At some point, we learn to take money seriously. Anyone who has experienced a financial crunch would know and appreciate the value of money. Some of us are lucky to have bypassed the experience but have benefitted from the wisdom of others. Yet, our actions don’t always mirror the takeaways. So, what is keeping us from wealth creation?
What would you do if you caught a fever which refused to go away? Would you take the time to understand your symptoms, analyse the underlying condition, narrow in on the possibilities, arrive at a diagnosis, and then identify a suitable treatment? Or would you rather allow it to fester? When you try to fix your health, you are working towards a better future state. When you don’t know what to do, the simplest thing to do is to seek help from a reliable source. In this situation, it is obvious that self-medication could be dangerous. So, naturally, the best option is to consult a doctor. When the problem is persistent or more serious, you would seek a doctor with more authority. You are unlikely to take their advice lightly. You understand the consequences of not following through. The discomfort alone is enough of motivation.
However, when it comes to our financial well-being, we often adopt a completely different attitude. Since financial health is a little more abstract than a tangible health issue, it becomes easier to ignore the red flags. Neglecting worrying symptoms could lead us into a spiral. This is how we find ourselves trapped in credit card debt or are unable to save. Indifference towards maintaining financial health could darken rainy days or put you on edge when the weather turns. Time is on your side today, but it won’t be forever.
Whether things are on the right track or not, better outcomes are achieved only by knowing what needs to be done. Is it enough to do what everyone is doing? Is it enough to do what your parents did? Is it enough to just let time pass? Go back to your symptoms and you’ll know whether you’re on the right track. You can’t hope to get better by using someone else’s prescription or avoiding care. If you don’t have any “symptoms” then know this – prevention is better than cure.
Right now, the first thing is a master health check-up. This will throw up anything that looks out of place. In the world of personal finance, a financial plan or a wealth map is your master health checkup. The next step would be to set the course for your financial health – tackle the issues head-on, prepare for the next phase, be consistent, and reap the rewards. Regimen comes from diligently and consistently working towards your financial freedom. Professional guidance can help you get your financial health in order today.
If you would like to listen to the whole playlist of “The Wealthy Millennial”, here is our Soundcloud playlist!