How To See A Bright Financial Future
| February 16, 2012 | Posted by Roshawn Watson under Uncategorized |
By: Roshawn Watson
Your vision of the future will be a powerful influence on your finances. For example, why would one save, invest, and practice frugality if he is certain that his efforts are futile anyway? It is the hope of a better financial future that modulates our behaviors. However, in a pessimistic world, developing and maintaining this hope can be a real challenge. Here are 6 ways to see a bright financial future.
Start Small
Don’t despise small beginnings. It doesn’t matter whether it is purchasing your first stock or bond, starting a side hustle, or launching a product in a test market. The point is you started. Systematic progression towards your goals is key to seeing a bright future. For instance, Mary Kay Ash, founder of Mary Kay Cosmetics picked 6 things that she wanted to accomplish every day and methodically completed them. This 1 habit has been called pivotal in her establishing her billion dollar brand. Don’t trivialize action. Even if the action is as simple as investing what the typical American household spends monthly on a car payment, that would yield a couple million over a working lifetime (and if the assumptions are half wrong, you’ll still be a millionaire).
Rome was not built in a day, and neither is your financial future.
Keep Perspective
When you are attempting high goals, sometimes it pays to keep perspective.
Recently, someone recounted an interesting story. A lot of construction was being performed, and a traveler saw a worker and asked what he was doing. The worker said “I am hauling rocks from one location to another.” The traveler was unsatisfied, so he asked another worker what he was doing? The second worker replied that they were “building a wall.” The traveler still sensed that there was more to the project, so when he saw a third worker, he asked what he was doing. The third worker said “we’re building a castle.” Now, all of the workers were doing essentially the same tasks on the same project; however, who do you think would be more motivated to be excellent in his work: someone who was hauling rocks or building a castle?
If a man is called to be a street sweeper, he should sweep streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, here lived a great street sweeper who did his job well. Dr. Martin Luther King
Map it Out
Architects are wonderful models for achievers. Architects are skilled in design, vision, and oversight. Similarly, we can design the lifestyles that we desire. One of the best ways to ensure that your life will move in the right direction is to see and plan your future in advance.
Now, some see a world of abundance whereas others only see lack, and they are both right.
Think you can or think you can’t, in either case you are right
If you desire to change the level of your life and your finances, what future do you see? It is difficult to move past your convictions, so hopefully you are persuaded to pursue financial independence. We’ve already been empowered. There is more information now than ever before, and modern technology and other advances have literally made it possible to have business at nearly the speed of thought. Apparently, you can even earn a million dollars a year by being a YouTube star.
As the architects of our own lives, it is now incumbent upon us to create a plan of what we want the next 3-5 years to look like. Begin with your desired end in mind.
The dream is the fuel, but the plan is the map!
Engage Others
No man is an island onto himself
In general, successful people want to engage other successful people. It doesn’t matter whether you call it your inner circle, your cabinet, or your mastermind group; recognize that your dream will likely require the impartation, the participation, or at the very least the encouragement of another. In fact, if your dream can be accomplished alone, then one must wonder why have you set your sights so low? Great people convalesce around great dreams. Benjamin Franklin, Thomas Jefferson, Andrew Carnegie, Plato, Aristotle, and Socrates all recognize the benefit of connecting to a brain trust.
“The glory of friendship is not in the outstretched hand, nor the kindly smile, nor the joy of companionship; it is in the spiritual inspiration that comes to one when he discovers that someone else believes in him and is willing to trust him.” – Ralph Waldo Emerson
I certainly understand independence, but there is a good reason interdependence is commonly thought of as operating on a higher plane. When you are fully engaged in a group and pursuing excellence, there is a creative synergy that can propel you much further than if you decided to go it alone.
Have Financial Heroes
I can not stress the importance of heroes enough. I believe I first became aware of the significance of heroes after hearing the profound story of a former brick layer. He was nearly illiterate as an adult but developed a strong passion for success. He hung on every word he could find from Winston Churchill and other high achievers that he admired. He patterned his life after his heroes and become one himself. While I don’t know his net worth now, in the mid-nineties, his net worth was approaching $1 billion. When he addressed us, he frequently quoted those who had inspired him to do the impossible. He said “you need to develop a vocabulary of success, so study those who are successful.”
As a society, we spend far too much time tearing down achievers rather than learning from them. If someone is kind enough to share with you their accomplishments, cherish the opportunity to learn from their greatness rather than looking for faults. There will always be faults, as we are all human, but it is useless to be preoccupied with pointing them out. Instead, we should learn from those who have mastered areas that we often have not.
