Have you ever heard this one?
“The speed of your success is limited only by your dedication and what you’re willing to sacrifice.” – Nathan W. Morris
Just as the “overnight success” is a myth, so is achieving any level of success without sacrifice. The Olympic athlete sacrifices years of a normal life to achieve their goal. Sleep, hunger, socializing, and pursuit of other goals were given a backseat to their main dream: to win a gold medal.
The same can be said for the wealthy.
The retirement planning and insurance firm Principle released the results of a survey which asked 2,400 people what they did to max or nearly max out their retirement accounts.
It turns out the #1 sacrifice they made was driving an older car (47%). That’s followed by owning a modest home (45%) and not traveling as much as they’d like to (42%).
It’s not news that we live in a world driven by appearances. Among internet marketers, it’s an inside joke that many so-called “gurus” actually traveled to other countries to rent a mansion on the cheap, bring in some rented exotic cars, and then brag how their “system” has made them millions.
Making a few sacrifices in your life could help you get closer to your financial goals. Perhaps it’s a good decision to drive that car for a few more years while diverting your savings toward your retirement account.
These are exactly the kind of conversations we like to have at Money & Clarity. We’d love to give you more tips on how to fatten up your own account. Why not give us a call at 513-563-PLAN (7526) or book online? Let’s talk about a few other ways you can save money that will deliver big results.
Nikki Earley, CFP® & Dan Cuprill, CFP®
P.S. To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.