Stop Listening To Bad Advice | Never Give Up On Wealth Accumulation
4 Steps To Attain Wealth
Step #1 – Plug Your Ears | Stop Listening To Bad Advice
If you are from Generation X or Y you may have given up on creating a financial future for yourself because of all the negative media you get about it. If you listen to the media it may seem impossible that you will ever be able to actually buy a home, raise a family, attain wealth, eventually retire and live happily ever after.
Many individuals from Generation X and Y, the Millennial generations feel as if their financial future is doomed, especially their ability to reach retirement some day.
Step #2 – Stop The Press
You keep hearing over and over and over again that you will never be able to afford anything; that you will never get ahead financially.
The media paints your entire future as bleak; the media continually tells you that you can absolutely forget about ever being able to afford retirement.
Do yourself a big favor; stop listening to that negative spin and doomsday chatter. If you approach your financial life from a negative perspective then you will have negative results. If on the other hand you take a positive position, you can achieve a financial future that can be very promising for you. Focus on what you have control over.
Step #3 – It’s All Up To You
Always remember that your financial future is up to you; you need to be in charge of it. If you have the right attitude and learn to ignore the doomsayers, you can create a wealthy financial future for yourself. (Hot Tip: you will even be able to afford retirement).
Step #4 – Achieve Wealth By Focusing On What You Control:
Control Your Attitude
Stop the instant gratification attitude that your generation is famous for. It takes time to build-up wealth; it’ not instantaneous; learn what long-term means.
- The stock market, mutual funds and your 401k retirement plan are like moving targets, some days they’re up, some days down; but over the long-term your investments will grow.
Control Your Spending Habits
Practice Financial Self-Discipline
- Save money by practicing some self-discipline with your money.
- You cannot always get everything you want, even though you may have been told that your entire life. With some financial self-discipline you can work hard and earn enough money to get everything you want, but there is no guaranteed that you will be able to buy everything you want without some financial consequences.
Needs vs Wants
- One of the biggest money wasters is buying things you want (Hot tip: if you want it but don’t need it, you generally won’t use it)
- If you only buy items you need not those you want, you can probably save enough money to invest your annual retirement plan contribution.
Improve Your Saving Habits
- Save a little at a time, it works.
- Make retirement plans work for you. Two advantages of retirement plans are the free money and the delay in paying taxes on retirement plan contributions.
- Use a retirement calculator as a guide. Retirement calculators are one of the best retirement tools available; they give you an estimated amount of money that you will need to save.
Never quit Gen X’s & Y’s. You can have a financial future that will be phenomenal if you stop listening to the negative and focus those things that you have control over.