1. Lack of Planning
Ask yourself these questions:
- How much money do I need to retire?
- At what age do I want to retire?
- And how will the money get there?
2. Procrastination
Start TODAY and Be Consistent…
- Time is the most significant factor in determining the size of your future nest egg.
3. Getting on the WRONG Side of Mr. Interest
What have you employed Mr. Interest to do?
- Have you hired him to work for you?
OR
- Is he spending every second of every day working against you?
4. Desire for Instant Gratification
Are you always paying off YESTERDAY’S PURCHASES instead of saving for TOMORROW’s NEEDS?
Instant gratification is a lethal, financial landmine.
- Spend less than you earn.
- Don’t buy on impulse.
- Resist your desire for instant gratification.
5. Following the Masses
Are you counting on a tax-qualified retirement plan to provide for your future?
Today’s tax write offs will be tomorrow’s nightmares!!!
- How high will tax percentages be when it’s time for your retirement?
Although you may not pay taxes on the money now, make no mistake, Uncle Sam will come for his share of your money when you need it most!!!
- What tax bracket will you be in when he comes for your retirement money?
6. The Inertia Factor
What are you going to do to make sure your financial success takes motion?
Often times we learn new, exciting, and helpful information and do nothing to take advantage of its benefits.
- We never “Get the ball rolling”
What will you do to get your ball rolling today?
7. A Desire to Get Rich Quick
Are you a beginner poker player hoping to get lucky enough to draw the right card?
How will you protect yourself from the get rich quick tactics that almost always lead to financial hardships?
Invest in what you know.
- Invest your money in things you can trust, that are easy to understand, and things that have been around for decades and are familiar to you.
Remember, the tortoise beat the hare.
- Slow and steady wins the race.
- Do not get distracted from you and your families’ ultimate goals.
- Create a simple and achievable plan and stick to it.
8. Lack of Generosity
What are your feelings on being others centered?
- Children?... Grandchildren?... Future… Grandchildren?... Charity?
- Pay yourself first!!!
- 10% of your monthly income should be paid to you!!!
“We all drink from wells we did not dig”
–Lefty Lefton
9. Acting Like the Future will Never Arrive
Where did all the time go?
How prepared for retirement are you?
When will you begin to take charge of your retirement future?
- True belief in your retirement future requires action.
- Don’t let the future become the present before it’s too late!!!