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by Paul Kindzia in Happiness, Personal Finance
January 17, 2020

Once in a while I’ll get a client who just seems flat out frustrated with the entire process of becoming debt free and building wealth.  “What’s the point?”  There’s just so many times in our lives where things feel so hard, and forced, and laborious, and non-exciting.  We all get worn down in life sometimes.

Make no mistake, becoming debt free and building wealth is hard.  It takes sacrifice, and dedication, and discipline, and consistency for very long periods of time.

Patience is a huge element of success.

What makes it even more difficult is when we see others (who are not financially prudent) appearing to have more fun in life than us.  We may see them in nicer houses, driving nicer cars, wearing nicer clothes, going on nicer vacations, and eating finer meals.

It doesn’t seem fair.

Shouldn’t we be rewarded for all of the extra work that it takes to be financially prudent?  Of course we should, and we are.  Unfortunately, it just takes time for all the cards to play out (on both sides of the coin).  Those that spend too much, take on debt, and fail to invest eventually have to face reality.

The part that most wealth builders struggle with is that sweet-spot of BALANCE.  How do we have a bit of fun now and enjoy some nice things now while also properly preparing for tomorrow?  If we do things right, each day should get us a bit closer to the level of comfort, safety, freedom and flexibility that we deep down desire so much.  We are awarding ourselves with the eventual luxury of choice, not force.

There really isn’t an easy answer because that BALANCE point is different for everybody.  Some people just naturally have lower needs and wants than others.  There are plenty of people that just aren’t motivated by material things.  Others have hobbies and activities that are relatively inexpensive or cheap.  I don’t really have the magic answer for everyone and I will also say that we ALL struggle with finding that right balance.

A few tips I share with my clients when they are trying to BALANCE between spending and saving is to allow for the fun spending in your budget.  That way it is on paper so the impulse spending is not an issue and it feels like you have been given permission to spend and enjoy.  Another good tip is to spend money on experiences instead of “stuff.” The experiences will give you lasting memories as opposed to the stuff that we so quickly grow tired of or even forget that we wasted our money on.

This reminds me of something that I tell my clients on a regular basis.  We can make two mistakes in life regarding saving money.  The first mistake is saving too much money.  The second mistake is saving too little.  Now, one of these problems is very easy to correct.  The other, not so much.  Problems really start to surface in life when we get older, our earnings potential diminishes (or ceases) and we don’t have the financial resources to address our basic needs (or wants).  If we discover that we made a mistake and saved too little, it’s too late to do anything about it.

Good habits lead to good behaviors.  Good behaviors lead to good decisions.  Good decisions lead to a good life.  Live by principles and choose wisely.

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These are the EXACT same steps I used to PERMANENTLY get rid of my mortgage, student loans, credit card debt, and auto loan debt.

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