Kammys Musing

08 Nov 2022. Tuesday. 645am.

After my morning workout I stopped at my local pump station. The plan was to clean up my windscreen and grab a $1 coffee.

Looked up as the machine was whirring and saw the new price –

$2 (S), $3 (M), $3.50 (L).

100% increase!

Later at work I went online and checked the Reserve Bank of Australia (RBA) website –

Cash target rate @ 2.85% and Inflation @7.3%.

The average fuel for Ron91 is currently $1.90 in Perth Metro.

In July 2021 we did a 5k return trip to Broome; the average price was $1.40 in Perth Metro. Even the northern part of Western Australia where the prices can get astronomical, the most I spent was $1.82.

Among Benjamin Franklin’s famous quote was “Nothing is life is certain certain except death and taxes.” If he’s alive he might add inflation. So what can normal, medium wage earner like you and I can do?

My amateur advice would be these :

1. Take a deep breath, clear your mind.
Set a timer for 3 minutes, close your eyes and clear your mind. Just think about your surrounding – the birds singing, the clock ticking.

2. Grab a pen and paper, list down all your money going in or out.
Get your finances in order; spend sometime to list down all your bank details, know where your money is coming and going.

3. Get an advisor.
A “reasonable” one would be from a good book and would cater to your local circumstances.

If you are in Australia, I highly recommend that you follow Scott Pape – The Barefoot Investor.

If you feel like going on the “offense”, I recommend Ramit Sethi (I Will Teach You To Be Rich).

I have both books but feel that some of Ramit’s contents are better if you are in the US.

I have benefited from their books and ideas as well as a few other writers.

A few years back I was quite burdened with debt; I was jobless, tried to start a business (that didnt work) and in between jobs.

You have to get out of your comfort zone. You need ideas that challenge your financial believes. You dont have to agree to all; but take what is proven

Stay hungry, stay safe.