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
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