They’ll Kill Any Chance You Had of Ever Being Healthy, Wealthy and Wise…
borrowed from Richard Lindsay, CPA
1. Bad Debt—Taking on debt just to achieve a boost in lifestyle. Long after the initial good feeling of owning something new has worn off, you will have the monthly payment. Think of debts as receiving a monthly “decrease” in your earnings since you will have less disposable funds available to do things that are important to you in the future.
2. Borrowing to Meet Ongoing Expenses or to Pay Other Debt—If you find yourself falling deeper into debt just to make ends meet, it’s time you face facts, you need a budget.
3. Stealing from Your Retirement—If you find yourself raiding your retirement while you are still working, you need to set time aside and create a budget.
4. Not Paying Yourself First—The first payment from any paycheck or business withdrawal should be toward your personal savings or investment program. Most experts recommend saving at least 10%. While this may seem like a lot, most individuals can defer some spending in order to meet their personal objectives. Consider having a portion of your paycheck directly deposited into a separate savings or money market account that is not connected to your ATM or debit card. Automatic saving is a cornerstone to financial wealth building.
5. Not Taking Advantage of Your Employers’ Benefit Plans—This includes not taking advantage of or not maximizing the employer’s match in your 401(k) plan. No one can afford to turn down free money. It also includes not taking advantage of other employer benefits such as a Health Savings and Flexible Spending accounts which can dramatically cut the cost of insuring and caring for your family.
6. Hiding and Not Setting Goals—Not knowing if you have enough saved for your children’s education, your own retirement, or any other goal that you are looking to achieve. Act now and take control of your life.
7. Not Being Happy—Our culture is pervasive with the “I will be happy when” syndrome. Surveys show that a significant portion of the population report that they would be happy if they could increase their income by 20%. This perception seems to remain true at all income levels regardless of how much income is earned. People caught in the 20% more trap can never be happy because, even if the objective is reached, there will always be another 20% more needed to remain happy. Happiness is a choice. Look and be thankful for things that make you happy everyday. Learn to change your mind about anything—it’s easier than you think.