Long term or Short term....
This is a critical few minutes as far as your financial success is concerned.
You’ll want to set aside some uninterrupted time to read and grasp the importance of this message.
IT’S THAT IMPORTANT!
When it comes to your money, do you think long term or short term? Predominantly?
All of us think both, but most of us think a lot more in one direction than the other.
Which direction do you think in?
Do you always want immediate gratification, or are you willing to exchange gratification today for some later in your future?
Would you like to know how you lean?
Look at your results. Look at your financial life.
In my practice, I see hundreds of people every year. They’re younger, older, richer, poorer, intellectuals, blue collar, professionals, business owners, investors. You name it, I see them.
When we talk about their financial goals, and I ask for their top 3, guess how many can even struggle to think of 3? Certainly, less than 5 in 100 can name 3.
Right away, that tells me a lot about this person or family.
We’ll talk about goals for retirement. I’ll ask, on a scale from 1 to 10, how would you rate yourself in accumulating the assets you’re going to need for retirement? Guess what the vast majority say? 1 or 2. A few will say 3 or 4. Very occasionally will I ever get a 6 or 7, and I virtually never get an 8 or above. Why do you think that is?
Everybody always tells me that they’d like to be in a position to retire. Some people say they never want to retire, they love what they do. I’m with them. But everyone eventually wants to be financially free, where they have enough income coming in from other sources that they don’t have to work any longer if they don’t want to.
So why is it that so few actually succeed at having a successful retirement?
Let me ask you again, when it comes to your money do you think more long term or more short term?
Statistically, about 95% of all people think IMMEDIATE GRATIFICATION. If they earn their money today, it’s gone tomorrow. Or worse, if they earn their money today, it was already spent a month ago.
That’s the majority I see it in my office daily.
Fortunately, there are those that have set aside a portion of their assets for their retirement. These people at least have half a chance at a decent retirement.
I’ve watched and observed successfully retired people for a very long time. How’d they get there?
Very few of them got there because of luck. Sure, a few inherited enough money for a nice retirement, or maybe they won the lottery, but they were the exception.
The most financially successful people I saw focused on 3 things. Earning their money, keeping their money, and growing their money. Poor and middle class people focus on one thing, SPENDING THEIR MONEY.
Most people are immediate gratification thinkers. Are you?
If you are, I can guarantee you this. You will never be rich, and you will never be free. You will never live the kind of retirement you’d like, and you will always struggle with money. It’s the universal law of cause and effect.
Most financially successful people think long term. They enjoy today, but plan to be alive tomorrow and into their future, and want those years to be enjoyable too. It’s a balancing act.
The big problem is that for most people, there is no balance. They’ve never learned how to manage money properly, and so they live a lifestyle beyond their means. The family earning $40,000 want to live like they’re earning $60,000. So they spend everything they earn, and go into debt for everything else.
If you are one of the majority, the Immediate gratification thinkers, admit it to yourself, and also admit to yourself that until you change the way you think, you will always struggle with money your entire life.
Or, you can join the 5%ers club. These are the small group of people who have developed the habits of success in life, and now achieve everything they set their minds to. You can choose to become a long term thinker, and a better money manager right now.
There are fantastic books on these subjects, or even better yet, go through this blog to find everything you need to join the group. That’s what this blog is dedicated to, the 5%ers.
Namaste,
Jeff
You’ll want to set aside some uninterrupted time to read and grasp the importance of this message.
IT’S THAT IMPORTANT!
When it comes to your money, do you think long term or short term? Predominantly?
All of us think both, but most of us think a lot more in one direction than the other.
Which direction do you think in?
Do you always want immediate gratification, or are you willing to exchange gratification today for some later in your future?
Would you like to know how you lean?
Look at your results. Look at your financial life.
In my practice, I see hundreds of people every year. They’re younger, older, richer, poorer, intellectuals, blue collar, professionals, business owners, investors. You name it, I see them.
When we talk about their financial goals, and I ask for their top 3, guess how many can even struggle to think of 3? Certainly, less than 5 in 100 can name 3.
Right away, that tells me a lot about this person or family.
We’ll talk about goals for retirement. I’ll ask, on a scale from 1 to 10, how would you rate yourself in accumulating the assets you’re going to need for retirement? Guess what the vast majority say? 1 or 2. A few will say 3 or 4. Very occasionally will I ever get a 6 or 7, and I virtually never get an 8 or above. Why do you think that is?
Everybody always tells me that they’d like to be in a position to retire. Some people say they never want to retire, they love what they do. I’m with them. But everyone eventually wants to be financially free, where they have enough income coming in from other sources that they don’t have to work any longer if they don’t want to.
So why is it that so few actually succeed at having a successful retirement?
Let me ask you again, when it comes to your money do you think more long term or more short term?
Statistically, about 95% of all people think IMMEDIATE GRATIFICATION. If they earn their money today, it’s gone tomorrow. Or worse, if they earn their money today, it was already spent a month ago.
That’s the majority I see it in my office daily.
Fortunately, there are those that have set aside a portion of their assets for their retirement. These people at least have half a chance at a decent retirement.
I’ve watched and observed successfully retired people for a very long time. How’d they get there?
Very few of them got there because of luck. Sure, a few inherited enough money for a nice retirement, or maybe they won the lottery, but they were the exception.
The most financially successful people I saw focused on 3 things. Earning their money, keeping their money, and growing their money. Poor and middle class people focus on one thing, SPENDING THEIR MONEY.
Most people are immediate gratification thinkers. Are you?
If you are, I can guarantee you this. You will never be rich, and you will never be free. You will never live the kind of retirement you’d like, and you will always struggle with money. It’s the universal law of cause and effect.
Most financially successful people think long term. They enjoy today, but plan to be alive tomorrow and into their future, and want those years to be enjoyable too. It’s a balancing act.
The big problem is that for most people, there is no balance. They’ve never learned how to manage money properly, and so they live a lifestyle beyond their means. The family earning $40,000 want to live like they’re earning $60,000. So they spend everything they earn, and go into debt for everything else.
If you are one of the majority, the Immediate gratification thinkers, admit it to yourself, and also admit to yourself that until you change the way you think, you will always struggle with money your entire life.
Or, you can join the 5%ers club. These are the small group of people who have developed the habits of success in life, and now achieve everything they set their minds to. You can choose to become a long term thinker, and a better money manager right now.
There are fantastic books on these subjects, or even better yet, go through this blog to find everything you need to join the group. That’s what this blog is dedicated to, the 5%ers.
Namaste,
Jeff
Labels: financial freedom, money management
posted by Jeff Fagin at 9:20 AM
4 Comments:
Jeff,
Oh boy was I a big short term, immediate gratification, have to get it now person.
I do realize that I will never win the money game with that BAD HABIT.
I've slowed things down tremendously and know that with my new money manangement program, I'll be able to win in no time flat.
Jeff
GO longtimer 5%ers.
Larry E.
I think that something inside us is telling us to change. We know that the way we handle our money is not longterm.
Bob
I think we can put aside money for vacations and have enough when we go. The same should be applied towards are life. Set a goal and it is easier to achieve than not having any at all.
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