Financial Success: The biggest challenge to wealth
By
Your wallet SHOULD look like this!
What is the biggest challenge to wealth?
In my opinion, the one aspect that holds people back from achieving financial freedom is the failure to start. Beginning the habit of saving and investing is very easy, yet most people put it off until the reach retirement age. By then, it’s too late.
The hardest part is taking the first step. And the great thing about taking the first step is that you can take that step today. If you just get in the habit of saving 10% of what you make for investment purposes, you will be financially independent in no time at all. The first thing to do is to make the decision to stop wasting money and start saving/investing instead. My daughter is currently 6 years old. We recently bought her a learning device called The Zillionaire (which I highly recommend picking up if you have children.) The device is very simple. It has 3 canisters to hold money. The 3 canisters are titled “Spending”, “Saving” and “Investing.” Each week when she earns her commission (as explained inthe book Financial Peace Jr.), she puts a portion of her money into the spending account, a portion into the saving account and a portion into the investing account (plus she is putting 10% of her total commission towards her tithing at Sunday School.)
If she keeps this going, which will be much easier since she is starting young and already in the habit of allocating her money this way, she will be financially independent herself well before 98% of the population. My 6-year-old daughter can do this, but every study done on finances in America shows that over 90% of the general adult population does not have this habit.
Is this a very complex habit to develop? No
Is it unreasonable for you to live on 90% of what you are currently making? No
Is there anyone that doesn’t believe that 10% of their income saved and invested over time would lead to financial security? No
Do most people follow this easy system? No
Are most people financially independent and able to live the life that they want? No
And why is the answer to all of these question No? Because people fail to begin. You can start right now to move towards financial independence and security. Decide right now that you will cut out your unnecessary expenditures and start saving/investing at least 10% of your income. Then, very simply, make it automatic on each payday.
You’ve already waited this long. You can’t afford to wait any longer to start this simple process. Today is the day that can change your life and the lives of your family forever. All you have to do is start!
You were put here for a purpose, you are greater than you realize and your future will be filled with unlimited opportunities when you decide to become unstoppable.
Be Unstoppable!
Mike
Mike Mason, author of Unstoppable Success, is the Founder of Unstoppable Business Consulting, The Elite Training Center and the Clinic Director of The Chiropractic Care Center. He is considered one of the nation’s premier experts on business and motivation and lectures on success to sports and business groups. He is reported to be the future of business consulting.
