I read a story recently about a poor Iranian immigrant who became a millionaire.
According to the article, their plan was simple:
“Live on less than you make, invest in long-term mutual funds, and quit chasing ‘the next big thing.’”
They did not set out to become millionaires, but as they stuck to their plan they eventually achieved millionaire status.
Watch their inspiring story HERE.
No matter where you are in life, you can reach your financial goals!
It’s all about the plan.
Case in point…..
“Family #1 manages to pay off $40,000 in debt in two years on a $35,000 annual income. While family #2 makes $100,000 a year but can’t seem to make the slightest dent in the same amount of debt.”
Why is that?
Here are 5 reasons why….
1) Overspending is the main culprit. If you are in this bracket, learn to handle money differently. And it may be time to make some lifestyle changes as well. Personal finance is 80 percent behavior and 20 percent head knowledge.
2) Excessive debt is another big one. When you take a real, good look at debt, you’ll start to see it for what it really is – something that holds you back! To make changes here, sacrifices are required. But bear in mind that these budget cuts are just temporary!! Once the debt is gone, there’ll be plenty of room in your budget to resume your dinner-and-a-movie dates.
3) No real goal and no plans. As the saying goes, “He who fails to plan, plans to fail.” You’ll need to decide on what you want to do and map out a strategy to make it happen. No-brainer, right? Debt-free living is a worthy goal, so people who want to accomplish it consistently keep that objective in front of them.
4) Poor self-control. When you’re really serious about your personal finance goals, you’ll need the willpower to walk right past the shoe section or the flat-screen TV aisle without making an impulse purchase. Remember, adults make a plan and follow it. Children do what feels good.
5) Lack of intensity. Are you really fed up with your money worries? Are you ready to run as fast as you can in the opposite direction? Intensity calls for you to do something different so you can get something different. You may need to cut coupons or keep your eyes and ears tuned in to sales and BOGOs, or start doing some overtime, or get a second job or start your own business/side hustle.
Here are 3 stats to help motivate you to make a few changes:
- 70% of Americans live paycheck to paycheck with no regular savings goals. CNN Money 2013
- 52% of Americans have less than $10,000 saved for retirement. That is, very few Americans have the savings they need to live comfortably well into retirement. USA Today 2014*
- 64% of Americans can’t cover a $1,000 emergency. That is, the majority of Americans can’t cover a $1,000 emergency without borrowing money, making every unexpected expense a crisis. Market Watch 2015*
So….
How are you financially?
Are Financially well?
Financial wellness means that you’re able to manage your day-to-day financial life, you can absorb a financial shock and you’re on track to meet your financial goals.
If you’re not, it’s time for your financial check up!
“The speed of your success is limited only by your dedication and what you’re willing to sacrifice”
― Nathan W. Morris
I look forward to hearing from you!!
Until next time…..
Althea
I help Busy Nurses & Professionals uncover Alternative Income Options to create an Amazing Life and Thrive! Download your FREE copy HERE
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PS. Yes… I’m a nurse, but did you know that I have a side hustle? I’ve partnered with a leading financial service company and the number one thing they do is credit restoration. We’ve helped many people since I started on this journey and always looking to serve more. Check out these links…. Fix Your Credit and Earn Extra Income.
My goal is to connect people, ideas, and resources so that your life is better because I helped you make the right connection!!
