What makes high-wire acts like The Flying Wallendas so amazing? In addition to the feats of strength, focus, and hours put in, it’s that there’s no net.
As young people, many of us engaged in extremely risky activities in many aspects of life (financially, socially, professionally) with no safety net below us. Many of us made it across, but some did not.
Many of us are living like this currently, walking a tightrope with no safety net. Some of us will fall. In this case, it’s not mortal danger but it is putting your future wealth in jeopardy.
Don’t believe me? Are you aware of HODL, Diamond Hands, Tendies and Stonks? Are you aware that AMC is one of the hottest stocks in the world, or that Dogecoin is a thing? If not, you may be better off for it.
As I’ve stated in previous posts, if you’re investing in get-rich-quick things, I hope you get exactly what you want from it. I hope you get rich. My goal is to keep you focused on the basics even if you do have the ability to invest in these exciting things. It’s to save you just in case your timing isn’t right, or Elon Musk says the wrong thing about the wrong investment. It’s to keep you in good financial shape.
Let’s consider this: To accumulate $1,000,000 by age 67, this is how much you’d need to be investing every month by age:
- Age 25: $263
- Age 35: $595
- Age 45: $1,440
- Age 55: $4,211
The point is, it’s better to start earlier than later. The cost of waiting is profound – potentially fatal – but it doesn’t need to be.
Instead of putting all your investable assets on the line in a highly risky/speculative investment like Bitcoin, put the amount that will give you financial security later in life into a more traditional investment for your age. Doing this will position your future self to be a millionaire and will allow your current self to swing for the fences today. This is your “future self” giving your “current self” a permission slip.
Just like you skip that extra piece of pizza, pass on dessert, eat a salad, exercise, and stretch, you’re making a small sacrifice today for your future self to provide confidence and peace of mind when being more aggressive with your investing today, if that’s of interest to you.
Now I’d like to hear from you. Are you already doing this? Will you start doing it if you’re not? What resources do you need to get started? Ask me a question (we answer all of them) or set up a coaching call!
Write the permission slip.
If you’re ready to take control of your financial life, check out our DIY Financial Plan course.
Connect with one of our Certified Partners to get any question answered.
If you’d like help getting on the same page with your partner, check out our Same $ Page Course.
If you’d like to help your kids get good with money, check out our Teaching Kids about Money course.
Stay up to date by getting our monthly updates.
Check out the LifeBlood podcast.
LifeBlood is supported by our audience. If you purchase through links on our site, we may earn an affiliate commission. Learn more.