In the financial world we live in today, getting ahead is hard. From rising costs to stagnating wages, every day is a battle. Unfortunately, a lot of people are bringing a knife to this gun fight and are acting as their own worst enemy by succumbing to certain detrimental habits, of which 3 are the most precarious. If you’re feeling like getting ahead with your money is unnecessarily difficult right now then make sure you’re not making any of the mistakes I’m going to go over right now!
Mistake #1: Chasing Quick Wins
Whether you realize it or not, building wealth is a war of attrition. Those who can stay in the game the longest win and those who suffer from short-sightedness lose. It’s really that simple. If you don’t believe me, take Jeff Bezos as an example. No one expected an internet based business that sold books to turn into one of the most transformative businesses the world has ever seen but here we are. However, we only got to this point because Jeff Bezos had a vision and was willing to invest decades of his life into making his dream a reality. Notice what word I just used there? Decades. Not a week, a couple of months or even a year. Decades.
Now, I am no Jeff Bezos but I know that in my own pursuit for more wealth, the longer I have remained consistent in my efforts, the more success I have enjoyed. In fact, two situations come to mind when I think about how playing the long-game has helped me win in my own financial journey. The first pertains to my journey through post-secondary education.
You see, while most people have the goal of getting in and out of college as quickly as possible, I never got that memo and spent roughly 7 years pursuing my own academic pursuits. For instance, instead of getting a 4-year degree like most of my peers, I went to college, got a diploma, did a Bachelor’s and Master’s degree and obtained my CPA and CIA designation. Now, I am not saying this to brag — being a student after 25 isn’t exactly going to score you points with the ladies (or your mom who you’re probably still living with if you take this route).
I am merely saying this because hanging in there to win long-term when everyone else quits early has allowed me to now have a distinct advantage compared to my peers. While my…