Don’t be average, you can’t afford it…

“Don’t let average people make you feel guilty for pursuing your mission in life”

– Eric Worre –

If you’ve been reading my blog (and you should be regularly… so please subscribe) then you know that I’m a big advocate for financial literacy and how the lack of it has had massive negative affects on peoples lives. The average person has very little financial knowledge which is why the average person has little to no savings, drowning in debt and nothing put towards retirement planning. The average person will NOT be able to stop working in their later years because they are not preparing properly, if at all.

Even though I’m not a financial planner (yet, but working on it), here’s a tid bit of financial advice anyway. Don’t be average… you can’t afford it!

Did you know that nearly 77 million Americans have debt in collections? That’s just a portion of people who are drowning in debt, Nearly one third of Americans pay the minimum amount due on their credit card each month because they can’t afford to pay more. In 2018 the banks and credit card companies racked up $104 billion in interest and fees.

Being average requires that you keep up appearances and maintain a heavy consumer mentality instead of an investment one. There’s no money left over to put towards financial planning when you’re focused on living a lifestyle beyond your means.

It’s only 43% of Americans who spend more than they earn and borrow on credit each month to cover the shortfall. Credit card balances reached $930 billion in the last quarter of 2019, which was an increase of $46 billion from Q3.

The average American household has over $132,000 worth of debt and that doesn’t factor in those with a mortgage, then it averages to over $172,000. This debt factors in things such as credit cards, mortgages, auto loans, student loans, medical debt just to name a few. The average credit card balance alone is $16,061.

Are you noticing a word that stands out a lot so far? And I’m not even finished yet!

Only 30% of Americans have a long term financial plan and many of those aren’t planned properly against estate taxes, future market downturns and unexpected misfortunes. The average American’s 401k balance is only $96,288 and that’s tax deferred so the the taxes have yet to be paid on that amount. In addition to that, only 18% of Americans actively contribute to an IRA which is capped at $6,000 annually for people under 50.

The average person lives paycheck to paycheck. In fact, ten million Americans don’t even have a bank account. I think it’s safe to assume that these same people also don’t invest for their future or have goals set to become financially independent.

The average American’s social security retirement benefit is $1,363 per month. That calculates to $16,356 annual income. The average retiree relies on social security for nearly 90% of their income but it was intentionally designed to cover only around 40% of the average workers pre-retirement income.

The latest spending stats tell us the average US consumer spends about $60,060 per year yet, money statistics in America for 2019 say the median yearly income was $48,672. 

I could keep going on but I’m going to start to wrap this post up. I hope the point I’m making here is pretty obvious. The whole reason that I created this blog is to help promote financial literacy to average people so that the new average of financially educated people becomes the standard.

If you haven’t done so already, give some attention and love to a couple of my previous post linked below so that you can avoid being average and live a life that you can afford to live.

This is why I teach financial literacy…

5 financial habits that you should develop…

5 strategies of the rich that you should know…

How to manage your money like the rich…

Please help me get the message out and share these articles on your social media accounts and assist me in my mission of teaching financial literacy to the masses… it’s my passion!

As I’m starting a financial services business, my time is becoming limited to what I can put towards writing this blog which is my passion. I will be continue to post new articles regularly, but they will be once a week and most likely on every Sunday.

I so appreciate you as a valued reader and it’s an honor for me that you give your precious time to reading this blog.

As I like to say… “the journey begins with the first step”.

If you see value in this article then please be sure to subscribe to the blog if you haven’t done so already. I’ll be putting up more wealth building posts in the future and you can have them delivered straight to your email account.

Sign Up

I’ll see you in the next post. Until next time… be sure to comment below and let’s get some dialogue going. I’m curious to know, what tips do you have on avoiding being average?

FOLLOW ME ON TWITTER


 Click on the link and follow me on twitter for daily tweets and updates https://twitter.com/RFinancially

HTTPS://TWITTER.COM/RFINANCIALLY

Are you interested or are you committed?…

“There’s a difference between interest and commitment. When you’re interested in doing something, you do it only when it’s convenient. When you’re committed to something, you accept no excuses; only results.”

– Kenneth Blanchard –

As someone who enjoys consistently learning about wealth building and then teaching to others what I’ve leaned up to this point, I often wonder how many people who are interested in building wealth are truly committed to the task. So let me ask you a question. As someone reading this right now… are you interested in achieving financial freedom or are you actually committed to doing whatever it takes to get there so long as it’s moral, legal and ethical?

I ask this because it seems most people have the desire, but not the drive. Everyone dreams of somehow coming into a large sum of money and all of the things they’d do with it, but they never intend to do the work by having financial goals set or even put any effort into pursuing any type of wealth building education whatsoever.

