After you have obtained the career that best suits you, what next?
After you have obtained the career that best suits you, the handling of your finances is vital to self-sustainment. There is no proven method to obtaining the type of lifestyle desire, but with the proper management of your finances you can at least ensure you will be comfortable. Is financial management crucial to career success? When do I begin to prepare for retirement? Is my personal success contingent on the handling of my finances?
I recently had the pleasure of hearing Kevin L. Matthews II, author of "Starting Point: How to create wealth that lasts" speak at a live event in Tulsa, OK. His message was clear and concise. He focused on obtaining wealth, after clearly defining what it means to be wealthy. He mentioned misconceptions about wealth in regards to perceptions set by our society. In his book, he states:
There will come a time when age and physical ability will ultimately break the news to the majority of pro-athlete hopefuls, but what happens to them after this moment? Because they were only exposed to one way of seeing wealth and their opportunity was missed, it is highly unlikely that they will find another that will allow them to provide in the ways they hoped.
When the realization that not every young male is going to become a professional athlete sets in; and you realize your 9 to 5 is your sole income, how do you manage the day to day? Have a plan. A great piece of advice I received was take $10 and deposit it into a savings account weekly. This is a great piece of advice for college students and recent graduates.
In Kevin's book he lists, "Only 25% of millionaires have buy a house costing $1 million or more; most of them bought their house for $435,000." For first time home buyers there are breaks you will be entitled to. To quote the very popular saying, "Stay in your lane". Think about retirement when buying your first home. Are you going to retire in the home you plan to purchase or is this an investment? If this is an investment the location is not as important as if you plan to retire in the home. However, make sure the home you are purchasing is affordable and within your budget.
Debt can keep you from achieving promotions, purchasing a larger home when your family grows, and even obtaining another position you are interested in. When debt is overwhelming it is very difficult to see beyond the mountain of debt. Kevin states, "If you want to live the life of a millionaire, you're going to have to work for it and not take the shortcut of plastic and payments."
It is important to tackle debt early. Aggressively pay student loans. Focus on paying down credit card balances monthly. Be mindful of what it takes to build wealth. Kevin's guide for building Wealth is made simple in 5 steps:
Now that you have a teaser of Starting Point How to create wealth that lasts get your copy and use it as a tool. It is a quick read, with a ton of great tips to create wealth.