Think about it for a moment … there are only 3 possible outcomes for your life. OK … there is really only one real result. However, there are only 3 ways to get there.
1. You live a long, healthy life.
2. You live long, but not necessarily in good health.
3. You don’t live as long as you thought you would.
When you really stop to think about it, that’s it! So why is it that we get so bogged down with information that we don’t understand that we end up choosing to do nothing? It’s true, I said “choose”. Or, even worse, we do something without understanding it to regret it on the other side because it doesn’t do what we bought it for! Shame on the person who sold it to us … and shame on us!
It’s mind boggling to think that the “richest company in the world” has a financial IQ of around 2 (and I think I’m generous at that). We do not teach any practical money skills in this company. You don’t learn good habits at home. You don’t learn good habits at school. However, we are learning some really bad habits in the “real world”. But by then, it is often too late to change the stress of the situation that many have created for themselves. We then CHOOSE (there is that word again) to remain ignorant and continue to make the same mistakes throughout our lives, often regretting those choices.
It’s time to get proactive in our financial life. So here are a few things that will force you to think a little differently about your money:
1. GET CLEAR OF WHAT you are trying to do BEFORE you start doing it
Each product is perfect for the right situation. Every product is the wrong choice for the wrong situation. THEN … look at the situation BEFORE looking at the product. Think of it like it’s different from looking at a map. How do you plan your route if you don’t know where you are or where you are going? The answer is no ! Yet with our finances, we often try to put together a map before we have a clear idea of what we are trying to accomplish. Stop doing it backwards.
2. REMOVE THE LABELS from everything!
Here’s a word association exercise … what comes to mind when I say … life insurance … annuity … mutual fund … disability income insurance … long term care insurance … 401 (k) / 403 (b)? The list can go on and on. The point is, you’ve probably gotten reactions to many of these terms right away. If I were to ask you now to define what each of these products actually does or how or not they may or may not be right for you, chances are most people will give the wrong answers. These incorrect perceptions end up hurting you later when you were relying on something to be there. Do yourself a favor … educate yourself with reality, not perception.
3. Use the “3 POSSIBLE RESULTS” method to ensure you are covered!
Don’t think too much about it! If you live long and healthy, you don’t want to outlive your money, do you? So, find out about products that create guaranteed income for life. If you are living long but not necessarily healthy, you need to think about how to protect yourself and your family if this happens to you. If you don’t live as long as you planned, this isn’t about you at all! Now you better have something in place to take care of the people you leave behind and depend on you.
There are a myriad of companies and financial products available. Here’s the bottom line … NOBODY cares more about your money or your family than you! You will never be younger or healthier than today! If you aren’t taking the time and energy right now to sit down and really talk about what you want to accomplish AND WHY, no one else will.
Get inspired … be realistic … take action! This is the only way to be successful! Stay inspired!