When you’re interested, you do what’s easy and convenient. If you’re interested you’ll allow your excuses and stories to convince yourself as to why you can’t. If you’re interested all of the obstacles that come your way will be larger than your vision and goals.

However, when you’re committed you’ll do whatever it takes. You’ll pursue and upgrade your knowledge, skills and develop the beliefs and habits to match your vision and goals.

Achieving financial freedom is a choice and part of the process to attain it requires taking action. If you’re not committed to something then it’s easy to make excuses and talk yourself out of doing whatever it takes to accomplish your goal.

So let me ask you this… which are you?

Without a sense of urgency… desire loses it’s value.

If you’ve decided that your committed then let’s discuss what it will take to make your desires achievable.

  1. Set the goal and make a commitment to achieve the goal.

Once the goal is set, you then figure out how you’re going to do it afterwards. Most people believe they need to know how to accomplish them upfront or there’s no point in setting them in the first place. But the reality is, once you’ve committed yourself to them, the people, places, things and situations begin to reveal themselves a long the way.

Be intentional and specific about your goals designed outcome and set the date it will be accomplished. Specificity is the key to success. Keep the plan simple and easy to execute.

2. Feed your brain and reinforce your beliefs.

Begin to work on you… your identity. You’re limited by your identity and by what you think you’re capable of. Do things that stretch your identity and worth. You are your habits and rituals. Under pressure you’ll always go back to your habits, so develop habits, routines and rituals that serve you.

Start doing beneficial activities like affirmation meditation that feed your subconscious mind in areas such as self worth, self imaging and self esteem. Listen to podcasts and audiobooks, read books, blogs and watch videos on personal development and financial success. Experiment with all of these strategies and figure out what works best for you.

You need to learn that you deserve to be successful and not feel any sort of guilt for doing so. Good people only take what the feel they deserve.

Know that hard work matters. When you begin to do things that other people aren’t willing to do then you begin to believe that you deserve things other people won’t have. And it’s that type of thinking that will get you a seat at the table of success.

The hard work part plays into shifting your identity.

3. Put yourself in uncomfortable situations.

Another beneficial activity to stretch your identity and enhance personal development is to get comfortable with being in uncomfortable situations. Doing this and meeting set goals are probably the two most challenging things you will encounter in life.

By doing things you don’t want to do, you build mental toughness. Like any muscle, courage is a muscle that needs to be developed in order for it to get stronger.

There are those who fight the uncomfortable and those who can face the uncomfortable. Those who fight the uncomfortable are always hating, hiding and blaming. However, those that face the uncomfortable end up getting comfortable in it. Once you can overcome this obstacle there’s nothing that you can’t accomplish.



4. Associate with people who you look up to.

Mentors are a must have when you’re looking to grow. There’s a quote that says the five people that we look up to the most reflect our values and our integrity… that they’ll be a reflection of who we are.

Once we start to get intentional about the people that we surround ourselves with, we can rapidly transform our life. If we meet someone who’s already living and modeling the type of life that we want to live, we’ll able to learn from them since they’re already masters of that area.

Associate with people who are always striving to the best possible version of themselves.

5. Create momentum… it’s a magnifier.

As you combine the afore mentioned strategies together, it’s an amazing feeling to see everything coming together and begin falling into place. Small gradual gains amass to large accomplishments over time.

One way to start momentum is to never stop learning. Become obsessed with self education and then extract what you know and teach it to other people (like what I’m doing with this blog for example).

Become part of a group and empower each other. When you’re around like minded people with similar goals, the energy becomes contagious. That energy then motivates which then leads to taking action.

Momentum is a magnifier needed to achieve growth. Momentum is the invisible force that takes something from good and makes it great… from great to extraordinary.

The key to success is to focus on goals… not obstacles

One last thing I’d like to add before wrapping this post up. Don’t listen to people who tell you that you can’t do it. They are dream stealers who limit themselves and project those limitations outward onto others. Because you’re committed, they were sent to you to test your resiliency and dedication.

Keep the promise that you made to yourself when you decided that you are committed and forget about everyone else, it’s the foundation in your life.

If you can overcome and disregard all of the naysayers and doubters and get clear on what really matters, then you have a really good chance of accomplishing great things.

As I like to say… “the journey begins with the first step”.

If you see value in this article then please be sure to like and subscribe to the blog if you haven’t done so already. I’ll be putting up more wealth building posts in the future and you can have them delivered straight to your email account.

Follow

I’ll see you in the next post. Until next time… be sure to comment below and let’s get some dialogue going. I’m curious to know, what’s your opinion on being committed?

Follow me on twitter


 Click on the link and follow me on twitter for daily tweets and updates https://twitter.com/RFinancially

https://twitter.com/RFinancially