As I sit around the Thanksgiving table each year with my beloved family, I am always thankful for the wholesome, solid good financial lessons my parents and grandparents taught me. Were it not for those lessons and those beautiful people who raised me, I would not likely have the magnificent life and family with which I am so clearly blessed.
The lessons I learned led me into a career path that I truly love in which I do my best to help others become better savers and investors. I practice and pass on the lessons I learned early in life, knowing that not everyone had the same kind of guidance, from the get-go, that I had.
Faith-Based Family Wisdom Handed Down Through The Ages
In honor of the faith-based financial wisdom passed on to me by my parents and grandparents, I share some of the most powerful of those lessons. It is my most sincere hope that you and your loved ones learn something new that will contribute to the creation of a long-term, strong financial foundation. May these lessons – or at least some of them – serve you well.
Whatever you do, give it your best efforts. Others may get the rare lucky break, but you will eventually reap what you sow.
2. Don’t spend more than you make. A simple formula I have used for years is:
Give to your Church or the charity of your choice: 10% of what you earn
Save and Invest 10% of what you earn
Learn to live on 80% of what you earn
3. Pay yourself first. If your budget prevents you from doing so, Re-examine your priorities.
4. Have a rainy-day fund so you don’t have to borrow money or raid your Retirement Income Funds for emergencies.
5. Remember, we all eventually reach retirement age. The sooner you start saving and investing for those days, the more financial security you will enjoy.
6. Investing is a long-term game. Create a plan on your own or with a financial advisor and stick to it. Fund it month after month in good and bad times. Trying to time the market is for gamblers, not serious Retirement Investors.
7. Accumulating money for the future is more about having a systematic method of adding money regularly to a diversified basket of proven winners than investing “at the right time” or trying to find that elusive “hot stock”.
8. People don’t plan to fail. They just fail to plan which leads to failure. If you are too busy to plan for your financial future nobody will do it for you. Be responsible.
Another important lesson I learned along the way is to be grateful for all the goodness in life. I am thankful for my life, the people in it, the comforts, the joys, the trials and tribulations, the friends and acquaintances, the clients and colleagues I work with on a daily basis. It seems the more grateful I am the more richness I am served. These life lessons that I learned early in life from the Bible, my Parents, Grandparents, and others whom cared about me have allowed me to continue doing work that I love. I know I am prepared for a financially secure retirement and I love helping others feel the same sense of security.
May you and yours have a blessed Thanksgiving.