One of the Biggest Mistakes You're Making With Your Money
Avoid this by all means
What is the big mistake? I'll tell you.
Living in the moment (financially).
And it's one of the worst mistakes to make because it never leads to wealth unless you already have it.
We have an epidemic of advertising that promotes living in the moment.
"What are you waiting for? Your time might never come. Opportunities don't last. Don't wait until you're old to live your best life. Have fun. Take adventures. Explore."
And use a credit card to do all of these things.
Am I saying we shouldn't live in the moment and invest in adventures? No. But we shouldn't compromise our financial health for living in the moment. It's not worth it.
Always Strategize For The Long-Term
Enjoy the short term, but plan for the long term. Don't live to the point where you forget you have another 30–80 years of life. Now is the time to eliminate debts, create passive income streams, build a massive financial portfolio, and enjoy life without going broke (aka into debt).
Most people enjoy life to their financial detriment. Every time they eat out, go out for drinks, vacation, shop, buy a new car, or go shopping, they sacrifice their financial health for a good time or to look like they are having a good time.
Which investors do you think win most? The long-term investors; the ones who plant the seeds and leave them alone because they understand the markets will go up and down, but if you give them enough time, they will consistently go up over time.
Discipline Is King
Saving, investing, living below one's means, and not getting caught up in consumerism in a highly consumption-oriented world requires massive self-discipline, which most people lack. Long-term investors don’t lack these habits.
Prioritizing your long-term goals and needs will keep you on the right financial path, but it won't be easy. You will get distracted and start telling yourself things such as, "I deserve this" or "I only live once." All these truths are facts, but what's the point of giving into them to your financial detriment?
Living broke and experiencing life don't have to go hand-in-hand. There is a way to experience life without being broke.
How To Balance BOTH
Living in the moment and living financially sound is possible.
First, one must understand that meaning and fulfillment are not found in materialistic items but in experiences.
Meaning is often found in relationships, the people we build new relationships with, and those we help and inspire along our life journeys.
How does one balance both?
“Saving, investing, living below one’s means, and not getting caught up in consumerism in a highly consumption-oriented world.”
Once you master this, not only will your future be promising, but you'll also be able to live comfortably in the moment because you have the means to do so without hurting your financial future.
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
Destiny, I'm not making this mistake :)