Monday, March 4, 2013

Changed my life: part II

Last week I introduced a book that had a great impact on my life. Anyone that has looked into creating long term sustainable success the title of the book is Cashflow Quadrant by Robert Kiyosaki. If you missed last week's post click on the link Changed my life.
Of the three keys to success; last week I touched a little on the importance of long term vision. This week I will be going a little more in depth on step two. Step two states; in order to create long term wealth you must learn how to delay your gratification.

Delay my gratification; what does that mean?
When I learned what this concept meant it was completely foreign to me.
Here are a few examples.
Did you know at one point people use to take a picture on their camera, they would have to finish their 35mm roll, take it in to a photo processing center and have to wait two weeks to get their pictures back?
What do they do now? They take a picture on their phone send it across the world wide web and people from the other side of the world can see it in seconds!
Did you know that a long time ago people use to save up their money and pay cash for their cars, can you believe that? They wouldn't have to apply for a loan; they already had the money! What do they do now? They finance their cars, boats, atv's, and televisions. It's only $250 a month for 60 months. That's a good deal right?
Did you know a long time ago people would eat dinner with the food they planted in their garden? What do they do now? Run to the store, pick up some canned fruit and put it on the plate. Voila!
The times have changed. Just look around you; everything is go go go, instant instant instant.
How does this have anything to do with creating wealth. It has everything to do with wealth. When I learned this simple concept it changed my finances instantly (pun intended).
Think about it. Just because you want that new truck, should you get it? Just because you can afford the payment on a house four times your income, should you get it?
Please understand me. I do not have this all figured out. I am following some fantastic leaders that have not only taught me these concepts, they live these concepts. Just a couple of these leaders are Orrin Woodward, Chris Brady, Bill Lewis and Steve Morgan. They are my example of how to delay my gratification. I use their example because they have the fruit on the tree.
This is how Kiyosaki explains it in his book. 'They were willing to make short term sacrifices to gain long term success, which is the basis of delayed gratification.' Put another way, giving up the good for the great; living for today, not for your future.
The LIFE business teaches about this very concept about delayed gratification. Unfortunately, we live in a instant gratification society, perhaps that is why the majority of Americans are drowning in debt.
You can change that though. It's going to take something though; a long term vision. If I take 10 years to get into debt it is going to take some time to get out. Give it some time; learn these principles and apply them.
And when you are in control of your money and you tell it where to go the feeling is so relieving.
There is a shortage of good information in our society that teaches solid financial education. The LIFE business offers that.
Be sure to stop by next week to learn about the third and final step for creating wealth.
Thanks for reading and God bless!!

Nicholas Nighbor