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It’s probably not what you think it is
What is the worst financial strategy? I’ll tell you.
Living in the moment (financially).
And it’s the worst strategy to live by because it never leads to wealth unless you already have it.
We have an epidemic of advertising that promotes living in the moment. What are you waiting for? Your time might come. Opportunities don’t last. Don’t wait until you’re old to live your best life. Have fun. Take adventures. Explore.
And use a credit card to do all of these.
Ummmm. No.
Am I saying that we shouldn’t live in the moment and invest in adventures? No. But we shouldn’t compromise our financial health for living in the moment. It’s just not worth it.
There Is A Way To Balance Everything
Living in the moment and living financially sound is possible. You can do both at the same time.
The way to do this is first to understand that meaning and fulfillment are not found in materialistic items and not necessarily experiences.
Meaning is often found in relationships, the people we build new relationships with, and the people we help and inspire along our life journeys.
The Best Strategy: Think Long-Term
Enjoy the short-term, but plan for the long-term. Don’t live to the point you forget that you have another 30–80 years of life to live. Now is the time to eliminate debts, create passive income streams, build a massive financial portfolio, and enjoy life without going broke (aka into debt).
Most people enjoy life to their financial detriment. Every time they eat out, go out for drinks, vacation, shop, buy a new car, or go shopping, they sacrifice their financial health for a good time or to look like they are having a good time.
Which investors do you think win most? The long-term investors are the ones who plant the seeds and leave them alone because they understand the markets will go up and down, but if you give it enough time, the markets will consistently go up over time.
Thinking Long-Term Requires One Thing
Self-discipline. Saving, investing, living below your means, and not getting caught up with consumerism in a highly consumption-oriented world takes massive self-discipline, which most people don’t have.
Prioritizing your long-term goals and needs will keep you on the right financial path, but it won’t be easy. You will get distracted and start telling yourself things such as, “I deserve this” or “I only live once.” All these truths are facts, but what’s the point if you give into them to your financial detriment?
Living broke and experiencing life don’t have to go hand-in-hand. There is a way to experience life without being broke.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.