Ways To Minimize Depreciation In The Balance Sheet Of Life

Depreciation in life

Depreciation in life is inevitable, albeit not necessarily detrimental if managed well.

Life is like an enterprise. You have assets that you need to maintain, upkeep, and upgrade; and liabilities whether personal or professional, that you need to pay off. 

The various spheres of life are like the different departments in an organization that give a holistic structure to it and each one has to keep performing to make your life comfortable and thriving. Be it a large conflux of people or a few by your side, you can make this happen either way.

And like any organization, if life had a balance sheet that reflected the quality of your living, minimizing depreciation in this balance sheet would be in your means.

Here are a few ways in which you can do so.

Plan flexibly

• Planning provides a road map for your journey and helps you be mindful of the possible obstacles. However, planning does not mean that you have to pre-determine every move in your life. It simply means creating a blueprint that will ground you and provide you with the right direction. You can start planning by creating small goals which can be your milestones in the journey and draw inspiration from people and stories you look up to. 
• Moreover, providing flexibility to the plan is as important as keeping it sturdy. A healthy amount of flexibility will help you get your way in unforeseen and unprecedented situations. Therefore, a healthy blend of both can go a long way in facilitating an efficient plan and maintaining your assets. 

Exploit opportunities

• You must be aware of the saying opportunities don’t knock twice, be ready to open the door the first time. While it can be argued that opportunities do come at our doorstep more than once, it is wise and prudent to not take chances and be on your toes. A single opportunity is a gateway for numerous others; therefore, do not hesitate or wait for the perfect moment. Besides, you can get something even after passing several chances, but you might not get several chances on something. 
• Make that one possibility count and the right set of circumstances will come to you. Also, succeeding in every venture is not a guarantee; therefore, being a sport when facing rejections and learning and growing from them can greatly improve the quality of life. Don’t take rejections as your standard, but merely as a reference point!

Incentivize yourself

• You’ll need to add fuel to your ship so that it keeps sailing. Incentivize yourself to provide impetus to your activities, whether in the form of good food, traveling, or relaxation. Being motivated is of utmost significance as that decides the productivity of a person and, resultantly, the quality of life. Hence, take out some time to do what motivates you to keep going. And, while at it, don’t forget to get back to the grind eventually. After all, all work and no play makes Jack a dull boy. And, all play and no work makes Jack a mere toy. Strike a balance between the different facets of life and strive to do your best in each.

Take help if needed

• You are often surrounded by people from all walks of life, with their own expectations, experiences, lessons, and mistakes. Some might be of help to you and you might be of help to someone. Hence, don’t shy away from asking for help or finding a mentor who could guide you in the right direction. It might be out of your comfort zone, but then, what grows in the comfort zone? Shed your reservations and help yourself out by asking for help whenever required. This will go a long way in minimizing depreciation in your life. 

Live and let live

• Great minds discuss ideas; average minds discuss events; small minds discuss people. Go in whichever direction you wish to or which lies in your best interest and do whatever you wish to, as long as it is not wrongfully infringing the rights or interests of others. In this large yet small world, there are innumerable things to venture into, to experience, and to learn from. Hence, navigate your way in the journey and, if possible, lend a helping hand too. This enhances the quality of life and self-satisfaction as well.
• While it is ideal to say, do what stirs passion in you, it is also understandable that not everyone has the privilege of saying that they love what they are doing. So, if you can’t see yourself saying that, whether due to the unavailability of appropriate resources or the prevailing circumstances do not allow you to, then take this as an opportunity rather than a burden. 

Conclusion

Do whatever takes you to the next step on the ladder of life but do not forget to be mindful of your physical and mental health at the same time!

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Frequently asked questions

1. What is the quality of life and why is it important?

• Quality of life indicates the level of happiness and content one has in life and has a great impact on various decisions, especially financial decisions that one takes. Quality of life is molded from various factors viz. job security, health and wellness, and financial position. 

2. Why is the quality of life important?

• Quality of life becomes important in not only an individual life but also in a social and familial structure. The quality of life of one person can have an impact on others’ quality of life.

3. What is an example of the quality of life?

• A quality life takes into account various factors such as social environment, employment status, familial relations, financial standing, education, physical and mental well-being, and freedom of decision-making. 

4. How do you live a quality life?

• To live a quality life, you have to strike a balance between both putting in effort and taking a step back when necessary. Working hard will bring about various benefits, but also, remind yourself to not take everything too seriously and relax. 

5. What can I do every day to improve my life?

• Break out of the monotony of your day by incorporating something you look forward to doing every day, even for a smaller period. Make room for physical exercise regularly and do not compromise on your sleep while you work hard.