Revisit Your Dream
Dreams are cursed with a short lifespan – Candice Bergen
It is amazing what one must endure when when he sets out to do something uncommon; however, the dream is the fuel. It’s what propels one to endure the criticism, the setbacks, the lies, and the misunderstandings. I recently highlighted some of the challenges one faces in achieving financial excellence in Do You Have The Courage To Be Wealthy. Still, some argue that frugal individuals don’t struggle with societal pressures anymore than anyone else. The problem is until you have been relegated to obscurity because of your “weird” beliefs, it is hard to empathize. Perhaps EE Cummings said it best “to be nobody but yourself in a world doing its best to make you everybody else means to fight the hardest battle any human can ever fight and never stop fighting.” If you think for one second people will idly sit back while push yourself well beyond their comfort zone, then you’re naive. That’s the reason why it is so important to revisit your dreams frequently. Keeping your dream alive is arguably one of your greatest weapons in your arsenal for success because doing so centers your focus on your future and creates blindness to the unimportant.
My great mistake, the fault for which I can’t forgive myself is that one day I ceased my obstinate pursuit of my own individuality. – Oscar Wilde
Closing Thoughts
We move in the direction of our most dominant thoughts. Thus, seeing a bright future can be a matter of survival. The danger of becoming too cynical and jaded is that we rob ourselves of opportunities through hopelessness. Just because walking in abundance can be difficult doesn’t mean it is a pipe dream. After you have decided what you want your life to look like, continually remind yourself of that vision. The more your future becomes a part of you, the more revelation you will have to manifest it.
Pursue your dreams. Pursue your passions. Pursue you!
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Copyright 2012, Roshawn Watson, Pharm.D., Ph.D. All Rights Reserved.
To me a huge step is taking the time to think what you want. People just don't want to think. There are too many distractions.
When they do think about it I believe most people have modest desires – get a good job and have a family and friends in a peaceful environment. I can say that the financial steps to achieve this goal are pretty straightforward for those willing to as you say "map out a plan". In fact, there are books that can be read and understood by just about anyone over the course of a weekend that describe in detail the steps to take.
Other are decidedly more ambitious and they have to think hard if they are willing to achieve high goals.
I always liked the saying about "many people would like to be Micheal Jordan but few are willing to do what it takes to be a Michael Jordan".
Enjoyed your post – thought provoking.
No, people don't like thinking. It's too much work 🙂
Thanks so much Robert. I loved that quote regarding Michael Jordan too. I really think it is a matter of if we are willing to pay the price to achieve excellence. You also have a very interesting point: most people would be just fine to be "modest," yet it doesn't take very much to achieve a respectable retirement. It's so sad that we are so quick to settle.
Excellent post. Full of helpful content. There is much power in celebrating small victories along the way to huge goals!
Thanks Thad,
I really appreciate it. I agree with YOU on celebrating small victories. I'm a huge fan.
Homeostasis is a frightfully powerful influencer in our relationship with friends and family. It's just our nature to do whatever it takes to keep members of our "in-group" at the same level.
People who go too far outside the boundaries are punished- socially and psychologically- to get them back in line. If they refuse- they are ostracized and shunned.
The more I read about this subject, the more fascinated I am.
Really great stuff here, Roshawn. It is hard not be cynical about where we are, when we are looking towards where we want to be.
Great point John.
Keeping the right perspective and focus greatly influences your mood and your ability to see a bright future.
Great points here. Everyone has to start somewhere on everything – including finances. Even if some start off better than you because of a higher salary or something else, just adjust your spending and you'll be fine. Rome wasnt built in a day, and it didnt have to be – neither do your finances. You've got a whole lifetime to mess with them and get them right!
Thanks so much Jeff!
Great point about starting where you are at. Too often, we think it takes a ton of money to create a ton of money. The miracle of compounding interest ends up doing a lot of the work for us though. Patience and faith always wins in the end.
"We move in the direction of our most dominant thoughts." Very true Roshawn!
Where you are today is no accident. Where you want to be tomorrow is totally dependent upon you. A positive attitude and a willingness to put in the effort to reach your goals will get your closer to your dreams.
Enjoyed your post Roshawn!
Thanks MC!
That's right. Where we end up is typically not an accident even if it seems sporadic. We exercise a great deal of control over our own lives. Choosing not to do anything is still a choice. Thanks so much for your comment!
I always start with the desired outcome or goal. Break it down to daily tasks. Monitor the progress and adjust my efforts to reach my goal. I constantly read about successful people and surround myself with as many as I can. It works really well for me.
Another great, thoughtful post, Roshawn. I think that the points about not underestimating the power od small and the need for pespective are particularly powerful. Many people never move in the direction they desire because they don't start small and they always seem to be waiting for the big break.
Thanks so much Maria!
That's a great point. Intimidation and fear of big task robs so many of achieving their dreams.
The thing about wanting to be like Jordan everyone forgets is that he missed shots too: about 50% of the the buzzer beaters he went for. And then he lived with being the guy that let his team down. http://chasing23.com/michael-jordan-game-winning-…
And then he stepped back up.
This sounds very logical to me. That's an awesome plan that I am happy is working well for you.
It is amazing where you can go if you just simply…start. I do not care if it is saving $5 a week. It adds up!
