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Successful people pay themselves first. Before any bills get paid, successful people set aside ten percent of their gross earnings into some savings, investment or retirement vehicle. They invest their money wisely, watch over their savings regularly and set realistic goals for their investment returns. They have high credit scores, know their net worth and monitor their personal balance sheet. They use only the most qualified financial professionals to maximize their returns and minimize their taxes. Every successful person employs the services of a citified public account, considered by many to be the most trusted financial advisor. They may also seek out attorneys or ratified financial planners who specialize in financial or estate planning. They use these professional so help them manage their money and their taxes.
Unsuccessful people pay themselves last. They live paycheck to pay check, spending every penny to support their lifestyle. They are poor savers and carry excessive amount of debt. They have home equity loans which are tapped out. Their credit card are mixed out and they can barely make the monthly minimum payments. They have poor credit cores. They do not manage or monitor their credit scores. Unsuccessful people do not participate really in employer retirement plans or fund their own retirement plan. Some gamble excessively and view the lottery as their retirement plan. They take risks which are either unnecessary or not thought through. They do not set aside ten percent of their earnings and consequently when they reach retirement age, they do not have enough retirement savings to allow them to retire with financial security. They rationalize that they cannot afford to set aside ten percent of their earnings. They are unwilling to alter their lifestyle in boarder to save adequately. More often, unsuccessful people have no choice but to continue working well into their retirement years.
