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Money – Why you need to prepare now more than ever before!

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Why you need to prepare now more than ever before!

By Douglas Vermeeren CEO of The Millionaire Training Systems & Maximum Results

Are you financially prepared?

Are you financially prepared?

Every morning I start my day by checking the news to see what’s going on in the world.  As a general rule the news is pretty negative and often times even exaggerates that negativity just to get our attention. This morning I found a story that was very interesting to me, not just because of the shock value of the content, but because the content was terribly true.

I have actually seen the subject matter manifest itself many times before me when working with those who come to my training programs. I’m glad they come because they can get help but many of them are arriving too late.  The name of the article was ‘Why Millennials may never retire.” Are you going to be ready to retire? Nicole Goodkind of the Daily Ticker/Yahoo Finance doesn’t think so and for the most part I agree.

According to her research those born between 1980 and 2000 may never be able to experience retirement. She states that, “The generation that came of age in the tech boom of 1990s but graduated from college into one of the worst recessions our nation has ever seen is left behind financially.” It is true that they are behind. Youth that are emerging into the working markets now are finding it very difficult to find jobs that pay high enough to meet their financial requirements. The median debt for students upon graduation is $23,000 and it is estimated that more than 7 million college grads are on a path to default on those loans.

Goodkind also cited a recent study by Nerd Wallet that estimates these same college graduates will not be able to retire until age 73. That’s 12 years later than the current national average age of 61.

These shifts in our economy do not only effect the millennials. I have seen first hand through those I have met that many over 40 are also struggling to prepare for retirement. They have no savings, no investments no retirement strategy. They too may be on track to work well into their mid-70’s, if they can retire at all.

Will you be included in this group? What can you do to avoid falling into the trap of being unprepared?  Here are a few suggestions that will help you begin to get prepared so that you can leave the herd that will very soon find themselves unprepared.

1)Start thinking about it

Too many people think that things will just sort themselves out. They don’t feel that they need to think about money, retirement or even get prepared. It’s like the fairytale story of the grasshopper and the ant. For those who are not familiar with the story the skinny goes like this: The grasshopper plays all summer while the ant is working hard to stockpile food and supplies to prepare for the winter. The winter comes and the ant is prepared and the grasshopper is not. Too often people live their life like the grasshopper. They know that they have to prepare for the future but they keep putting it off thinking they will have time to catch up later. Summer draws to a close and the winter creeps up and they are not prepared.  You can’t escape the future by pretending it doesn’t exist. It is coming and while I am not a doom and gloom type of person I warn very strongly that it’s easier to prepare now than try and catch up later. A future situation will not go away by pretending it’s not coming or by not thinking about it. Start thinking about it now and preparation will be easier.

When should you start thinking about it?  Naturally the earlier the better. It’s also true that the earlier the easier.  It’s also true that the earlier you start preparing for your financial freedom the sooner it will arrive. Although this article has spoken a lot about the term retirement that’s not the goal as I see it. the goal is financial freedom and that can arrive at nearly any age and is not tied to the concept of retirement in my mind. The old saying is true, “If you play now, you pay later with interest. If you pay now you get to play later with interest.” Now is the time to start acting smart with your money.

2)Look at where you are

Most people don’t know what their current situation looks like. This is the first step to know what your future can look like. While I not strict about keeping an exact budget it is important to know what your income and expenses look like. Naturally there may be unforeseen expenses but the closer you can get to identifying your current situation is the more likely it is that you will begin to recognize what’s really going on with your money. (More about why this is important below under the heading money strategist.)

3)Look at where you want to be

If you don’t know where you are now chances are you really don’t have a good idea on where you want to be financially in the next few years. Often when I ask people questions about their financial future they share ambiguous statements like, “I want to be rich.” or “I want to be financially free.” But most people have no idea what that really means or looks like. If you can’t describe it you can’t attain it. A goal that is specific and clear becomes attainable and near. What do you want your lifestyle to be now and when you retire? Or what does financial freedom look like to you? Get specific if you can so that you have a target. I recognize that this may change but if you begin with a target you have something to recognize whether you are on the way.

What does your financial future look like?

What does your financial future look like?

4)Become a money strategist versus a money manager

This is the point that is the most important. A money manager is what most people have been trained to be. A money manager is reactive. They get their paycheck and then go about the task of making that paycheck fit the bills they have. When they get to the end of paying their bills they feel successful. At the end their may be $100 or $200 and because they feel like the goal has been met that $100 or $200 becomes what they call ‘disposable income.’ Disposable means to throw away and that’s exactly what most people do with their money. A money strategist is different and has different goals. A strategist is not react – they are proactive. They plan for the future and their goal is not to match a paycheck to expenses. Their objective is to pay the bills but also to build a better financial future. When they have that extra $100 or $200 left after paying the bills they use it further their future income in some way. Often it goes into an investment or a mechanism to generate more money for the future. remember the saying pay now to play later with interest. This is that principle in action.

There are many things you can do to prepare for financial future right now. But the biggest and most important principle is to do something. even something small done regularly has the power to change your situation dramatically. Don’t wait. Get prepared. Your financial future is awaiting you and financial freedom can be yours quicker than you may have imagined.

Douglas Vermeeren

Douglas Vermeeren

Douglas Vermeeren has conducted extensive research into the lives of more than 400 of the world’s top achievers. Douglas Vermeeren knows what they did to get to the top and he can show you how.  He appears regularly on ABC, FOX, CNN, CTV, CBC and is known as the modern day Napoleon Hill. He is the author of 3 books in the Guerrilla Marketing series and is the creator of the hit personal development films The Opus & The Gratitude Experiment. His money based coaching program The MILLIONAIRE TRAINING SYSTEM has been helping attain financial freedom in the most direct and quickest route available.

His results based coaching program MAXIMUM RESULTS is currently among the fastest growing in the nation. For more information on Doug and his programs go to www.MillionairetrainingSystems.com www.MaximumResultscoaching.com or www.DouglasVermeeren.com

Millionaire Training Systems

Millionaire Training Systems

Maximum Results

Maximum Results

Written by douglasvermeeren

November 17, 2013 at 2:03 am

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