60 Second Wealth Tip: Advice From Three Financial Gurus
No matter what you read, watch, or who you listen to in regard to wealth building, one thing is certain…it takes discipline to obtain results.
Dave Ramsey (The get-out-of-debt financial coach) says “If you invest $100 a month from age 25-65 at 12%, you will have $1,176,000, thus making everyone a potential millionaire.” Sounds easy doesn’t it? But it takes discipline to save $100 a month for 40 years straight.
Robert Kiyosaki (author of Rich Dad Poor Dad) says “Every time a dollar hits our hand, we have the option to be poor, middle-class or rich”. If we spend it on expenses, we are choosing to be poor. If we buy something we think is an asset, but it’s really a liability (cars, boats, watches and luxuries) we are choosing to be middle-class. If we invest this money into an asset that throws off cash flow, we choose to be rich.” But it requires discipline to invest for an unknown future instead of spending cash today.
George Clason (author of The Richest Man in Babylon) suggests living off of 70% of your income, saving 10%, investing 10%, and giving the remaining 10% to charity. But it takes discipline to track finances, create a budget and stay consistent with this plan.
All the wisdom and advice above is great to have, but it only works if you are willing to stick it out long-term and follow the process. Most people seek the “How-To” or the “Quick Solution” or the “One Thing”. Perhaps a more important element is the ability to hold yourself accountable and stay consistent. This week’s 60-second wealth tip is to master…discipline. The sooner you can embrace this skill, the faster you can build long-term wealth and achieve your financial goals.
To Your Success,
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.