Do You Know How to Manage Money to Become Wealthy and Independent?

Robert Terson

I recently had a conversation with a man in his early 50s—we’ll call him Rick—who feels trapped in his job, trapped in a life that has fallen short of what he once dreamed for himself. He desperately wants to be more, have more; he wants to be his own boss, pull his own strings. Unfortunately, though, he has little resources to back him up, so he doesn’t see a way to pursue what he dreams for himself

I started asking Rick questions, of course. I queried him about how much he had earned in the past, was earning now, a breakdown of what he was spending his money on. It soon became obvious that Rick had never been a saver, despite earning good money throughout his life. Like so many of you, he always lived for Today, never worrying about Tomorrow, never planning for the future. So here he was, trapped, unable to pursue what he wanted. Or so he thought.

“You’ve never really learned how to manage money, have you?” I asked.

“No,” he admitted.

I told him it was time to learn how to effectively manage his money. I told him that he needed to formulate a plan to save enough money to seed his dream for himself. I told him it doesn’t matter how much money you make; what matters is how much of it you keep, and that successful people figure out a way to create wealth and independence for themselves.

Then I started going through his spending pattern, pointing out the items he could live without, sacrifice temporarily, in order to save enough capital to fund his entrepreneurial dream. Capital is power, my friends. So is the ability to sacrifice Today, in order to produce that capital, to have a better Tomorrow.

“Will you commit to doing that?” I asked.

“I will!” he said excitedly. It’s amazing how enthusiastic a man can become when he suddenly sees a clear path towards what he wants.

Am I positive Rick will keep this newfound enthusiasm, will make the needed sacrifices to raise the necessary capital?

No, not entirely. I’m hopeful for him, but old bad habits aren’t easy to change, so he’s going to have to prove it to me, as well as himself

I wanted to tell you about Rick because I want you to understand what it takes to achieve wealth and the independence that comes with that wealth. I want you to understand that achieving it is a worthy goal for yourself. It’s sweet to live life above the fray, to not worry about money, or the economy, or a job you despise, or providing for your loved ones. I could go on and on.

Here’s a metaphor for life: life is a boat ride towards Valhalla. Do you want a boat with a rudder, so you can steer the darn thing, or do you want the waves to take you to whatever destination the fates whimsically choose for you? Managing your money, sacrificing Today to achieve capital for Tomorrow, is grabbing hold of the rudder.

The sooner you start saving, creating that capital, the sooner wealth and independence—and therefore your dreams—will come to you and yours.

 

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