Sometimes people get paralyzed by waiting for the perfect. Most improvement (in any area of life) happens more incrementally.
Absolutely! Every little simple step adds up.
I've been saving without much of a goal, so this was good to hear. Thanks!
I seriously love reading your posts. They are always so insightful and inspirational.
A breath of fresh air to the negativity in our world.
Thank you! 🙂
Thanks so much Young!
I so value your support! I definitely try to keep the energy positive… even my rants are somewhat comical (on purpose). You're right. There's way too much negativity going around to focus on that constantly.
I really like your step #2 about keeping perspective – it really sucks to say, "I'm not going to do ____ because I'm trying to save money." But add to that sentence "I'm trying to save money so I can put 20 (or 30, or 40) percent down on a house" and that changes things. Excellent point, and one I need to embrace.
Thanks Elizabeth,
I definitely see where you coming from. I would go as far as to say that for most people, if they can keep the proper perspective and persevere in the truth, they will win. It's only when we waver that we run the risk of losing out.
I've always been interested in "pack hunting" toward goals for the reasons you've listed above. It's not only more fun to have a friend along, but it's easier to stay laser focused on the end goal if you have someone to hold you accountable. Having a mastermind group helps me remember to keep thinking about the right stuff.
Thanks Joe,
I'm a fan of aligning oneself with people who know and/or are interested in knowing. There's a powerful synergy in that! I appreciate your insight, as I was just asked to join a mastermind group, so this comment was timely.
Great post Roshawn. Success requires both action and a plan. One without the other will probably not survive long. I think most people are stuck on the "action" part of it though. Many people have big dreams and never act on them.
Thanks Joe (squared),
I agree. Both are needed, yet we neglect them and success becomes elusive. I have seen brilliant people never give their dreams legs. I have seem simple beyond achieve the impossible. It's amazing what can become us when we are consistently working towards specific goals. Thanks for your comment!
Great Post Shawn! It really resonates well with my own thinking about life. Having smaller, achievable goals is the key to a major success. It's akin to climbing a mountain. It takes every small, careful step to climb Everest.
Thanks Shilpan!
I'm a big fan of breaking down goals and tasks into doable chucks, so I definitely see where you are coming from. Cheers!!!
Great article, you have given advices to realize a good plan from the beginning to the realization of the dreams! Thanks for sharing it.
Great article! I love to dream big and firmly believe that you make your own luck and attract the things you want to happen. Positive thought can be very powerful, it is a shame more people don't do it.
Thanks Shaun!
I agree. Keeping the right types of positive thoughts can dramatically impact your life. It is literally amazing what a healthy dose of positivity can do to a "dire" situation. That's the very reason why people sometimes need to take a reprieve from circumstances to "see the trees"
I agree. Perseverance is the key to success. 🙂
Perseverance is definitely key. I'm right with you Joe!
Thanks for the reminder of seeing the bigger picture while appreciating the small steps. It is easy to forget sometimes when you are focused on the nitty gritty.
You are very welcome!
I agree. Such things are easy to miss when you are in the "thick" of circumstances.
I totally move in the direction of my most dominant thoughts. Do you know how I know that? When I can't sleep because my thoughts dominate my most precious time I know I am headed in the thoughts' direction.
Great point Jai! I love that example 🙂
A great collection of very useful tips and tricks, thanks for sharing them, they will be very helpful for me, because I'm quite a newbie to this scene.
Cat Woman, you're very welcome. I really appreciate your comment, and let me know if you need any additional help in your journey.
Great post and great look! Seriously you NEED TO WRITE A BOOK!!! 🙂 Your writing is amazing and so inspirational/ uplifting. I would buy it! 🙂
Thanks so much for the encouragement Young. It's means the world to me. I definitely hope to explore some cool writing projects, in addition to the blog, in the future 🙂
I love the new look. MUCH more reader friendly!
Thanks so much. It was a long time coming. I'm happy it worked well although there are always hick-ups. Cheers!!!!
I especially like the part about heroes. It's great to have heroes, to always have people to look up to up. Be a hero-worshipper, especially of your financial ones! It really helps you get the best from yourself.
Thanks so much Drew.
Thanks for sharing your thoughts on heroes as well. Where would we be without our heroes, especially our financial heroes? They have emerged from the battle victoriously, so why shouldn't we benefit from their battle scars?
Dave, you are right. It can be fascinating. The cool thing is that it is often the "different" kids who live extraordinary lives. Shunned into fabulousness!
Great work. I agree with youngandthrifty that you must launch your book. Your thoughts significantly apply to almost every undertaking in the present scenario. Studying those who are successful, I guess, is the most significant step in reaching financial goals. It is just a matter of carefully determining which of the methods apply best for you.
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Everybody has great thoughts and ideas, but what really makes the difference is taking action. Unfotunately most people are so afraid of failure that they don't even start. It's also important to have a person who inspires you, and you try to follow their steps.