personal. In this journey you might not know where to start or what to do. But by scouring the Internet for answers you have actually done at least one thing right, and that is to venture and learn. I encourage you to keep doing so. As you learn more and more about how different people manage their money, you'll start to realize what truly feels right to you and your specific situation. My goal for this article is that you’ll discover why sticking to what genuinely feels right for you is not just an option—it's a necessity to have a truly fulfilling life.

The Influence of Opinions on Daily Life and Financial Decisions

Ever notice how strongly opinions shape our lives, often without us realizing it? It's a bit like being in a crowd and not knowing if you're moving because you want to or because the crowd's pushing you. The opinions of those around us impact every aspect of our lives, from relationships to money matters. Now let's dive into these influences more closely.

Why are opinions the lowest form of commodity? Because everybody has one. The value of a commodity comes from its scarcity and its need in society. Take gold, silver or fuel. There is a finite amount on our planet and the less of it there is the more valuable it becomes. Opinions on the other hand have less inherent value because everyone and their mother has something to say. It's up to you to take what people say at face value or to do your own diligent research on the topics that interest you; in this case, personal finance.

Impact on Personal Relationships

Opinions from friends, family, and colleagues often carve our choices and behaviors. Have you ever found yourself doing something just because everyone around you thought it was a good idea? It's common.

• Friends' Advice: Sometimes, you might seek advice from friends about personal life choices. This advice can significantly sway your decisions, even if it's indirectly. People often conform to fit into social circles.

• Family Expectations: Family expectations can also weigh heavily. Maybe your family expects you to follow a particular career path or achieve certain milestones. Their opinions can shape your decisions, sometimes making you go against your own desires.

• Colleague Influence: At work, colleagues' perceptions can impact your choices. You might find yourself taking on tasks or setting career goals influenced by what others deem important.

It's essential to pause and check if these decisions align with your true self. In my experience, I didn't even know what I truly wanted for myself until a bit later in life. Family and friends that form your inner circle will always carry a lot of influence while you figure it out. And why not? They love you right? You trust them right? They have your best interest in mind, right?

Remember, staying true to yourself is vital for genuine happiness in relationships. I can say that in my case, family expectations were a big influence in my life as I was growing up. I love my family and I know they meant well when encouraging me to follow a path in medical education. However, had I taken the time to listen to my inner voice and actually analyzed if that path was right for me, I probably would not have taken out half a million dollars in student loans just to finish a degree I'm not even using.

Financial Influence

When it comes to money, opinions can be even more persuasive. Financial advisors, media reports, and even social media chatter can influence how you manage your money.

• Financial Advisors: You might lean on financial advisors for investing, savings, and retirement plans. While their expertise is valuable, it's important to cross-check their advice with your personal goals.

• Media Hype: The media often plays a huge role. Market trends and financial news can drive sudden changes in investment choices without much thought to long-term impacts. Are you considering buying a stock just because it's in the news? It's a common trap.

• Social Media: How about those trending financial tips you see on social media? Platforms like Reddit can create a buzz around certain investments, influencing many to follow suit without proper analysis.

For instance, according to Psychology Today, emotions and social norms heavily impact financial choices. Often, the opinions circulating in your social circle or on a popular platform can make you second-guess your financial decisions. This is why this blog exists; to help you weed out the noise and find a personal financial path that not only makes sense to you, but drives you to build wealth and feel in control of it.

Balancing opinions with personal research and self-reflection is key. Trace your financial decisions back to your own values and goals. Only then can you ensure they align with what matters most to you in your financial journey. As I started my journey I didn't know how to even begin. But I did know one thing, and that was that things had to change.

I had two options, stay the course and resign myself to the idea that this was my life and nothing would change that, or listen to my inner voice that there had to be something better and take a leap of faith and change the trajectory of my life myself.

Links for further reading:

• The Psychology of Money: How Our Behaviors Influence Financial Decisions

• What Is True About Emotions and Financial Decisions?

