Allow me to tell you something that is so central to your financial well-being:
Only you can get yourself to the level of success you want to achieve.
You may have come across many people who love to give advice about how you should manage your finances and grow your wealth. But, do they have your best interests in mind? Is it your interest or theirs that they are serving? Did they create success for themselves? If not, you may want to take it all with a grain of salt, or perhaps not at all if you are not sure they really have your financial interests at heart.
No one on this earth cares more about you than you. Therefore, it is you who must find the motivation necessary to succeed. Your level of motivation is directly related to the achievement of your desired outcomes: the higher the motivation, the better your chance of success! I have found that people often must change their mindset before they can find their motivation. Changing your financial mindset can be one of the most difficult things to do as we are usually raised to believe we have to work for money, rather than having money work for us. With a new mindset and increased motivation, your habits will almost certainly change. For example, you will likely begin reading more and gaining more knowledge that will help you achieve your desired goals. The result: financial security and success!
A Story from Chris: A Bug’s Life
It may surprise you to learn that I am very interested in insects. Well, I am! There are two reasons for my interest. For one, I find them simply fascinating. Secondly, and for more practical reasons, I am interested in them because I am a fly fisherman and understanding insects allows me to catch more fish. I know that during an insect’s life span it will go through multiple defined states of life. In technical terms it will metamorphosize as it goes through the various stages of its life. Different insects go through different types of metamorphoses. Some start out as an egg in the water, then transform into a nymph that matures in the water. Next, a nymph might move to the land and transform into a pupa, inside a chrysalis or cocoon, and then finally emerge as an adult flying insect who lays eggs and begins the process anew.
Unlike insects, people are guided by free will and, beyond some basic biology such as the onset of puberty, our lives are not dictated for us. Our free will is amplified, or enhanced, by all the knowledge that humans have accumulated over millennia and which we can access and use as a foundation for new and improved decision making which leads to better outcomes for ourselves and our families. The growth that comes from greater knowledge and improved decision making will help you in pursuing your own personal path towards your financial future. No one, including you, needs to be afraid of financial growth. You can begin with one simple step today and, as you go along, you will become more involved with your finances and enjoy traveling the interesting and intriguing journey to financial success.
Still not convinced? Take a moment to look at the stories you are telling yourself. Each of us—including you—is very good at “selling” ourselves a version of our self that maybe just isn’t true. Perhaps you have sold yourself on the idea that you are a failure, or sold yourself on the idea that you cannot manage your finances. Well, it is time to change the sales pitch you give to yourself!
You must sell yourself on the idea that you can in fact succeed with your wealth plan.
Changing the poverty mindset is one of the hardest things to do, but know this: the wealthiest one percent exist because at some point they were able to change the way they thought about money.
Accept That It Will Take Work to Understand and Grow Your Net Worth
With a new mindset, increased motivation, and new learning, you can understand and grow your net worth. But, it will take work.
First, you need to find a set of tools designed to give you the necessary information so that you can truly understand your global wealth. That understanding allows you to let go of fear and will give you the confidence and a level of comfort to make fact-based, rather than emotion-laden, decisions about your money. This toolbox should allow you to build a personal roadmap, eliminate blind spots for you, and enable you to follow the path to success. It should assist you in creating a deeper understanding and help you form actionable insights about your personal wealth plan.
Once you understand your global financial picture you can proceed with developing objectives and goals. I like the acronym SMART that is often used in setting objectives and goals. Your goals should be:
- Specific: A good goal is specific. “I want to lose ten pounds” is better than “I want to feel more fit.”
- Measurable: How will you know you have achieved it? Losing ten pounds is measurable; feeling fit is much harder to measure.
- Achievable: Set realistic goals for yourself. Is ten pounds the right goal for you?
- Relevant: Don’t do something if it is not relevant to you. If you are already thin as a rail, don’t set a weight loss goal!
- Time bound: How long will it take? Three months? Six months? One year?
Appreciate the Fact That You Are Different from Everyone Else
CalcuTrackTM was created with the clear understanding and acceptance that we are all different. Our experiences, risk tolerances, thinking processes, desires, drives, dedications, and situations are different. At CalcuTrackTM, I know that one size does not fit all, especially when it comes to finances. Your perspective about your financial success will be very different if you are a federal or state employee, an entrepreneur, a private sector employee with a 401k, or someone with multiple jobs and no benefits. All of these factors will have a direct impact on your own unique roadmap towards your personal financial success. CalcuTrack’s Toolbox is designed, with its calculations and analysis, to give you the tools necessary for success, no matter your situation.
Ultimately, the question comes down to this:
How are things financially working out for you now?
If they are working well for you and you are reaching your financial goals, then congratulations! You have been doing something very well! But, if things are not working out so well then you need to take a deeper look into what is holding you back financially.
Avoid the famous “Sucker’s Choice” at all costs. Don’t accept that you have to choose between two bad options. You can usually find a third “and” option. Avoid putting your finances on thin ice by convincing yourself that there are only two options available, neither of them helping you get to where you want to go. You must replace that oversimplified view of right or wrong, black or white, with a new “Big Picture Approach.” A Big Picture Approach allows you to make savings an automatic habit, earn the maximum amount of interest, understand your risk tolerance, gain a knowledge of investments, and set financial goals that you can accomplish. I discussed some of this Big Picture Approach in Chapter 1.
Chris’s Take Away
Get started today and start taking control of your entire net worth. By changing your mindset, you can increase your motivation and your knowledge. You can change your habits and start planning, calculating, scoring, tracking and growing the numbers. Be mindful that growing your wealth is a marathon, not a sprint, so being financially patient is a key to success.