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How to be a financial failure.

12/18/2012

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Written by Martin Hurlburt, CFS

Experience is the best teacher. But it doesn’t have to be your experience!

Over the past 17 years, I’ve noticed patterns that repeat themselves in the lives of people who continually struggle with money. Financial failure does not happen overnight or even because of a recession or a layoff. Rather, it is the result of a series of small decisions that don’t seem to matter at the time. During the current economic turmoil it is more important than ever that you learn what steps will lead to your financial ruin and then do the opposite!

The first step to financial ruin is to not invest in you. Don’t get a good education. Don’t improve your skills by reading books, taking self-improvement courses, and learning all that you can about your profession. Do the absolute minimum to get by rather than making an effort to excel.

Success people invest in themselves by learning all that they can about their profession. They have no problem putting time, money, and energy into increasing their economic value.

The second step for failure is to spend all that you make. If you earn $25,000 then spend $25,000. If you make $250,000 then spend $250,000. Develop an attitude of “I deserve to enjoy myself now.”

Successful people spend less than they make. They take a portion of everything they earn and put it into their business or other investments.

The third step is to refuse to take responsibility for you. Blame your employer, the economy, the high cost of living, the expense of raising children and government taxes. Be creative as you justify your spending habits and lack of savings. Soon you’ll actually begin to believe your excuses.

Successful people take charge of their lives rather than feel sorry for themselves. They live by the creed ‘If it is to be, it is up to me’.

The fourth step is to wait for the best time to begin saving. When you are in school, wait until you graduate. When you graduate, wait until you buy your first home. When you buy your first home, wait until you get the place fixed up. By that time you’ll have kids in little league and dance school. Before you know it, they will be in college. Finally, you’ll be in your fifties with little or no money. That’s when you’ll move on to the last step.

Successful people realize that it will never get an easier to save money. They know that earning interest rather than paying interest is a key component to their success.

Step number five is to ignore sound financial principles and try and catch up by gambling what little savings you have by investing in high-risk ventures. Be sure to pay thousands of dollars to attend seminars where “experts” will teach you the “inside secrets” for amassing wealth. Ignore the fact that one well known “expert” lost over $800,000 in 1998 trading stocks but made $110,000,000 selling books and seminars on how to invest.

Successful people apply sound financial principles. They constantly strive to increase their income. They have adequate protection, maintain an emergency reserve, and invest systematically for the future.

To be a financial success invest, in yourself, spend less than you make, take responsibility, start saving now, and use sound financial principles.

It’s your money. It’s your future. Take charge!

Wealth Management Systems is dedicated to helping you create, manage, and protect your wealth.
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