Staying True to Your Values

In a world overflowing with opinions and advice, how do you maintain loyalty to your core values? It's easy to get swayed by external pressures, but staying true to yourself is critical for genuine happiness. Here’s how you can ensure your actions align with what you profoundly believe in.

Defining Your Core Values

Understanding your core values is the first step to staying true to yourself. But how do you identify them?

Imagine you're holding a lantern in a dark room, where the light illuminates only the things that matter most to you. Your core values are like this lantern, highlighting what’s essential and helping you navigate choices.

Here’s a simple way to define your values:

• Reflect on Your Experiences: Think about moments when you felt proud, satisfied, or fulfilled. What values do those moments reflect?

• Group Similar Values: Terms like honesty, integrity, and genuineness might cluster together. Choose a word that represents each group.

• Prioritize: Decide which values are non-negotiable. These are your cornerstone values.

As I went through college and learned medical terminology and its application I enjoyed it! But when it came to practice and taking care of patients it was a struggle. All the possible scenarios of what could be wrong with the individual came to me and I felt paralyzed by the analysis I was doing. That, compounded by the fact that a decision needed to be made because the next patient was coming in 20 min caused me anxiety and a sense of personal failure.

But I couldn't give up now! I have worked so hard for so long! What would my family, who believed in me, say?

These are the thoughts that plagued me. We don't want to disappoint our loved ones. However, over the years I've found that what they ultimately want is to see us succeed in whatever makes us happy. Your family and personal circle of influence is particular to you, but what needs to be clear to you as an individual is what truly motivates and moves you. Whatever you do, what you value should never be compromised.

For a deeper dive into defining your values, check out How To Stay True To Yourself for guided exercises and reflections.

Resisting External Pressure

Resisting external pressure to conform can often feel like swimming upstream. But remember, it's your river; only you decide its flow. Here are some strategies to stay firm:

• Set Clear Boundaries: Boundaries are like riverbanks — they prevent overflow and direct your flow. Make it clear what behaviors you will and won’t accept from others.

• Communicate Your Values: Don’t keep your values a secret. Communicate them openly. Not only does this assert your stance but it also attracts like-minded individuals. LinkedIn discusses why integrity and courage are essential for leaders.

• Reflect Regularly: Consistent reflection helps keep your values in check. Regularly journal or meditate on whether your actions align with your core beliefs.

• Seek Support: Align yourself with mentors or peer groups that respect and share your values. It's easier to stay firm when you have a supportive circle.

One thing that helped me to find the course of action that was right for me was actually reflecting on what I truly wanted, what truly made sense to me. Once you find that out, then all of a sudden a plan starts to form in your head that has a clear path on how to accomplish your goal. You may not know all the details of how to get it done, but you have a way forward. It may not be a popular idea among your family and friends, but it doesn't have to be; they don't put on your pants in the morning… you do!.

This is when you as an individual start growing the backbone to let all who feel they know better… thanks, but no thanks. Again, they say things to you with the best of intentions. But if you don't take action on your own ideas and forge your own path, you will never feel truly self-actualized.

By defining your values clearly and resisting external pressures, you pave the way for authenticity in every aspect of life. Remember, staying true to your inner voice isn't just about knowing your path—it's also about walking it confidently, despite the clamor around you.

The Importance of Research and Knowledge

Research and knowledge are the foundations for making informed decisions and shaping opinions rooted in facts. In our information age, the ability to distinguish solid, researched information from mere opinions is more crucial than ever. And in finance, it's no different. There are many ways to get rich, there are many ways to build wealth and there is a subtle difference between the two.

I am by no means a rich individual, but I am wealthier than most. My wealth comes from:

• Trusting in my own judgment

• Developing a prosperity mindset

• Practicing delayed gratification

• Enormous amount of research

Trusting in yourself

You may feel overwhelmed by the prospect of making your own decisions, especially about money matters. You don't know what you don't know. Truth be told, no one knows exactly what they want out of life. This is why as independent thinkers we must trust in ourselves, in our experiences and in what we believe to guide our actions. It takes an enormous amount of courage to accept responsibility for one's own actions, but it's the first step in truly calling yourself self-made.

