Set Yourself Up for Financial Success not Failure
During my working career I’ve seen important people come and go and sometimes wondered why well intentioned professionals were axed. In most cases, people were shown the door because they didn’t meet expectations placed upon them.
What I didn’t realize until after the fact was that sometimes the expectations were unrealistic and simply used to justify the firing. These people were set up to fail.
While this is a cruel way to conduct business and treat colleagues it really surprises me when I see people treating themselves in this manner.
So, how do we set ourselves up to fail?
- By not having the willpower to separate wants from needs, make sacrifices today for a secure future, and refusing to follow the crowd.
- When you have no emergency fund you are vulnerable to the hardships that life inevitably throws at you.
- When you refuse to save today so you can retire tomorrow, you doom yourself to a lower future quality of life.
- Taking on excessive personal debt which can cripple you to the point you suffer from anxiety, fear and hopelessness.
- A major cause of separations and divorces is your choice to be with a financially incompatible partner.
Were you aware that your debts don’t die with you? If by some unfortunate occurrence you should pass away prematurely, your estate, or your spouse would be responsible for those debts.
Setting Yourself Up for Success
People with these habits are setting themselves up for failure, and the sad truth is that it’s self-inflicted. It doesn’t have to be this way for you.
Saving a small percentage of your lifetime income can help you achieve a secure retirement. Investing for the long term can be done safely, sensibly, at a low cost.
A basic understanding of the tax system and how to shelter your money from taxes can make a huge difference.
You get to decide your future. The good news is it’s not complicated to set yourself up for success. The main ingredients are desire, willpower and a willingness to learn.
In my E-books (“Water Barrel” and “The Balance”) I discuss simple methods to live sensibly for today, take charge of your financial affairs, and invest safely for the long term. For more information please visit David Penna Amazon.
As always, I am not a qualified financial advisor. I just relate financial management to my own experience which may not resemble yours at all. Advice is frequently worth exactly what you paid for it. Most of mine came from expensive experiences.