Plan to Fail or Fail to Plan ?
It is estimated that only 1 – 2 % of American end up with a sufficient level of assets in their lifetime. Many if not most can never realize their financial wealth accumulation dreams and mindset.
It may well be true that your employer or the government will ” take care of you “.
In the end though it all comes down to simple planning – which most of us never get around to doing.
The maxim is ” Those that don’t plan plan to fail”.
Save a part of what you earn and let the earning compound. Compound interest is a triple edged sword – either for you or against you.
What are the essential reasons for financial failures ?
- procastination – You can always start tomorrow or the next day after that but never get around to it
- Lack of a definite established financial goal or goals
- ignorance of the role that money plays in accomplishing your goals
- not understanding the concepts of compound interest,
- a lack of comprehension of tax laws
- being sold the wrong type of life insurance
- failure to develop a winning attitude to money
The wisest ones among us are the people who recognize and will try to correct our shortcomings.
Substantial Wealth and RichesÂ
Sphere: Related Content
Related Websites
- Getting A Mortgage That Works For You Purchasing a home is the biggest investment that you can make for your future and is probably the most expensive thing that you will ever purchase. Obtaining a mortgage for the home can be tricky and choosing the wrong type...
- Weekly Thoughts: Seasons, Passwords Changing Hello my friends and other readers. Hopefully, you're all having a more pleasant autumn than those of us here in Pennsylvania; it's been a cold, rainy fall so far, and there's talk of early winter weather on the way. It's...
- Retirement Research, Workshops and Seminars for Baby Boomers The more I read about retirement the more I learn how complex the non-financial issues are. There is a lot more to the transition than just stopping work, having fun, and minding your money. Because of this, a number of...