Prosperity Mindset

You may think for yourself, but if you don't think your goal can be accomplished then you have already lost. A Growth Mindset is key to overcoming the obstacles and challenges you will inevitably find along your journey, financial or otherwise.

In all that you do, recognizing that things won't always go according to plan is crucial to your success. You may have a straight path in your mind on how to achieve your goals, but things don't fall into place as we envision them. In moments like these, you may start feeling the creep of self-doubt and hopelessness taking over. To overcome these moments I learned a trick by Rob Dial provided in his book Level Up, and it's the reframing of those negative thoughts into the following phrase: things are not happening TO me, they are happening FOR me. This shift in the way you look at things allows you to not limit your capacity, it actually strengthens it. It makes it so you see the challenges you face as the steps in your journey needed to achieve your goals. It creates self-awareness of your surroundings and provides a path to your inevitable success.

In money, having a growth mindset centers on prosperity and abundance, not scarcity. By being intentional and purposeful with your budget, with your vision, you will overcome those challenges that happen FOR you in order to align and refine your journey.

Delayed Gratification

When starting your financial journey, you might feel way behind the eight ball, stuck and otherwise completely overwhelmed by the prospect of overcoming debt. You are not alone. You may envision yourself winning the lottery or inheriting a substantial amount of money that will make all those problems disappear in a snap!

The problem with this mindset is that it doesn't hold you accountable for the predicament you find yourself in. As mentioned above, it takes enormous courage to accept responsibility for your actions and where money is concerned, taking accountability is key. You see, by owning up to your financial situation, any changes and success you gain are yours, no one else's.

The problem with this approach is that it takes time, months or even years sometimes. The cool thing is that by applying yourself during this time of humbling work and delayed gratification, you find that when you come out on the other side your understanding of money and how it works is increased, as well as its inherent value because of the freedom it gives you. You develop the habits you personally need to succeed and achieve your financial goals. You make a clear distinction between riches and wealth and the pride felt when exerting control over your money is only dwarfed by the confidence you develop in yourself and your ability to judge what truly is worth spending your hard earned cash on.

Researching What Works for You

Emergency funds, Roth IRA’s, Budgeting, student loans, debt repayment plans… so many tools in the financial space, some good, some predatory. So how do you make sense of all of it? Who do you trust and what do you listen to? When conducting research on these subjects you want to listen to people that have demonstrated a capacity to actually build wealth and keep it. Personalities like Dave Ramsey and the Money Guys, Make it their mission to inform and educate on practical and actionable strategies on how to build wealth and actually keep it. I myself followed the path laid out by Mr. Ramsey when I started my journey. But as discussed previously, personal finance is just that, personal. My situation got better after truly applying these principles, but as a member of the armed forces, there were opportunities available to me that allowed me to progress in my journey while maintaining dignity and a sense of pride in achieving my goal of becoming debt-free. This worked for me and I encourage you to find what works for you, in your own line of work or finding a way to apply my hard lessons learned to your advantage.

My blog is focused on providing a foundation in personal finance for all who seek a system that works. I share with you my personal experiences, my mistakes and my triumphs. My hope is that the information found in this blog is worthwhile, empowering, and exactly what you need to set you on the right path for you to start/continue building your wealth.

Final Thought...

Opinions are everywhere, yet they contribute little to no real value other than the value we place on them. They require no deep insight or accountability, which is why forging your own path when deciding to take control of your money is crucial. Only by taking accountability of your own actions do you show the fortitude needed to change your narrative. In your financial journey and beyond, what matters is authenticity and informed decisions rooted in research and personal values. By prioritizing your core values and aligning your financial decisions with them, you ensure a path that’s uniquely yours.

Stay grounded by regularly reviewing your financial goals and filtering out external noise. When researching your path, stick with proven methods for debt management and wealth building that have allowed many individuals to achieve financial freedom. However, make sure they align with your own values and goals. By doing so, you'll build a financial life that resonates with your true self, leading not only to financial success but also personal fulfillment.

But hey, this is just my opinion… :)