Financial Coach
Tuesday, February 19, 2008
Time - Friend or Foe?
From The Desk of Rich Hayden Financial Coach
Alexandria, VA 22314
In Ric Edelman's 1996 book (now a classic) - "The Truth About Money" he points out the 4 road blocks to developing wealth (page16):
1. Procrastination
2. Spending Habits
3. Inflation
4. Taxes
They all go hand-in-hand. But, the most important thing that any of us can get out of what Mr. Edelman has to say is that there is NO GOOD, OR RIGHT, TIME to START planning for the future. The future is now, it's today, it's this moment. You MUST get off of your butt and make a plan for how you want things to be. Waiting around just isn't going to cut it for you.
In the area of personal finance, you start saving $100/month @ a 10% rate of return @ age 30 and it would turn into $379,664 by the time you're 65. IF YOU WAIT JUST ONE YEAR UNTIL YOU'RE 31 to begin, you'd only have $342,539 @ the same rate of return when you're 65!!!. $1,200 just cost you $37,125!
The same thing is true in ANY goal you are trying to achieve. Whether it's getting fit, PAYING OFF DEBT, getting your career on track. The longer you way, the deeper in the hole you are going to be.
As a nation, we spend FAR too much time putting things off. If you've been putting off getting your finances in order, under control and going in the RIGHT direction - now is the time to give me a call. We will work through it together and you can get it going the way it should be so you can be an example, not a statistic.
You Friend,
Rich Hayden
703.773.8409 - p
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