If given the chance to be a millionaire, would you take it? Naturally, the majority of people would say "Yes" verbally, but how many of you will say "Yes" financially?
If given the chance to be a millionaire, would you take it? Naturally, the majority of people would say “Yes” verbally, but how many of you will say “Yes” financially?
Since elementary school we’ve been taught about the American opportunity to be anything we want to be as we strive to be great at it. We’ve been taught to work hard, stay in school, get jobs, and that our bosses will give us money because we deserve it. Yet, how often do those jobs bring us true happiness and fulfillment? How often will jobs give us the life that we want? Most importantly, how long will the money from those jobs last?
The pandemic has proven that many Americans, even the employed and self-employed were only one paycheck away from poverty and panic. How can you do things differently and help yourself financially thrive?
Give your wallet a pandemic push towards wealth, legacy, and even millionaire status. Patrick D. Tyler, a Mortgage Loan Officer for Credit Union 1, has shared easy financial planning suggestions that will help your wallet finally grow to the proportions that God has intended for those who are prepared.
Here are eight intelligent and simple ways to free yourself from the game of Chance and start playing a more profitable game with bigger gains.
Have a Roadmap. Develop a financial plan that illustrates your future success. It is imperative that you take some time to prove how you will use time as your friend. Set goals and create milestones along the way that will help you celebrate everything that you set out to accomplish. In your roadmap, state specific amounts that you want to accumulate by a specific period and include a visual image of your intentions. Select an image, amount, and time frame that will evoke an emotional response to keep you motivated.
Open Two Different Savings Accounts. Designate one savings fund for emergency expenses that will help you with household expenses in a time of emergency. A general rule for an emergency fund is to store the equivalent of six months of household expenditures. This pandemic has lasted more than six months, and in the global conditions of millions of layoffs, foreclosures, and evictions, Tyler recommends having at least a twelve-month cushion because the global economy has a lack of job stability. The second account you establish will contribute towards your financial plan.
Pay Yourself for Working. It’s up to you to determine whether you are worth one hour a day. It is recommended that you elect a sacred amount of money that will go only into your savings accounts to pay you directly. Commonly it is suggested that you put aside a designated 10% into your savings. What if you automatically enrolled 10% of each check into each savings account. As you go to work and agree to being paid a wage for an hour of a shift, what if you agreed to pay yourself at least one hour’s worth of pay per shift? Aren’t you worth at least one hour of pay per day? Realize that if your plan doesn’t include an amount to pay yourself then your money will simply slip away and you will have to work harder longer.
Work Your Money. After you responsibly go to work and work hard for your employer, allow your money to work hard for you. Tyler wisely says, “Work your money or your money will work you,” meaning for you to never work for others without financially benefiting from your hard work. Sticking to a budget means allowing your money to grow by paying attention to your spending habits. As you allow your wallet(s) to grow, you create space for you to serve in a greater capacity. The more money you have, the more money you have to share, donate, contribute, and impact the world.
Be Creative. Relax, watch videos on the topic, and have fun watching your money grow. Find creative gift ideas this holiday season as you remember the real reason for the celebration of Christmas. There are many crowd-pleasing homemade DIY projects that can be made in bulk with little time, helping you put smiles on faces. Use mobile apps that demonstrate simple strategies with tricks on simplifying everyday activities. Overall, be comfortable and proud of your decision to be financially elite and secure.
Be Flexible. You can be as aggressive or cautious as you choose. Select any of the suggestions given, create any combination, or research options of your own. By all means, allow yourself to adapt to changes in your lifestyle.
Give Yourself Time. Resist the temptation to be overwhelmed with calculations and mathematics. While challenging yourself to have the dollar amount that your heart desires, it will be easy to allow money to become an idol if you fall into the trap of rushing. into that life of leisure and luxury that you deserve. Always remember that empires, legacies, and things of great importance were built over a lifetime. After all of your service, if needed, you’re allowed to crawl your way into that life of leisure and luxury that you deserve.
Focus on Freeing Yourself. Your dreams can someday become a reality and you can someday live your financial fairy tale. Be willing to let small frivolous things pass as you focus on your big desires. Your future self will thank you for planning and playing with the rules that build wealth. Your future awaits, and you can live the life you want to live in the long term. All you need is some short-term patience.
For further tips on how you can avoid the common traps and barriers to building wealth, tune in to my column next month. Meanwhile, if you are ready to have more, then you are ready to begin. Here’s to hoping that you join the Millionaires Club sooner than you may think by making simple and easy smart choices. Be honest with yourself and remember that it only takes faith and a series of small choices. As you envision a better life, plan for it, and succeed, your money will grow for you if you have a mission for it.
Thanks to Patrick D. Tyler for briefly sharing his 35 years of expertise in the banking industry. He has helped us to say “Yes” verbally and financially to the offer of becoming a millionaire.