Want to fulfill all of your dreams? Great…just start eating right, stop procrastinating, exercise daily and create wealth!
Sounds easy enough right? Well, if it was that simple everyone would be skinny, rich and happy. I’m convinced that the lack of willpower is one of the biggest reasons most of us do not follow through on our desired outcomes.
If you were on a diet needing to lose weight or stay in maintenance mode wouldn’t it be much easier to accomplish if there were no cakes, cookies, donuts, potato chips, etc… in the house to tempt you? Or if you were trying to write that book you’ve always dreamed of finishing it would be a lot easier if the first thing you did in the morning was wake up and write.
Well, the same applies if are trying to create or stay on track with your wealth plan. It becomes a much easier task when you take the decision making out of the equation. The best way to accomplish this strategy would be creating and implementing strong wealth systems. Once you set them up then you’ve just positioned yourself to begin eliminating the waste while building wealth like proverbs 22:7 suggest.
MAKE IT AUTOMAGICALLY
Creating an automatic savings plan is not only wise but it’s simple because once you set it in place your work is practically done. I’m sure this concept is not new to you, you set up withdrawals to automatically come from your paycheck directly into an account to force yourself to save. I realize this concept has been reinforced by several finance gurus but I still believe it’s worth repeating because of its importance.
Creating an automatic savings plan will not only force you to sock money away every time you are paid but it will begin doing a couple of other things to your psyche. The first thing it will do is begin to help change your perspective towards wealth. What looks like a small amount at first will suddenly start growing over time and your wealth capacity will also begin to expand.
What once seemed unthinkable and hard to imagine will get easier with every passing day. This is what the power of consistently putting a little away automatically and allowing time, compound interest, and growth to take over will do.
THE SECOND THING
This method teaches you to live within parameters and you begin adjusting accordingly. Don’t underestimate your ability to modify to your current circumstance. I have seen how a family of five who were living on a very tight budget unexpectedly took on two extra mouths to feed and the parents testimony was that it didn’t feel like they had to make any major financial changes.
Feeling like they were already stretched to their maximum they made the required adjustments when circumstances handed them a twist and was now responsible for caring for two additional children (they implemented Proverbs 16:3).
THE POWER OF THE HUMAN SPIRIT
Be careful because it works both ways, for a lot of people a financial increase typically modifies their lifestyles upwards without them feeling, seeing or noticing a huge change. How many people have you known (or maybe you can personally relate) that experienced an unexpected lump sum amount like a tax return, company bonus, cash settlement, or even a promotion at the job only to wonder what happened to the extra money at the end of the year?
We make more money, buy more stuff, have more fun, take more trips but at the end of the day we find ourselves in the same financial position that we were in before the increase showed up.
Creating an automatic savings plan will pay huge dividends but first you have to commit to it. When creating your automatic savings plan ensure that you have both a plan for your retirement, whether that date represents one, five, ten, twenty or forty years from now and a plan for emergencies.
Shawn Dorrough – The WealthShift Strategist