Just stop and read these two articles.
Both published this year and within 30 days of one another.
Did you read them? If yes, great, this post will make more sense to you. If no, quit reading. No one likes people who don’t follow instructions in posts written by random strangers you happen to find on WordPress. Ok, if you’re going to smile you might as well keep reading. But I warn you…
On top of all the other challenges with choosing wealthy throughout your life you must contend with this one: Who do I trust?
The two articles above offer divergent points of view on the American public and our savings habits.
The first one, written from a Government/Macro level, says we’re saving TOO much. You aren’t buying enough crap on credit. You aren’t eating out with VISA often enough and gosh-darn it all to hell, the economic wunderkind of our country don’t like that… No sirree. You need more debt, more consumerism, more spending and LESS accumulating wealth.
The second one, written from a Advisor/Micro level, says we’re saving TOO little. Particularly the millennials. They are buying too much crap. Eating out with or without VISA way too much and gosh-darn it all to vegan hell, the good investment bankers of our country don’t like that… No siree. You need to more savings, more investments, more frugality and LESS accumulating debt.
I contend these obvious and ubiquitous contradictions in our financial news media offer up paralysis instead of analysis. They remind us that, to some degree, the house of cards if beyond our understanding and we should leave it to the pros to solve it or tell us what to do…better yet, just keep spending. Either spend it so the FED is happy. Or spend it (via fees) so the Investment Bankers are happy.
Or take one of the many other options out there. This particular option is called Choose Wealthy.
Use the word AND more often. Wealthy people use the word AND in a different way.
Savings AND Investing AND Enjoying Life. (Wealthy thought)
Savings or Investing or Enjoying Life. (Poverty thought)
I don’t trust the Government. I don’t trust the Investment Banking industry. I don’t trust large Corporations. I also don’t trust that weird guy down at the corner store who always checks out my wife when I buy gas… It’s not funny. Seriously, it’s rude.
But I don’t have to trust them. I have to TRUST ME.
YOU HAVE TO TRUST YOU.
BE YOUR OWN BEST FRIEND.
When it comes to finances what you are doing right now is 1000000000% correct.
You are seeking multiple sources of advice while keeping your eye on your own goals and situation.
Action Steps:
-For every article, website, blog, book or interview pertaining to personal finance you discover, purposefully seek out one that offers an opposing point of view.
-Weigh each idea equally.
-Watch the macro and micro economic levels and see which idea impacted your PERSONAL situation the most.
-Chances are the one that helped you the most, is the best ‘philosophy’ for you to adopt (if you adopt any at all!)
Example: Dave Ramsey is opposed to being “all in” on a business or investment. His view is such behavior is risky and tends to result in more stress, debt and problems than necessary. The other night on Shark Tank, I heard Robert Herjavec express how he prefers to invest when the person is “all in”. He’s said on past episodes it shows spirit, guts and faith. And that those things help bring about successful endeavors.
Who do you believe? I believe both. I believe going “all in” without faith, spirit and guts is stupid and I believe going “all in” by leveraging my family to the hilt is financial suicide waiting to happen.
Due diligence, understanding the market, understanding your business and ITS NUMBERS, the minimum amount of debt to keep CASH (earnings are NOT Cash. Cash is KING, earnings are PEASANTS) and unwavering commitment beat going ‘all in’ in terms of debt or work ethic alone.
*Use AND correctly
*Multiple Opinions (not just two)
Choose Wealthy my friends.
Choose Wealthy 