A financial lifehack (or life hack) refers to any trick, shortcut, skill, or novelty method that increases productivity and efficiency concerning how you profit from personal resources including money, in all walks of life. The term originated with computer experts who suffer from information overload or those with a playful curiosity in the ways they can accelerate their workflow in ways other than programming but has since become part of ordinary language especially around millennials.
Here are two of my favorite money life-hacks
- The Track Your Investments Hack
Every once in a while a story appears in the paper describing how some celebrity has been ripped off by their assistant, accountant or investment broker. It is often said the “the devil is in the details” and this is especially so concerning personal finance. On the macro-level it is important to track your investments. This is how you put this hack into action:
- Maintain detailed records of any transactions you’ve made with a broker.
- Now look at your monthly brokerage reports.
- Compare the two.
- If there are any discrepancies contact your broker immediately to discuss and resolve them.
- To paraphrase the Taoist philosopher Lao Tzu who says, “It is easier to solve a problem when it is small,” hacker philosophy is based on the idea that it is easier to clear up errors when they become evident. If you keep track of your investments they will become evident sooner rather than later.
The Save Time Checkbook Balancing Hack
One of the busiest wastes of time is balancing your checkbook to the last penny. When entering a transaction in your checkbook the most efficient and productive approach is to round your checks up to the next dollar. In twelve months you’ll probably end up within $20. of the actual balance and you’ll be the one who has gained.
Get 100s of Lifehack tips, shortcuts and strategies in my new Ebook.
Lewis Harrison – The Lifehack Guru, is a writer, mentor, success and wealth coach, content-rich, motivational speaker, and an entrepreneur specializing in problem solving, troubleshooting and strategizing based on game thinking, applied game theory and Game Thinking.
He is the author of over twenty-two books published in five languages including
How to Hack Your Life Through Game Thinking
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