Be 4 Prosperity
In a time of a sluggish recovery and lagging wages, many Americans are wondering if a prosperous life is even possible. Actually, it is, but it will take discipline and astute planning. In order to achieve financial prosperity, we must be the 4 Ps!
- Be positive.
- Be proactive.
- Be persistent.
- Be protective.
Be positive. Never internalize a negative situation. Even if you face the challenges of limited wages and opportunities for advancement, find ways to encourage yourself. Maybe bills are accumulating and income flows are tighter. Take a deep breath and reevaluate your options. Instead of being discouraged, be encouraged by reminding yourself of where you will be in the near future. By constantly seeing victory over your monetary problems, you will find yourself worrying less about your present situation and anticipating solutions to life’s obstacles.
Be proactive. Establish a plan that will help you handle the uncertainties of life. Recognize that problems and emergencies will occur. It is during those times of peace and tranquility where we must not relax. Instead, institute a budgeting plan where you prioritize needs and wants. Start your emergency savings fund today that should consist of 3–6 months of earnings. If you think that’s inconceivable, break it down in small milestones. Save 10 percent of your income each month and put it away in savings. Celebrate each milestones, such as when you reach $500, $1,000, etc. Before you know it, you’ll be that much closer to your desired goal.
Be persistent. Develop a mental toughness to handle the rigors of daily life. At the beginning, it is always difficult to change our buying behaviors. When the car breaks down, resist the urge to use the credit card and find ways to downsize your lifestyle temporarily. Tough choices must be made and that can involve making less use of cable, cell phones, and other entertainment options. Rather than watching your favorite NFL team in person, consider going to a sports bar and enjoying the game at a fraction of the cost. Successfully navigating through the difficulties of life will only toughen you up and make it easier to save in the future.
Be protective. Secure the future of yourself and family through appropriate planning. We need to think beyond the next paycheck and foresee where we will be in 10, 20, or 30 years. We will not be working forever, living forever, or have unlimited time to prepare for rising college tuition for our children. That means considering your life insurance and retirement needs. The more dependents you have, the more you need to put away for life insurance. When reflecting on retirement, assume that you will live a long life. Therefore, take advantage of employee based pension plans, along with tax savings associated with specific Individual Retirement Plans, such as the Roth IRA.
If you desire prosperity in your life, just embrace the 4 Ps!