Want to Succeed Financially? Get Back to the Basics
John Wooden, the legendary basketball coach used to start each season teaching his players how to tie their shoes. You might laugh, but Coach Wooden led his team to 10 championships in a 12-year span by starting with his players tying their shoes.
Vince Lombardi, the Super Bowl winning Green Bay Packers coach, used to hold up a football in front of his team and would say “Gentlemen, this is a football”. Really?
So, what did John Wooden and Vince Lombardi know? They knew that no matter how good you were, no matter what level you attained, if you strayed from the core foundational principles; then success will fade.
So, instead of giving you the latest secrets to financial success I’m taking you back to the basics with the 4 Pillars.
It doesn’t matter if you make $30 Thousand per year or $3 Million, you can find success if you follow these steps.
Ready to dive in? Watch this video.
Now that you know, let’s cover a few quick ideas for each point in order to give you a few goals to shoot for.
Spending less than you earn – pick a number that you are going to live off of and save or give away the rest. Make a difference with your income, don’t just make it about you, you’ll be better off for it in the end.
Avoiding the use of debt – decide today that you aren’t going to live with debt anymore. Just stop and make the decision. Even home debt eventually. Get rid of it all.
Building liquidity – the best place to start is to have 6 months of expenses in cash. This is your emergency fund it should be your first liquidity goal. THEN, you can move on to figuring out how much liquidity you need to achieve your long-term goals.
Lastly, long-term goals. – Spend time figuring out what’s important to you and your family. Write them down. Make them measurable. Keep them front of mind and you will get there. There is something about writing them down that crystallizes your thinking and makes them achievable.
So that’s it. Pretty basic stuff.
We’re all professionals and are great at what we do. But when it comes to finances we still need to focus on the fundamentals.
If you want championships… If you want financial freedom… These 4 principles are there to challenge you, to guide you, to keep you on the right path so you will not only get to where you want to go, but you can stay there until you choose a greater destination.
If you aren’t focusing on the 4 pillars as well as you want, then maybe it’s time to get some help. If that’s the case, then get a free clarity session with our team. We’ll help you define what that is without all the pressure most advisors bring to the table.
If you’re ready to see how you stack up, then head over to our Thrive 34 Checklist or our risk assessment tool. Get started today, by better understanding your risk tolerance and how that fits with the investments you currently hold.
Otherwise leave a comment below on some of the little things that are holding you back and what your plan for attacking them is.
Until next time,
Founding Partner Thrive 34