Financial Wealth Are Determined By Your Savings 

 Copyright © by Joe Klohr

     In my search for knowledge you will always find answers to your questions if you only take the time to research. Thankfully I have a few other collegues in my business that also have the same desires as mine. So when you sign up for my RSS feed you will have the chance to gain knowledge from my business associates too.

    In this post I have a message about saving for your future and a solution to the problem.  Below is an e-mail I recieved from one of my collegues who has found a report about saving for your future.

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 Good morning team. I just ran across an article/study done by Wachovia Bank that talks about the abysmal savings rate of the average American.

In reading it, what immediately came to mind is a saying that Simon Heapes, Director of Anglo Far-East, wise man, and global economics genius slings around on a fairly regular basis. That saying is “If you do not save, then the seeds of success are simply not in you”.

I have been a regular saver for years now, something that was drilled into me by mentors and that I actually put into practice in my life, but it took some time before I actually started doing it. One catalyst that helped me was in understanding why it is a priority, and what would happen in my life if I did not adopt this habit that all wealthy people regularly engage in.

You see, many people measure wealth by the car they drive, the clothes they wear, or the house they live in. Perhaps they measure wealth by their stock portfolio. A mentor of mine has said that wealth is equal to the number of months you could survive if all of your forms of income came to a complete standstill. Now this here is a sobering thought. What is that number? Is it 1? Perhaps it is 3? Maybe it is 6 months, or a year? If it is longer, then you have indeed a good start on a solid foundation.

I contend that our goals for wealth and security should lie in creating a foundation that will last us many years, and indeed be there to be given to our grandchildren. On top of this we build our many assets that generate continual, diversified streams of income, so that our foundation grows instead of being eaten into if one or more of our income streams failed.

If you have not already done so, I encourage all of you to detail your personal financial statement. This will help you see exactly where you are, in terms of revenue streams (do you still only have one?), assets – both appreciating and income generating, liabilities, and expenses.

When you take the time to detail this, it provides you a solid foundation of understanding that allows you to truly map your course as to what you should be focusing on. For the vast majority of people, taking a regular savings habit and investing it into assets that will appreciate or hold value is a huge first step.

Married to that should be a focus on increasing the number and consistency of your income streams. Again I emphasize, if you have only one, I recommend taking a serious look at creating a remedy for that situation.

I am attaching the Wachovia report to this email for your review, I hope you find it useful.

Also, for some of you, creating a personal financial statement is nothing new, but most people have never done this or learned how. For those of you who are serious about moving ahead here and want some help putting your personal financial statement together, shoot me an email and I will help you construct it.

Failing to plan is planning to fail, and this is one key step in moving from where you are, to where you want to be.

All the best my friends,

Alex Stanczyk

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     As you can see, having a freind and collegue which you can find financial freedom by association. Also you will notice the offer to help in the planning of your financial statement is a real kind offer too. As I have found when finding new friends in business it can be very rewarding to both parties invovled. By seeking what you want in life and taking action apon it, you will find success when you take the time to do what others won’t. 

     If you are reading this post and want to find how you can obtain more out of life. Contact me for more information on how you can started in a finacial plan that will allow you to grow personally and financially.

Always plan to succeed or you will  fail with out a plan.

The keys to your success is finding the knowledge and collegues who will help you to plan for success.

Action and reaction are two different responses. Action leads to success because of a plan. Reaction leads to a need to respond which in most cases are a lack of planning.

Author
Joe Klohr