Start Getting Wealthy Now! Step 1

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Categories, Saving, Goal Setting, Personal Finance

“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success”.
Pablo Picasso

As the incredible modern artist Picasso said, goals and plans are essential to success. And I believe that as well, or I wouldn’t have included the quote. But this post is about more than just goals. Goals need very specific content to propel you forward.

MAIN TOPIC

Goals get you started, but if you want to get wealthy, you also need some basic information as well. This article will cover a bit of goal setting AND specific, BASIC information for beginning to build wealth. Along with my job (portfolio manger) and maintaining my website, I’m teaching an MBA class at an area college this summer. It is a really big task to prepare an entire graduate level course for the first time. There’s a lot to do:

Choose a text

Create a syllabus

Read text

Create assignments

Design PowerPoints

Create lectures

Learn electronic communication system: “Blackboard”

And more

As I see it, there are 2 options for dealing with a large task!

Option 1: AVOID

Option 2: Get started NOW with a really really small goal

 I chose option 2, and here was my “TO DO LIST”:

 1. Look at all the materials I already have including the old professor’s syllabus and emails from the department chair.

2. Organize the materials.

3. Make an action plan.

 I did it all in a little over an hour and I gotta tell you, I feel so GREAT! Actually, my “TO DO LIST” was really easy and it served 2 functions:

1. It forced me to START

2. Next, I created the supremely important ACTION PLAN

 The reason I feel so good, is not because I accomplished a huge amount, but because I STARTED! What I actually did was not really too much.

Research and experience proves that GETTING STARTED with a task is the key to avoiding procrastination and increasing productivity.

PRACTICAL APPLICATION

Getting your financial life on track is so much about JUST GETTING STARTED; especially if you are in a bit of a financial mess, have too much debt, haven’t balanced your check book in a while, or have a stack of overdue bills. Even the smallest step you take can be extremely important in getting yourself on track.

To reach a goal:

Do something, no matter how small.

It is ALWAYS better than doing nothing.

BASIC FINANCE STEP

The finance application of this POST is very basic. No matter where you are in your financial life, you need the proper vehicles for success. To get order and control there are 3 accounts you must have.

Start with the following 3 accounts! 

Set up these accounts immediately if you can.

Even if you don’t have a lot of money to put in these accounts at first, get them set up NOW.

Over time, have a regular amount transferred into each account.

You could have your paycheck deposited into your savings account.

Then have an amount for regular expenses transferred into checking.

And finally, transfer an amount for long term investing into the retirement account.

You can tweak the amounts later, JUST GET STARTED NOW.

ACTION PLAN:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Select the bank for your checking and savings accounts. Find a bank which does not charge any fees for the account! Ask them, either in person or by email, how to set up the account. Check out bankrate  for on-line banks and other banking information.