Is This Your Wealth Killer?
I was thinking to myself the other day just why a lot of people miss out on a chance to have a little wealth(their own safety net) for themselves. It’s not such much a matter of income as it’s the inability to postpone gratification. Especially early in our lives just when we start to earn money, we should be INVESTING. I see a vast amount of newness of the ‘liability type’ and not so old people associated to it. Despite ads making you think you have to have it right now because you can finance it doesn’t mean you should. Their job is to influence where they want you to allocate your money. If you don’t know why you must invest, and you get sucked into this early, it will potentially defer or nullify your ability to build wealth. Do you know what that wealth killer will be? Your mismanagement of TIME!
How Do You Fill Your T—I—M—E?
If, and this is a big IF, you start investing early and often TIME is on your side. However, if you allow liabilities, big and small, to fill in your T—clothing, shoes, electronics, student and/or personal loans,—I—car payments, consumer debt, medical bills,—M—kid(s) and housing—E early, it doesn’t work in your favor. Often, during your most opportune TIME you’re devoted to paying liabilities. In turn, you cannot allocate this money for, yep you guessed it—INVESTING. It’s already been earmarked for something else.
The longer you remain in this mentality I have TIME later for INVESTING, I hope you also realize that it doesn’t get easier. The math demonstrates that the longer you wait to start INVESTING the more you have to stash away later. This may directly contribute to a lower quality of life and lack of choices later. It may give you great pleasure to feel you have time to take on that 40K in student loan(s). Then couple that with a new 40K vehicle(s) you buy because ‘I’ deserve it for graduating. In addition, vacations every year tallying thousands of dollars. Finally, charging to a credit card and carrying a balance at 24.99% APR for all your other whims. I’ve seen this story before and it reads, I don’t have any or very little left later for INVESTING.
A Dose of Reality
Today, a lot of us are faced or going to be faced with this reality. I’m saying this knowing the statistics of savings and investments for Americans. When later comes, TIME shows if you have neglected building wealth(your own safety net), but don’t be surprised if there is no one to bail you out. Don’t have that be your story. Living with regret knowing ‘I’ really did have TIME if I didn’t let the aforementioned come into my life so early before I’ve invested in my future.
In Closing
My message is simple, start INVESTING early and often in your life. Try to live a minimalist lifestyle and avoid taking on massive liabilities until you mid thirties while you allow TIME and compounding to build your wealth.
Click on the bold TIME and INVESTING for more information on action you can take and to broaden your understanding. Don’t let mismanagement of your time be your wealth killer.
