I can hear the excuses now… lack of motivation, lack of time, lack of something else entirely? These are the classic excuses that keep us on the same path we have been heading towards, the path of creating zero wealth.
It occurred to me early in my adult life that there are two types of money people; those that build wealth and those that destroy wealth.
When we go out into the workforce and start making money we are hit with a decision. A decision to spend our hard earned money on things that last, or on things that do not last. For example a house is a thing that lasts, a car does not. Saving for retirement lasts, spending money frivolously does not.
More simply, there are actions that we can take to build wealth and those actions start with saving. The hardest things for us Americans to do is to save. We are bombarded by consumerism and all the “got to have it” items of our time, that we forget we will need to retire eventually. Our bodies and minds won’t let us work forever and if we were wise enough, we would start saving, a lot.
Wealth 101 is about creating habits that build wealth. This looks like buying over renting. This looks like investing rather than just saving.
If you haven’t started saving for retirement now is the time! Next year, not even next paycheck would do. Good habits start small. If you haven’t saved any money into your retirement for 2016 start with adjusting your next paycheck. Try a small amount, $50. If you have started saving, try increasing your savings by a small amount $50. If you aren’t saving at least 10% of your income your retirement just got harder. If you don’t have a company 401k, open up an IRA so that you can save on your own for retirement.
If I could boil down my advice into one sentence it’s this, “save early and save often.” If you need help find someone to work with. If you’re willing to get help an advisor can set you up to build wealth and start getting organized. Although most people have this notion that you have to have money to talk to a financial advisor. That’s like saying when your doctor puts you on a diet, you don’t want to talk to a nutritionists until you are healthier. Sure people with money need help managing money, but why not get help if you aren’t building wealth now?
The fear of change can have a big grasp on us. The fear of telling someone else our financial situation, or the fear that you were doing something wrong for many years. Why wouldn’t you want to know these things, if you could make your life easier and better? Wealth building is about recognizing the areas you need help in. It’s about maintaining good saving and spending habits and consistently make the right money moves.
Have you heard the old adage it takes money to make money? Well that’s BS you need to make smart money decisions now so that you can build wealth immediately. So get ready because another year is almost over and a new one is right around the corner.
Are you set up to build wealth for 2017?