In life, things just happen; children grow up, people fall in love, time passes, water runs down the hill, and the list goes on.
Unfortunately, financial wellness is not one of those things. Like many of the good things of life, It is one of the things that require calculated effort and consistent discipline over the long term before one can arrive at the desired financial destination.
I came across a very scary research I will like to share with you. It is the graphic story of 100 young people aged 25, who were monitored over a period of 40 years and at retirement (age 65) these where the statistics;
1 – Will be rich
4 – Will be financially independent
5 – Will still be working
12 – Will be broke
29 – Will be dead (the lucky ones, no worries)
49 – Will be dependent on friends and family
These where all college graduates, from the United States and the United Kindom.
I am certain that not a single one of this lot had a goal to fall in the last category. It is however interesting that the last category has more people than any other (almost 50%).
A good place to start your journey to better financial habits is to ask yourself, “At my current pace, where will I end up at age 65”?
My question to you is, why do we all look forward to a sound financial future yet only 5% are able to accomplish this at retirement?
The goal of this article is not to give you another good idea but to make things change in your finance. To provide you with sound advice that if applied tenaciously will enable you arrive at your desired financial future.
I think the bane of financial success is a good financial education. What do you know about money?
I like the way Oscar Wilde put it; He said, “When I was young I used to think money was the most important thing in life, now I am old, I know it is”.
For anything with that much importance, leaving it to chance and just playing along is a very risky plan of action.
The benefits of sound financial education, financial intelligence and a thorough financial plan can never be over emphasized.
Congratulations on taking the time to read this column, but this is just the beginning. We all need to be well versed in the handling of our personal and/or family finance. Educate yourself, read more on the subject, ask more questions, do more research and don’t stop until you are certain you have a plan that can make that future a reality for you.
It’s amazing how much free information is available to our generation today, from the internet, to the e-books and paper books, to seminars and talk shows. No one has any excuse to be ignorant on any subject of interest today.
The choice to come face to face with your own or family’s financial condition is a bit daunting, but the very first step to a smart financial life. It is the data you arrive at from such an assessment that will help you make the change you need.
So, from our next issue, we will begin with our assessment.
To your financial success!