Financial Success
Stop over complicating things!
This may come as a shock to most you, but people are constantly over complicating every process in their lives.
This leads to fear and doubt which causes them to procrastinate and put off what they should be doing now. Some things may look insurmountable at first, but if you take it in bite sized pieces and surround yourself with other professionals you will soon find out that it wasn’t so scary.
The first step in financial planning is to hire excellent advisors. You need an accountant who can point you to a great attorney, financial advisor and so on.
You may not love the first person you meet, but that’s when life is like dating, you must find the right one. It’s okay to go through a few until you land on the person who will know what you want and how to help you get there.
Having the right team in place is important for protecting your assets, minimizing your liabilities and creating growth that is long lasting.
Once you find the right team, automate everything based on their advice. This means you need to separate your business and personal finances. You may get a business and personal credit card. You may open different checking and savings accounts that have different rates and service different purposes.
Crucial step: Automate savings
I did this early on in my career even if I was only saving $100 a week. I made sure to pay myself first and put it in an account that I wasn’t going to touch.
If $100 a week is too much for you, then pick something you can do. Even if it’s $10 a week, it’s something and will build the habit of saving money.
Trust me that saving money becomes a good addiction. You will start to build confidence and courage to say no to the things you don’t need to say yes later to something you really want.
Watching your wealth accumulate is extremely rewarding and it serves two purposes. One is the short-term gain of having more money than you would have previously. The other is long term satisfaction of building something you can be proud of.
Be Consistent: Saving, Taxes, and Investing
Become consistent with the small stuff at first. Success is a consequence of consistent fundamentals. Look at your weak areas first and go after those. You already know your strengths and they’re strengths for a reason, you’re already good at them! So, pick an area where you have hard time being consistent and resolve to improve that area until it is excellent.
Once you’re done pick another area, and so on.
Over time you will have shored up your weak areas so they don’t pull down your strengths and will be in a much better position.
Action: Breeds Confidence and Courage
Like I said previously, if you don’t have a $100 to save every week, that’s okay! If you don’t have the money for the best advisors, that’s okay too, but you must start somewhere, everyone did.
Step out of the loop of doubt and fear and move into action. Start saving whatever you can now and be consistent. Take the first step and step into action.
It might be small, but with enough time and consistency you will look back at how far you’ve come and have the confidence and courage to move onto the next step.
Remember it’s green lights and blue skies, there’s nothing you can’t do.