When Brian talks, I listen, whether I am watching one of his many instructional DVDs, playing a CD in my car while I commute, or sitting in his office earlier this year. Brian taught me there are four ways to change anything in your life:
- You can start doing something you are not currently doing.
- You can stop doing something you are currently doing.
- You can do more of something.
- You can do less of something.
I am proud to call Brian Tracy my mentor. During “drive-time university,” as he calls our daily commute time, I have listened to hundreds of hours of his instruction. His topics include goal setting and planning, personal and business development, the power of focus and clarity, as well as the many keys to leading a successful life. I would like you to consider his four keys to change as it relates to your own goal of preparing for a financially successful and secure retirement.
You can start doing something you are not currently doing.
Have you made an IRA contribution for the year? Are you a participant in an employer-sponsored retirement program? If you are a business owner, have you established a retirement program for yourself and your employees? Have you met with a financial professional to map out a strategy for retirement savings or are you just winging it? In other words, are you being proactive in securing your future or waiting for Bernie, Hillary, or Donald to come to your rescue?
You can stop doing something you are currently doing.
Are you ready to stop procrastinating and begin developing a plan for the day your paycheck stops? Are you ready to stop trading stocks because you realize you are not a Wall Street trading genius? Will you finally admit that you do not possess the skill set to design a retirement income plan that can see you through a potential three-decade retirement with your expenses rising 2% to 4% each year? Are you ready to take your head out of the sand and ask for help? We have one shot in life to make it a good one. Will you risk it on your ego and the fact that you know everything and don’t need help?
You can do more of something.
You can save more for your retirement. Studies show that saving 10% to 15% of your income will work wonders over a career length savings program. Are you placing one half of bonuses and tax refunds in your own financial fortress to super charge your savings program? Are you teaching your family the importance of savings? Your children are very keen observers of watching what you do, in addition to listening what you say.
You can do less of something.
You can spend less. You can decide to forgo the $3.85 cup of coffee. You can decide that a used car is a smart economic substitute for a new car. You can stop purchasing things you do not need and instead place the funds in retirement and investment accounts to grow for the future. Remember, there are always a limited amount of resources and you must make intelligent decisions on how you will allocate the resources you have. Make good decisions and your chances of a better outcome will increase. Make poor decisions and you will find yourself hoping that public assistance programs pay more because you can’t live on the small amount they provide.
Put Brian’s keys to practice in your own life and imagine the possibilities for change.
*Raymond James is not affiliated with Brian Tracy.
Copyright 2015 by Rodger A. Friedman
Forging Bonds of Steel, LLC