One of my favorite clients, Eddie from N.Y., sent me the following 7 principles article. He and his wife are on a quest to reach financial independence (FI) sooner rather than later. This is a goal they take very seriously and is why their financial plan sets specific benchmarks that measure their progress as well as success. They are well on the road to FI. Being in their 40’s, they’ll reach this destination much earlier than most of their friends and colleagues. They have amazing teamwork and can discuss money openly and freely. I love working with couples like them.
Another dear client and friend from Colorado, Terry, was one of my first clients back in 2003. We caught up on the phone today for a financial portfolio review and financial planning “tune-up”. Terry has a heart of gold and continues to wake up each day asking this question: How may I serve? Her attitude of gratitude is remarkable. She’s a light that shines so brilliantly and brightly. She lives each day by paying it forward and helping as many friends as she can with their money issues. I am grateful for her continued support, trust and friendship. Terry, you inspire me.
7 Principles to Jump-Start Your Savings and Become Financially Empowered
(1) Your savings, believe it or not, affect the way you stand, the way you walk, the tone of your voice. In short - your physical well-being and self-confidence. A man without savings is always running. He must. He must take the first job offered, or nearly so. He sits nervously on life’s chairs because any small emergency throws him into the hands of others.
(2) Without savings, a man must be too grateful. Gratitude is a fine thing in its place. A man with savings can walk tall. He may appraise opportunities in a relaxed way, have time for judicious estimates and not be rushed by economic necessity.
(3) A man with savings can afford to resign from his job if his principles so dictate. And for this reason he’ll never need to do so. A man who can afford to quit is much more useful to his company, and therefore more readily promoted. He can afford to give his company the benefit of his most candid judgments.
(4) A man with savings can afford the wonderful privilege of being generous in family or neighborhood emergencies. He can take the level stare of any man ... friend, stranger or enemy. That ability shapes his personality and character.
(5)The ability to save has nothing to do with the size of income. Many high-income people spend it all. They are on a treadmill, darting through life like minnows.
(6) The dean of American bankers, J.P. Morgan, once advised a young broker: "Take waste out of your spending; you’ll drive the haste out of your life."
(7) If you don’t need money for college, a home or retirement, then save for self-confidence. The state of your savings does have a lot to do with how tall you walk.
(7 steps courtesy of World Financial Group)
