It’s inevitable. You’re going to get old. But just because you do doesn’t mean you have minimize your standard of living since you won’t be earning the same income levels in your older years that you did in your younger years.
So what can you do today to ensure that you will continue to enjoy life as you age?
Below are 6 habits you need to make a part of your day to day lifestyle to make it happen:
The first step is to earn income. Start by setting a target of bringing in $50,000 per year. Then go up from there. Ideally, starting out, you’re going to have a job so do you best to maximize your earnings there through increasing your hourly rate, overtime, etc. But if that isn’t enough to reach the $50,000 mark, then you will need to have a side hustle or two until you can get a business system in place to do the bulk of the heavy earning for you.
Now that you’re making money, the next step is to start paying yourself first. This begins with you putting aside at least 20% of every dollar you earn – this translates into $.20 per dollar. If you can do more, go for it. This is non-negotiable. Pay yourself first before paying anybody else. And once your savings starts to increase you cannot give it away to solve other peoples problems. Unless it’s a life or death emergency, do not spend your savings on trendy and random stuff, or use it to solve your family and friends problems.
Hopefully you don’t have any debt, but if you do, get rid of it as fast as possible. This requires that you make payments that are significantly greater than the minimum payment your creditors ask you to make. The sooner you get rid of your debt the less it will rob you of your future earnings.
Hopefully you’re debt free by now. And if that’s the case, it’s important that you stay that way. Liabilities are anything that take money out of your pocket and need to be avoided at all cost until you have assets in place to cover the cost of the liabilities. There is good debt and bad debt though. To keep things simple, good debt puts money in your bank account, while bad debt takes money out of your bank account. Unless it’s good debt, stay far away from it.
After you pay yourself first, pay off your debt payments for the month, and your monthly living cost, whatever money is left over isn’t money to “play with”, so don’t play. Remember, wealth is defined by what you save, not what you spend. Now, I’m not saying you can’t enjoy the finer things in life. Just be reasonable and keep your eye on your goal. To fund those experiences, you can consider allocating a portion of your disposal income to savings accounts you set up to make those types of purchases such as a ‘Fun Fund’, ‘Travel Fund’, and your ‘Emergency Fund’. Remember: the more money you have working for you, the sooner you’ll achieve your goal.
As your savings accumulate, you want to start doing research to determine what revenue generating assets you will acquire. Having a lucrative portfolio of assets is the difference maker and is what will allow you to continue to enjoy life as you age without compromising your standard of living. The assets that cash flow investors typically buy are rental properties, dividend stocks and business systems, so you can start your research there.
Now that you have a proven game plan to win the wealth game, it’s time to take action. Understand that no two investors quest for financial freedom are the same, so don’t compare your journey to others. What you can do is keep your eye on the prize and keep getting better at making the about habits of your day to day lifestyle.
I had had enough.
I was tired of waking up in the morning looking at myself in the mirror knowing I could be doing better and looking better.
I wanted to see what my super hero physique looked like. I had been dreaming about it every since college, but I never stayed in the gym consistently enough to make it happen.
But that’s about to change.
You see, I realized that a big reason why I wasn’t achieving my goal was because I would alway give myself an excuse for not going to workout. “It’s too cold outside.” “I’m still sore for last weeks workout.” “I’m going to miss the game.”
So, I decided that this time around, I would invest in a personal trainer to help me stay accountable to my goal, but to also gain some important knowledge about fitness to help me build the body I wanted.
I’m four months in now, and loving it!
From time to time I catch flak from some of my associates who believe that investing in a personal trainer is worthless. But when I look at their bodies, I pat myself on the back for choosing to follow my intuition.
The real value I have received from a personal trainer has been knowing that there is someone at the gym waiting for me, which means I can’t easily excuse myself. Second, the knowledge. I’ve learn so much in regards to exercises and technique that I never would have learned had I tried to be my own personal trainer.
Looking back, I’m happy I made the decision I did because I’m already hearing the results. It’s a great investment through and through.
What do you think? Are personal trainers worth it or not?
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