Tools, practices and methods

The world is full of amazing tools that may be perfectly suited to accelerate our journey, but often we only discover them through chance encounters, and can lose years being stuck in sub optimal loops.

Our endeavor is to catalog a growing list of tools and eventually match them to you based on your context.

Career, Finance, Wealth Kranti M Career, Finance, Wealth Kranti M

Mottainai

Mottainai is a Japanese term that roughly translates to "what a waste" or "don't be wasteful." It encapsulates the idea of respecting resources, avoiding waste, and making the most of what you have.

Read More
Mind, Wealth, Relationship Kranti M Mind, Wealth, Relationship Kranti M

The 5 Whys Technique

The 5 Whys is a problem-solving technique that involves asking "why" repeatedly to identify the root cause of an issue. It encourages a deeper exploration of the underlying factors contributing to a problem, aiming to address the root cause rather than just its symptoms. The 5 Whys is delves into the layers of causation behind a problem. It involves asking "why" five times, or as many times as necessary, to peel away the surface issues and reveal the core cause.

Read More
Mind, Body, Wealth Kranti M Mind, Body, Wealth Kranti M

30-Day Outfit Challenge

The 30-Day Outfit Challenge involves creating unique outfits from your existing wardrobe for 30 consecutive days, without repeating any ensemble. It encourages creativity, versatility, and exploration of your personal style within set constraints.

Read More
Mind, Body, Wealth Kranti M Mind, Body, Wealth Kranti M

Fashion Feng Shui

Fashion Feng Shui combines the principles of Feng Shui with personal style, helping individuals align their clothing choices with their inner selves. By considering elements such as color, texture, and silhouette, Fashion Feng Shui aims to enhance inner harmony and outer expression. It emphasizes the importance of dressing with intention and authenticity, empowering individuals to feel confident and balanced in their appearance. Through mindful selection of clothing and accessories, Fashion Feng Shui promotes a holistic approach to style that resonates with one's unique energy and aspirations.

Read More
Mind, Body, Wealth, Relationship Kranti M Mind, Body, Wealth, Relationship Kranti M

The Framing Effect

The framing effect is a cognitive bias that highlights how individuals react to the context or presentation of information rather than the information itself. The framing of a decision can influence people's perceptions, judgments, and choices. This concept has significant implications for decision-making in various areas, such as finance, health, and public policy.

Read More
Mind, Body, Wealth, Relationship Kranti M Mind, Body, Wealth, Relationship Kranti M

Status Quo Bias

Status quo bias is a psychological inclination where individuals exhibit a preference for maintaining the current state of affairs, often resisting changes even when objectively advantageous alterations are available. It manifests as a tendency to favor familiarity and comfort over potential improvements.

Read More
Mind, Wealth, Relationship, Body Kranti M Mind, Wealth, Relationship, Body Kranti M

Sunk Cost Fallacy

The Sunk Cost Fallacy is a cognitive bias where individuals continue to invest in a decision or project based on the cumulative prior investment (sunk costs), even when it is not rational to do so. In other words, people may feel compelled to continue with a course of action because of the resources they have already invested, even if the future benefits are unlikely or the costs outweigh the benefits.

Read More
Mind, Wealth Kranti M Mind, Wealth Kranti M

The Endowment Effect

The Endowment Effect is a psychological phenomenon in behavioral economics where people tend to assign higher value to items simply because they own them. In other words, individuals tend to overvalue objects in their possession compared to the same objects not owned. This can influence decision-making in various contexts, such as buying, selling, or trading goods.

Read More
Wealth Kranti M Wealth Kranti M

The Daily Spending Limit Method

The Daily Spending Limit Method is a budgeting approach where individuals or households set a maximum amount of money they can spend each day. This method helps in managing expenses by imposing a strict limit on daily spending, encouraging individuals to be more conscious of their financial choices and prioritize their purchases accordingly. By adhering to this limit, individuals can better control their finances and avoid overspending.

