Tuesday, August 30, 2016

Got Financial Regrets?

Got Financial Regrets?

Seniors report that their number one financial regret is not starting to save early enough. What is your biggest financial regret? 

Here are common financial regrets people have and what to do about them.

1.      Not saving early enough. Procrastination will cost your financial freedom. Anyone 22 years of age and entering the workforce has the time on her side to start saving, no matter your profession and income. Time is in your side. Time is more important than money. Fight the urge for instant gratification. Get started saving today!

2.      Not saving at all. You can start today. Anyone starting at 40 years of age and still become financially free in 20 years or way less. Become an aggressive saver. Get rid of debt; invest in your financial education your self-education.

3.      Not investing enough in oneself. The more you learn the more you learn. The best investment you can ever make is an investment in yourself. You are the best asset you own. Why are you leasing such valuable asset to others for such small returns? If our brain is one of the most important parts of our body, how come then we invest so little in it? You will surprise yourself on the returns of investing just 3% of your income in yourself. 

4.      Not defining and having the means to live your dreams. Yes, dreaming is no longer cool. They current education system is the number one killer of dreams; it trains people to get out and fight for a job. The media takes care of the rest. Instead of choosing a profession, choose your lifestyle first. Define your lifestyle. Find people with the lifestyle you want and learn from them; then do what they have done under their mentorship. Success is predictable; be cautious, so is mediocrity. Be in the minority of dreamers and legacy chasers.

5.      Getting in and staying in consumer debt. If you cannot delay gratification, especially early in life, then financial freedom is not in the cards for you. If you have not saved enough cash to buy what you want, you have not earned it yet. This is the most common trap people fall into. Arrogance keeps you in slavery. 

6.      Not starting your own business. When you understand the rules of money you will understand why owning the right business is the best type of income to have. The way income is generated matters a great deal. The risky thing today is to depend on a job for income (used to be the safest). The safe thing to do today is to own the right business (used to be the riskiest).

7.      Not asking and getting the proper help to become financially fit. Financial freedom and financial literacy go and in hand. People don’t lack money, people lack understanding of money. Learn to play defense, offense, and the principles of money. Make sure you are getting advice from those that are financially free. Stop spending time and money and start investing time and money.

The best time to start becoming financially fit is NOW. You don’t you ask me HOW?

Thank you for reading and reflecting on today’s nuggets.          

Be blessed and be a blessing to others
Carlos Fontana
Author of the book Priceless, Co-author of the book Follow to Lead

"The future belongs to those who can see and pursue opportunities before they are obvious."
"Those that take swift action will always leave those that don't breathing the dust."

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