Quit being short-term oriented

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As you age, one thing will increase if you’re financially productive.

Your income.

But with income increases comes responsibility, and many of us don’t want to deal with responsibility.

We want to have fun and enjoy life.

It’s less fun when you don’t spend more money as your income increases, but it’s the intelligent thing to do.

Should you never spend your money? No. You enjoy life.

But what do most people do as their income increases?

They increase their spending…which compromises their financial future.

Solid Advice to Follow

Some of the best advice I’ve ever received is to do the opposite of what most people do.

If you do this, you’ll be more successful because most people aren’t successful - especially financially.

Most people don’t apply the best habits when it comes to their finances.

What Most People Do With Their Money

• Spend more than they earn.
• Consistently increase their debt loads.
• Maintain a car note that drains money from them monthly.
• Live in homes that drain their monthly income, leaving little to invest.
• Care more about what people think about how they appear, which leads them to overinvest in appearances.
• Pay for their school with student loans instead of finding alternate pathways to get it paid for or pay for it as they go.

What I Do Increase As My Income Increases

As my income increases, my expenses don’t increase.

But there is one thing that increases.

My investments.

Whenever I experience an income increase, I’m more excited not about how much more I can spend, how many new clothes I can buy, the next pair of shoes I can add to my collection, the opportunity to buy a new car, or how many homes I can afford, but how much more resources I can pour into my investments.

Average people don’t think like this.

They’re focused on short-term pleasure instead of the long-term rewards.

The Common Theme for the Golden Years

The golden years are infamously supposed to be equated with prosperity.

But for many entering their golden years, no GOLD can be found!

The primary reason is that short-term goals, short-term pleasure, and short-term rewards consumed them throughout their years.

If you never master short-term impulses, you will never experience financial independence.

Even people with lots of money will be broke if they cannot master short-term impulses (financial discipline).

Always keep the end in mind, as Stephen Covey so famously states.

Hold off on every financial decision that could jeopardize your progress if you’re not on track with your financial goals.

Enjoy Life, But Prioritize Prudently

Once again, enjoy life!

I invest my money into travel, experiences, and people.

What matters most to you?

Many people consumed by materialistic desires will quickly learn there is little to be found in the accumulation and investment of things.

How Do You Ensure There Is Gold In Your Golden Years?

• Start planning now.
• Don’t delay investing.
• Don’t spend more than you earn.
• Continue finding ways to elevate your income.
• Don’t give and live beyond your means.
• Control costs.
• Rethink purchases.
• Invest in financial education. Learn and explore various topics and strategies, so you can see what works best for you (because not everything will).

Preparing for end of life is a long game. People think time is infinite, but it’s not. Life moves fast and the only way to ensure you’re prepared is to start preparing now.

It’s not too late.

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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.