Many years ago in my California office a client came in with his son. He had been to an educational meeting the week before at which I had commented that I felt I could make a millionaire out of just about anyone if they would only be willing to follow the plan I laid out for them. On that day he introduced me to his son who had a handicap, consigning him to a life of working at or near the minimum wage. The man asked if I could help make even this son a millionaire.
Without hesitation we set to work reviewing his son’s finances and setting up a budget and investment plan which required him to contribute a certain amount from each paycheck throughout his life. We didn’t have a lot to work with but we had a dedicated individual who was willing to follow a plan. That young man was faithful in his contributions and spending and now, in his 40’s, has a significant account and is well on his way to achieving his goals. There are never guarantees in investing but, he may possibly reach that goal early.
One of the most common questions I am asked regards my minimum account size for new clients. Most are surprised to learn that I don’t have a firm minimum amount but rather have what I call, a minimum attitude standard. More important than what someone has today is where they want to be tomorrow and if they are willing to pay the price to get there.
Investing is a game of numbers but many erroneously assume that you need to start with big numbers, or earn big numbers, in order to win the game. I would gladly take a person with a great attitude over one with a fat paycheck. Money is easily lost or spent, while discipline and a proper attitude towards money can help someone survive and thrive through the many changes and challenges that life throws at you.
So what is a proper financial attitude? It is a willingness to accept and follow some basic and natural laws that govern financial success. Too many try to cheat the laws and wind up disappointed. Start by asking yourself some simple questions. Am I willing to follow a budget? Does my budget set aside funds for future needs as well as unforeseen expenses? Can I postpone spending until I can afford it? Do I use debt only for those necessary things that cannot be reasonably obtained without it? Am I willing to live below my income today, so that when I retire I can live above my income?
No one knows the long term outcome of any investment plan, but the highest likelihood of success comes to those who first establish a proper attitude towards money. They are the ones who are most able to control money for their own good, rather than being controlled by it.
Hi, I'm Dan. I'm a CFP® Professional.
Securities and advisory services offered through Commonwealth Financial Network®.
Member www.finra.org / www.sipc.org , a Registered Investment Advisor. Wyson Financial, 375 E Riverside Dr, St. George, UT 84790
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