Millionaire financial advisor Todd Tresidder stated “Those with credit card debt and too many bills are more committed to their lifestyle rather than building wealth.” Can I get an Amen?
I own a great book called Financial Fitness by Chris Brady and Orrin Woodward. For some time I have been avidly working through the 47 principles of this great work.
If you are still buried in consumer debt or justified spending your retirement on your children’s private school education, you are not alone. However, now is the time to think about investing in yourself again.
This means not only putting aside a small portion of your paycheck before you spend it on bills but it also means investing in your brain as well as the pocketbook. Some of you were let go during the pandemic and perhaps you are thinking about starting your own business or possibly working with a direct sales company from home.
Will you use your quarantine time to watch the first three seasons of Outlander or will you begin researching business trends and where the market may be going? If I am speaking Greek to you right now, I would suggest picking up a copy of Cash Flow Quadrant by Robert Kiyosaki or the fantastic business book The E-Myth Revisited – by Michael E. Gerber and dive in.
Do not allow the gloom and doom of the news of the post-pandemic economy to crush your dreams. Allow those books to permeate your understanding that there are two types of spending. One is productive spending (investing) where we know our money is designed to bring a greater return. The second is wasteful or consumer spending, where the money is gone forever.
Some consumption is unavoidable. We do need to eat and last time I checked, it was not appropriate to wander in public with no clothing. But much of the consumption I am talking about here includes the things we could manage to do without like manicures, fancy hair salons, expensive hobbies, cable or satellite, or that extra latte from the drive-through day after day. You get the picture.
Habit, momentum, and the multiplier effect can work both ways. Your bad spending habits, momentum of the mounting debt, and the multiplying effect of credit card interest can be reversed by education, leadership abilities, knowing your strengths, and gaining some financial wisdom. It is time to attend a leadership seminar, read a book about investing, ask your mentor what she is reading these days, and turn off the TV.
Close to ten years ago I began attending monthly seminars with a leadership group. The seminars had a similar format each month where the speaker would present a real-life story of a dream–struggle–then finally victory.
These stories gave me so much hope. They were just like me, ordinary folk but with extraordinary results. John 16:33 says it so well. “I have said these things to you, that in me you may have peace. In the world, you will have tribulation. But take heart; I have overcome the world.”
I am striving to “overcome” and attain fantastic results. Are you? Please consider contacting me to brainstorm what you can do, especially through this era of the new normal of the pandemic and post-pandemic age. I have resources to refer you to and much hope that you too can stop the madness of consumer debt and bad choices.