The Unconventional Conventional Part XXVII
Uncertainty. One of the most popular words of the last 30 years. When it comes to economic uncertainty, there are so many different factors to consider. Especially when trying to make investment decisions surrounding that uncertainty for the future. Our future.
So, what can we do about the prevailing uncertainty? Forget about it. That’s right, forget about it. It makes no sense at all to concern yourself with the many factors of economic uncertainty. Concentrate on what IS certain. What you know to be certain.
OK, now you are going to ask, what can I be certain about? Is it possible for me to find a way in these uncertain times to actually prosper?
Regardless of economic uncertainty, some people have always made money. Therefore the prevailing uncertainty has not negatively impacted everyone’s ability to prosper financially. What makes those individuals different?
They do not listen to what everyone else seems to be doing. Regardless of what stock markets are doing, no matter what other calamities seem to be prevalent, they just know that with a little discipline and patience, they will prosper over the long run.
So, what do these people do? Well for one thing, they take some time to get educated. And I do not mean they drop what they are doing and enroll in an MBA program, they begin with simple steps. They know how much money they make and they know how much they pay in taxes. They know what is left over at the end of the month. Knowing your income and establishing a lifestyle consistent with the income you earn keeps you living within your means. They avoid debt. Specifically they avoid bad debt which is defined as being not tax deductible. They develop a strong discipline to pay themselves before they pay every bill collector because they know that they are working for themselves and demand a reward for their work. They develop saving strategies and learn to save a percentage of their income regardless of the desire to spend on frivolous items. Many individuals will start to look for ways to reduce the income taxes they pay on their income and their savings and they learn how to pay less tax. Remember, it is not what you earn but what you keep after taxes that is important.
Some of the modest winners in the financial game will even talk to or hire a financial advisor, read books or magazines and go online to sites like this one to find additional help to better understand how they can implement common sense strategies and win the financial game. Affirmative action will take the uncertainty out of the financial equation and build a foundation for certainty that most anyone can apply to achieve financial success over their lifetime.
Copyright 2013 Richard Kiernicki. All rights reserved.
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