It’s Never Too Late to Become Rich
May 29, 2019
I know that some of you are are already well on your path to financial independence and peace of mind and I applaud you for the work you’ve done. But if you aren’t there yet, I don’t want you to feel bad or discouraged, because it’s never too late to start becoming rich. What matters is what you do now.
The steps I outline below aren’t rocket science. But they do take work, discipline and perseverance. And they are a good reminder for all of us.
- Pay Yourself First. This is so fundamental to accumulating wealth it’s like laying the foundation for a house. You need to do it. Period. Some people argue that they can’t pay themselves first because they have too many bills. But this argument goes away if you treat yourself as your most important creditor. The rule of thumb is to pay yourself ten percent of whatever money you bring in, though I recommend more if possible. Below are some ways to achieve this.
- Get Your Financial Life in Balance. It doesn’t matter how much you make if you aren’t fiscally responsible with it. Look at all the celebrities with millions of dollars coming in who have been forced into bankruptcy because of out of control spending. The bottom line is that you have to live within your financial means—regardless of your income. If your financial life isn’t currently in balance, now is the time to address it.
- Be Efficient. A lot of money can be saved just by being efficient, and nearly every successful person I know checks the newspaper, mail and internet for coupons—even though they can afford to pay full price. For example, at my grocery store, I can purchase a $50 gas card for $40 when I buy my groceries at that store. I always spend a few minutes checking prices in the paper to make sure I’m getting a good value for my groceries, and then take advantage of the gas deal, which has saved me hundreds of dollars. I look for sales on anything I want to purchase. If I can get the same item for less—be it a new car, new furniture or a filet mignon steak, it only makes sense to pocket the cash.
- Fix Existing Financial Leaks. Between ongoing subscriptions, automatic payments and renewals and ever changing technology and rates for cellular data, internet service and bundled TV channels, it’s easy to lose hundreds of dollars each month without even realizing it. The good news is that you can change this by doing a quarterly audit of ongoing subscriptions and services and ensure that you are only paying for the products and services you want — and are getting them for the best possible price.
- Leverage Your Capital. Once you’ve got the Pay Yourself First concept down, you’ve got to leverage your money to the fullest extent possible by prudently investing it. When properly deployed, your financial capital works around-the-clock, 365 days a year—whether you are awake or asleep. This same principle applies to work. Deploying the intellectual capital you have built through education and experience can result in tremendous leverage—whether it’s advancing within the business or government sector in which you are employed and reaping the benefits accordingly, or starting your own business and generating profits by leveraging the efforts of your employees. The possibilities are limited only by your imagination, creativity, and energy. For example, you might invent something of great value or write a book that becomes a best seller. There are more self-made millionaires in the world now than ever before. Reach for your star!
- Get Out of Debt. For most people, this means deferring gratification now in return for freedom later. Visualize what your life will be like when you are free of debt—and have no payments to make. It’s pretty liberating.
- Maximize Your Time. Remember that your time is the most valuable asset you have and it’s limited, so put it to the best use possible. This means focusing on the work that is going to generate the most return for you, and delegating the rest—whether it’s preparing your taxes, handling administrative tasks, or even mowing your lawn.
As I mentioned at the beginning of this post, the steps I’ve outlined above aren’t rocket science. But maybe the reason so many people struggle to implement them comes down to these two essential ingredients: self-belief and gratitude. Having a strong belief in ourselves and abilities is critical to success—both financial and personal. Ironically, if you need a self-belief boost, incorporating the steps above will actually help in this regard because you will start seeing results. Taking action is one of the best ways to elevate ourselves. And what goes hand in hand with this is Expressing Gratitude—both to those around you and for the many blessings in your life. None of us can achieve success alone. It takes a team of mentors, colleagues and support staff, as well as friends and loved ones who provide the ongoing support and encouragement we all need. Everyone wants to be appreciated for the contributions they make—it fosters the positive environment necessary to continue the circle of help and support. I also believe expressing personal gratitude is key to success. It’s so easy to focus on what’s wrong in our lives and the world; but when we focus on what’s right and what’s working, everything in our lives becomes brighter.