When you look at your checking account and you see a big fat zero, you may think to yourself dammit I am feeling broke. The next few days you mope and complain that you can never make enough Benjamin’s in this life. The last few months the bank account incurred several overdraft fees. Why is all of this bad misfortune happening to you? One Simple answer to the myriad of complaints listed before, because of the reflection in the mirror. You Have No Patience! People wake up, as the lack of money is not the problem. When you lack patience it makes you do things on impulse, which results with spending above your limit.
Let’s do a big picture exercise, multiply your income X the number of years you have been working. What does that equal? Then add up how much of that you have saved? Kind of low when you compare it to all the income you have made in your entire lifetime.
Example: Average US Income 35 thousand X 5 years working history = 175, 000 dollars. How much of this have you saved? KEEP YELLING YOLO HUH!
Pick up your jaw off the floor now because this is the truth and now you must face it. Many of you want things now, and you will not take no for an answer. If that is how you want to live life then expect to be broke. Also expect to work forever, why because that impatience is taking away from the years you can retire early. I will propose something right now to help anybody struggling out there. Relax and take time to do things. The new summer wardrobe you have to have, it can wait. The new flashy Audi you have been desperately seeking for, it can wait. The yearly 4 thousand dollar vacation you have to take, it can wait. When can the time come to enjoy some fruits of our labor? See below for two very important money equals patience guidelines.
Money is Not the Problem, it’s Patience Checklist:
– Get Patience in Check. Control it now
– Do a Simple Budget, Income Minus Expenses should = Surplus
– If No Surplus cut things immediately
– Save up for raining day fund aka to avoid adding new debt
– Revisit budget to constantly improve upon it
– Track Net Worth Monthly
– Systematically Remove Debt and Increase Net Worth
– Stalk your checking account, from home computer or Cell Phone App
– Keep improving on patience to not fall victim with Money Issues
When can the time come to finally do what you want and not have to worry about money? Simple Solutions:
- When you are debt free (Excludes Mortgage)
- When you are consistently saving for retirement 15% or better(401K and Roth IRA)
- When you are giving / generous $$ without hurting your budget 5%
- When you have ample surplus to do what you want with cash
- When you can invest in stocks for a retirement back up plan 5% or better
Patience is just as important as the ability to earn money – Rich Uncle EL
Comment if you agree with money is not the problem, it’s patience?
Rich Uncle EL
