The worst financial strategy. It’s probably not what you think it is | by Destiny S. Harris | Sep 2022

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It’s probably not what you think it is

Photo credit: Jan Prokes

What is the worst financial strategy? I will tell you.

Live in the moment (financially).

And it’s the worst strategy to live because it never leads to wealth unless you already have it.

We have an advertising epidemic that promotes living in the moment. What are you waiting for? Your time could come. Opportunities don’t last. Don’t wait until you’re old to live your best life. Enjoy. Go on an adventure. Explore.

And use a credit card to do all of this.

Hmmm. No.

Am I saying don’t live in the moment and invest in adventure? No. But we shouldn’t compromise our financial health to live in the moment. It’s just not worth it.

live in the moment and financially healthy living is possible. You can do both at the same time.

To do this, one must first understand that meaning and fulfillment are not found in materialistic elements and not necessarily in experiences.

Meaning is often found in relationships, the people we build new relationships with, and the people we help and inspire throughout our life journey.

Take advantage of the short term, but plan for the long term. Don’t live to the point of forgetting that you have another 30 to 80 years to live. Now is the time to eliminate debt, create passive income streams, build a massive financial portfolio, and enjoy life without breaking the bank (i.e. going into debt).

Most people enjoy life to their financial detriment. Every time they eat out, go out for drinks, go on vacation, shop, buy a new car, or go shopping, they are sacrificing their financial health to have a good time or to look like they are having a good time. .

Which investors do you think earn the most? Long-term investors are the ones who plant the seeds and leave them alone because they understand that the markets will go up and down, but if you give them enough time, the markets will go up steadily over time.

Self-discipline. Saving, investing, living below your means, and not getting caught up in consumerism in a heavily consumer-driven world takes massive self-discipline, which most people don’t have.

Prioritizing your long-term goals and needs will keep you on the right financial track, but it won’t be easy. You’ll get distracted and start telling yourself things like “I deserve it” or “I only live once.” All these truths are facts, but what good is it if you give in to them to your financial detriment?

Living broke and living life don’t have to go hand in hand. There is a way to live life without breaking the bank.

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Don F. Davis