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There are many traps and pitfalls in the path of life. Everybody would like to get their hands on your hard earned dollar. But there are also ways of thinking that you can fall into that will take you off the path and lead you in the wrong direction.
You need to make an effort to determine your goals in life, put them on paper, then every morning when you look in the mirror, ask yourself if you are still on the path to achieving those goals and decide what you can do today to bring you closer to those goals.
This section covers a number of pitfalls and will help you recognize when you or someone else is leading you astray from your goals.
Madmen admen are using extremely effective psychological manipulation to convince, coerce and cajole you to think that their product is needed to bring satisfaction in your life.
In addition, many television programs (sitcoms in particular) are intended to teach you what life should be like, and to give you an uneasy feeling about why your life is not as portrayed on TV. It's not only the TV media, but also print and radio as well. Everyone is pushing you to adopt a certain lifestyle, "because its what everybody is doing. Don't you want to be one of us? Everybody is doing it".
As if life were a series of financial purchases and transactions, and there were no more to it than that!
Resist, resist, resist! Media wants to push you into a snap decision. Sometimes its better to just turn the idiot box off.
Decide what you need based on your financial strategy and personal needs, then make sure you are getting the best deal you can. Be very conscious of what you give out and why.
* Nice car!
* Designer clothing
* Money pit house
* Jewelry
* Fine dining
* The bar scene
If you can avoid expensive luxuries for ten to twenty years, you will be able to afford real luxury and freedom for the rest of your life.
Be cool and calculating, think first before buying into status products.
* Knick knack syndrome
* Recreational vehicle syndrome
* Home improvement syndrome
* Antique vehicle syndrome
* Event ticketholder syndrome
* Collector syndrome
It is very easy to pick up a hobby that costs you big bucks. It is easy to justify spending money on a hobby that you identify yourself with.
If a hobby or activity brings you closer to your life goals and objectives, then yes, do it if it fits into your financial plan. If you feel the activity will bring you a financial return someday, then compare the return against other investments and if the numbers work, go ahead.
If you don't justify the activity first, you may spend years of focusing your effort and funds on the activity and one day wake up wondering why you ever started.
Don't be a Miser!
Money is a tool. Do you want to collect tools or use the tools to build something?
In your day to day purchases, remember that your goal is to live well. Don't cheat yourself to save a few pennies.
Focus on attaining and accumulating wealth until you are able to live well from it. Then focus on maintaining wealth and living well.
Know why you are saving money by constantly reminding yourself of your life goals.
For some, life's purpose becomes the game of making a profit and increasing the account. While it is important to play this game, it is also important to know why.
If you are one of the few lucky ones whose work is also your avocation, then being succussful is a reward for doing something you love. If you are working just because you have an inner need to win the game and gain more money/power/prestige, spend some time with your loved ones and think about what life is all about.
*Bearded skateboarders
*Career students
*Working retirees
Recognize the stage of life you are in and change your life to fit it. Sometimes this means moving on.
It is a good idea to avoid joining groups or subcultures that involve self mutilation, tattoos, devil worship, drug use, dressing up like a circus sideshow act, self-loathing, shocking haircuts, or large, involuntary financial contributions to religious organizations. Generally when members of these groups realize how ridiculous their behavior is and what a mistake they are making, they will leave the group in shame and sever all ties with others in the group.
You need long term friends and relationships, and relationships based on membership in these subcultures are often the type that no one wants to remember. Most of the members of these groups are acting out a part rather than being real anyway.
Even normal people can try to hold you back. People will be extremely jealous if they find out you are on the way to early retirement. Imagine galley slaves chained to their oars, when one slave discovers the key that unlocks his own chains. He'd better move fast and get out before the others realize they are still locked in chains. It is best if you are low-key about your strategy. Even better if others think that you just don't have a lot of money.
Spouses need to be in agreement with the strategy. You are financially tied to your spouse by law. If you make sacrifices to save money and your spouse uses the money, you are just spinning your wheels. It takes teamwork to make a financial plan a success.