"The average American is less than three paychecks away from bankruptcy." This is on page 146 of the The Cashflow Quadrant by Robert Kiyosaki. Did I get your attention? It sure got mine when I read that. Let me ask it another way; if the next three paychecks did not come in, how would you be affected?
If you say, "I'll be fine, I have six months put away for emergencies," that is great, but that is not the majority. If you say, "I don't know how I will pay the bills that are owed." Perhaps this article is for you. The curious thing about finances is people don't know how bad their financial picture is until some catastrophe hits. Loss of job, hurt at work, pay cut, you name it. If it hasn't happened to you; it has happened to someone close to you in the last five years.
This book mentioned above got my attention and I hope it has done the same for you. Robert Kiyosaki talks about the three keys to success. You can use them for business, sports, finances, pretty much anything if you maintain the proper mindset.
Kiyosaki said there was a study done on how people all around the world born into poverty eventually become wealthy. I will list all three below and include some of my thoughts for the first one in this post.
1. They maintain a long-term vision and plan.
2. The believe in delayed gratification.
3. The use the power of compounding in their favor.
How does a young college student go to school for several years to make it through medical school?
How does a couple that has been married for over 40 years still enjoy each others' company?
How did Edison finally come up with a way to produce the first incandescent bulb?
The answer lies in step 1. Everyone that goes through some sort of a struggle or attempts a goal must first maintain a long term vision and plan. If that college student didn't know he wasn't going to get that degree and find that dream job he would have never suffered through it. If Edison knew he wasn't going to find a solution to the issues he was working on he would have never tried.
Bo Schembechler is credited with the quote, "Those who stay will be champions." I think that is a good description of step 1. Do you need a plan? Yes. Do you need to act on the plan? Yes. Will you have to make adjustments? Yes.
Vision. Action. Stay. And you can be a champion.
I don't know what your goals are for life. If you do have a long term vision and know it won't happen overnight, and you keep at it knowing you can and will hit that goal your chances increase drastically.
Stay. And win!
If you haven't read Cashflow Quadrant, pick it up tomorrow; it will change you thinking and eventually your life. You are worth the investment.
I will be sending out part II next week. Thanks for reading and God bless.