If you’re like me, every time you open social media, there’s always a new post about a quick way to make money. Usually, it’s a tip on a stock someone is predicting will shoot up, a sports betting trend that has been hitting lately, or the latest cryptocurrency ready to take off. The person posting even gives the post a more professional feel by saying something along the lines of: “Here are 5 ways you can improve your financial situation today.” These posts have an underlying meaning, asking you to not stay disciplined and take a short cut to wealth, and in a sense, happiness. Unfortunately, we know this is an unrealistic outlook on life and these are unreliable ways to build wealth. Sure, it can work for some people at certain times, but setting yourself up for retirement takes hard work, discipline, sacrifice, and time.
Social media has a way of making people’s lives look perfect even when they’re not. The “experts” I referenced above are no different. If they get a prediction wrong, they don’t have real stakes at play, they can just delete the post and try again the next day. Eventually their timeline will be full of correct predictions because all the wrong ones have been purged. Knowing who to trust and who you shouldn’t trust goes a long way to setting up a successful future.
One of my favorite athletes, Giannis Antetokounmpo, always talks about how, in order to achieve his goals, he can’t skip steps and has to keep building. The same is true with building wealth and planning your retirement. Working with your financial advisor, you have an idea of what the correct steps are to put yourself in the best position possible for retirement. More importantly, you have an even better idea of what the incorrect steps are that could set you back. It can be the unnecessary purchase put on a credit card, the vacation you probably can’t afford, or any of the quick ways to make money discussed earlier. When something seems a little too easy or a little too good to be true, a lot of times it is.
The journey toward financial confidence can be long and at times difficult. Staying disciplined to follow the steps you know are right can be hard, but worth it. This journey has paid off for many before us, and with the right advice, hard work and discipline, it can continue to pay off for generations to come.
Quote of the week: Jim Rohn: “Discipline is the bridge between goals and accomplishments.”
Graphic Credit: iStock-1447652910
