How to Fix Financial Mistakes and Get Back on Track

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Overheard

“It's always a sad day when you see a bank fail but we are all very pleased to get the major source of uncertainty that was remaining from the recent bank turmoil addressed.”

- Jamie Dimon

A Suggestion

How to fix financial mistakes

Most content you consume regarding personal finance can be summed up by one sentence.

Spend less than you make.

There are over 200 million adults in the United States and I’d argue that most of them would say this exact sentence.

But when you look at the statistics, you’ll notice that a large percentage of retirees rely on Social Security for their retirement, or that people who own homes have the majority of their net worth in their home, or that the average retirement balance for any generation is underfunded.

I think you get what I am saying here.

People know what leads to success but the execution of that is lacking.

Why?

People, myself included, make mistakes, tragedy strikes, bad things happen. I’ll name a few.

• A 35 year old that hasn’t saved for retirement.
• A 55 year old who gets laid off, and takes 1 year to find a new job.
• A 19 year old on track to graduate college with $150k in student loans
• A 45 year old, saving 4% of their income, taking out a loan for a $25k recreational vehicle.

They find themselves in a hole that they need to dig out of.

And that is precisely why the average person in our country hasn’t been able to get ahead. They get in a hole, and then another one, then another one.

So what’s the solution?

First, get help. If you are in a bind, ask for help and find someone to hold you accountable and help you execute. Statistics show that people get financial advice from the wrong people, their spouse, friends, colleagues, etc. Don’t do this. Get expert help that understands the entirety of your situation.

Second, execute where you can. Something as simple as $50 a month towards debt/investing isn’t a lot but what you are doing is creating momentum in your financial life. Which is critical for success.

Third, win bigger. Once you have some wins, amp it up. Invest more, pay down more debt. Get excited and keep telling yourself that. Create hope in your financial life and feed off it.

It can take years to fix bad financial problems, it’s just the way it is. Get help early, execute, and keep winning.

And if you are currently out of financial problems, stay that way, you only need to become wealthy once.

That’s all for now. We’ll see you next week.

Stay strong friends.

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If you are reading this knowing you need to take your financial life to the next level. Please reach out. Simple as that.