Read More
Wealth Kranti M Wealth Kranti M

Zero-Based Budgeting Method (ZBB)

Zero-based budgeting (ZBB) is an approach to budgeting that involves building a budget from the ground up, starting with a zero base for each budgeting period. In both personal finance and organizational contexts, this means that every expense must be justified and approved, regardless of whether it was included in previous budgets.

Read More
Wealth Kranti M Wealth Kranti M

Cash Flow Budgeting Method

Cash flow budgeting is a financial management approach that focuses on tracking and managing the actual inflows and outflows of cash in a given time period. This budgeting method is particularly useful for individuals, businesses, or organizations to understand how money is moving in and out of their accounts, ensuring they have enough liquidity to cover their financial obligations.

Read More
Wealth Kranti M Wealth Kranti M

The Financial Vision Board

Crafting a Financial Vision Board entails creating a visual representation of one's financial goals, aspirations, and strategies. It serves as a tangible tool to manifest dreams into reality by combining images, words, and symbols that reflect desired financial achievements and milestones. This personalized board acts as a constant reminder and motivator, fostering a proactive approach towards financial planning and decision-making.

Read More
Wealth Kranti M Wealth Kranti M

The 30-Day Rule

The 30-day rule is a personal finance strategy where you wait 30 days before making a non-essential purchase. The idea is to avoid impulse buying by giving yourself time to consider whether the purchase is truly necessary or just a fleeting desire. If after 30 days you still want the item and can afford it within your budget, you can go ahead and buy it. Otherwise, you save the money. This rule helps prevent unnecessary spending and encourages mindful consumption.

Read More
Mind, Wealth Kranti M Mind, Wealth Kranti M

Debt Avalanche Method

The debt avalanche method is a debt repayment strategy that involves prioritizing and paying off debts based on their interest rates. In this method, you focus on tackling the debt with the highest interest rate first, making larger payments towards it while paying the minimum on other debts.

Read More
Mind, Wealth Kranti M Mind, Wealth Kranti M

Debt Snowball Method

The debt snowball method is a debt repayment strategy that involves paying off debts in a specific order, starting with the smallest balance and progressing to the largest. In this approach, you focus on eliminating the debt with the smallest outstanding balance first, regardless of the interest rate associated with each debt.

Read More
Wealth Kranti M Wealth Kranti M

The 50/30/20 Budgeting Rule

The 50/30/20 rule is a budgeting principle that recommends dividing your after-tax income into three main categories: allocate 50% to essential needs such as housing and utilities, 30% to discretionary wants like entertainment and dining out, and reserve 20% for savings and debt repayment, encompassing contributions to savings accounts, retirement funds, and debt reduction.

Read More
Wealth Kranti M Wealth Kranti M

The Envelope System

The envelope system is a budgeting method that involves allocating and managing cash for different spending categories using physical envelopes. This system is designed to help individuals and households control their spending, prioritize financial goals, and avoid overspending in specific areas.

Read More
Wealth Kranti M Wealth Kranti M

Pareto Principle(The 80/20 Rule)

The Pareto Principle, commonly known as the 80/20 rule, suggests that roughly 80% of results often come from 20% of causes or efforts. It highlights the disproportionate relationship between inputs and outputs, emphasizing that a small portion of factors typically contributes the most to outcomes. Applied in various fields, including personal finance, it helps identify crucial areas for focus, resource allocation, and optimization to achieve more significant impact with less effort.

Read More
Mind, Wealth Kranti M Mind, Wealth Kranti M

Anchoring and Adjustment

Anchoring and adjustment is a cognitive bias where individuals rely heavily on the first piece of information encountered (the anchor) when making decisions or judgments. They then adjust their subsequent evaluations or decisions from that initial anchor, often insufficiently, leading to biased conclusions or choices. This bias can influence various areas such as negotiations, pricing perceptions, financial decisions, and judgments, causing individuals to be overly influenced by irrelevant or arbitrary initial information.

Read More

Help us build this list, please suggest any tool / method or practice that you know.