Financial Success
Did you make a New Year’s resolution, but are now admitting to yourself, in a tiny voice- “I am a failure?”
Now is the time of year most realize they suck at keeping resolutions.
Just like dieting
You’ve heard it before-Jan 1, “I started my diet today-size 6 here I come!”-Gyms are full all over the country!
A month later, don’t get in the way of the size 6 wannabe- pushing her way into Dunkin Doughnut with a scary “gotta have it now!” look. You may have seen it in the mirror… (no one’s waiting for the elliptical any more!)
What’s the secret?
What’s the secret between making your money last till the last day of the month, or losing weight successfully?
What’s the secret of splendid success vs the emotional devastation of knowing you blew it again?
Choices
It all comes down to choices. The ones you get right, and more importantly minimizing the ones you get wrong.
Notice I didn’t say eliminate your wrong choices. I truly believe none of us are perfect, but I know you can be successful with your money. Without perfection.
And actually, trying to be perfect, will end up working against you, rather than for you!
Let me explain:
If you listen to us gurus, and wake up tomorrow and decide to save 15% of your income for retirement, but are currently saving nothing- YOU WILL FAIL!
Why? Because you aren’t prepared. Your spending hasn’t changed, you have no savings cushion for the unexpected expense, you haven’t met with your partner about your spending priorities….
So a coupla weeks after you change your 403b withdrawal with such bravado, you will be slinking back to your personnel folks, and say-”Sorry, can you eliminate that 15% 403b draft, my car broke down.” “And while I’m here, can I borrow money from my account?”
From The Beginning
To hit a baseball successfully, you must have the proper stance, weight shift, wrist cock along with a good eye for where the baseball is coming. You learn this by proper coaching and practice.
Sure there are exceptions, someone comes along with an unorthodox swing, and knocks the cover off, but they are noteworthy because they are unusual.
- The best hitters are successful only 1 in 3 times at bat.
- The best docs and nurses lose patients
- The best 3 point shooters are also around 30%
- The best investors make millions buying only one winning stock out of three!
To successfully care for an ill patient, you must know the signs of a well one, and what to look for when things are going downhill. You must study and understand the difference between illness and health.
To save money consistently you must learn the basics, then start making the right choices-as often as possible. But don’t let the absence of perfection be an excuse to get started…
So what do you do?
- Make a plan with the proper foundation.
- Do your net worth and financial statement
- Decide on your financial goals
- Begin to prioritize your spending, saving, and debt reduction goals.
- Follow your spending plan, and find your errors
- Make realistic course corrections and give yourself little rewards along the way.
But if you deprive yourself of all the pleasures in life that you and your hippocampus have come to label as “Good” then you won’t last long.
Summary!
- Don’t be afraid to start, but start at the beginning, with the basics.
- Don’t think you will be perfect at money management, no one is!
- Reward yourself for hitting your milestones!
Get Started
If you want to get started, sign up for my free e-book and newsletter. I will also send you (free of course!) my mini-course to help you get started on the basics of your money.
Keep an ear out for my personal finance course, the 5A’s to Financial Health-that will be released again later this year.
I look forward to hearing your next success story!
Reader Questions: What works for you? If you have turned your money management around, what are tips for others?
Let us hear about them!
Tags: financial goals and success, financial success, goal setting and your money, making the right financial choices
Discipline and determination works pretty well. You have to make your motivation stronger than the evil you are fighting. Whether it is a diet or debt. For example, I like the way I look now (after losing 35 lbs.) better than I looked before. I like having no payments or no debt better than having the pressure of living day to day. To help motivate me, I believe in rewards. It keeps me encouraged for the long run.
Nice one Doc. Yes, just get started and keep on going. It’s action that gets us there!
Sam
No doubt Sam!
[...] Millionaire Nurse Blog: Money Success? – What is the difference between success and failure with your money? A few tips to help you [...]
This article is absolutely “on the money.” You hit all of the main points. I love the sports analogies. I regularly think of being a successful investor as being a “singles” hitter; solid and steady progress.
Thanks Barb! You do have to stay in the game!
Great to see all the low percentages there which end up with success.
As I heard recently in a Marshall Sylver CD I was listening to “Fail Forward Fast!”
The only way to get it right is usually by getting it wrong a few times first and making tweaks and improvements. I also like to go on the TARL philosophy of Take Action Revise Later!
[...] Money Success (Millionaire Nurse Blog) [...]
[...] Millionaire Nurse Blog: Money Success [...]
[...] The Millionaire Nurse explores money success. [...]
It’s so important to fail, and fail, and fail again …. because it shows you’ve tried, learned and grown.
Remember: the “successful” have failed hundreds of times. They’ve simply eventually won more — or won bigger — than they’ve failed.
You do learn a lot when you fall on your face, don’t you?
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