Set a goal, make a plan and stick to it

Hey there, time traveller!
This article was published 10/11/2020 (1833 days ago), so information in it may no longer be current.

Dear Money Lady readers,

This time I wanted to ask you a question — something that I have discussed with readers many times through email.

Have you ever noticed how we encourage, support, and tell others to “go for it” yet often fear hold us back and never take the advice we so freely give out?  

By the time you reach your mid-50s, you have probably suffered greatly with personal, financial or career challenges. Have you ever noticed how you can see solutions for others but often cannot recognize them for ourselves? Perhaps it is our own personal or perceived insecurities about how to address difficult decisions, especially when it comes to saving for retirement.  

Yes, I know that life is expensive and there are a lot of demands on your wallet. However, to become debt-free and wealthy the solution is very simple — set a goal, make a plan, work your plan, reassess your outcome and have the courage to make the necessary changes to achieve your goal.

Consistent determination is the only way people have improved their lives and become financially successful.

I meet people all the time and I am constantly amazed at how they have overcome hardships, started a business (maybe failed more than once) and then eventually found success.

I have helped clients who have lost everything after divorces or career failures and have seen their unwavering desire to get back on top and be successful again. I have clients in their 70s who have saved too much money to spend in retirement, who never made a large income during their working careers but simply saved consistently and lived below their means.

In contrast, I also have tried to help many people who look like they have it all  — with the fancy cars, expensive homes and clothing — but underneath it all they are mired in overwhelming debt and face a negative net worth situation.

Money is emotional. To save for retirement you can either make excuses for not doing so, or you can find a way to make life changes and sacrifices to ensure your independence and security as you age.

Remember that true success is not measured by material things but should instead be defined by what you have overcome in your life. It is about how many times you get back up after you’ve been knocked down and never stopping trying to accomplish the things that other people said you could never do.

Take back your inner power and control.  Refuse to settle for less and make sure you retire debt-free and wealthy!

Christine Ibbotson is the author of How to Retire Debt Free and Wealthy. If you have a money question, please email her through her website at: www.askthemoneylady.ca