I received this pearl of wisdom second-hand some years ago. A millionaire associate who was a few years older than me, told me that a millionaire who was many years older than him, gave him this advice.
The younger millionaire was telling me that when he first started making a lot of money in his 20s, he wasn't doing much saving or investing. Instead he was living a rich lifestyle, spending his money on the typical toys and material things we see so many young people buying.
That's when he came across the older millionaire, who decided to mentor him and stop him from making costly mistakes which would haunt him in his later years.
He stated the elder let him know that although it might seem fun to have all the fancy cars, clothes and gadgets, he would come to regret it later in life when he'd be stuck working into his
golden years because he didn't have enough (if anything at all) to enjoy them.
My associate told me the older gentleman stated, "It's OK to have some fun while you're young, but don't be stupid; let the young man (you now) take care of the old man (you later). Start loading up your savings for the future as well as jumping on as many investment opportunities as you can while you're young enough to take the risks".
He started to do just that, and it put him in a position where he'll be able to enjoy a very comfortable retirement (if he chooses to retire at all).
Now, it may seem like this message is only for younger folks in their 20s. But while they are the ones who can probably take the most advantage of it, remember that the average life expectancy in most developed countries are in the mid to upper 70s for men and even into the 80s for women.
So even if you're fifty, that still gives you 20 or more years to go. And though you might not be able to take some of the risks now that you could when you were younger, it's still not too late to let the young man take care of the old man!
Leave a comment below and let us know what you think...
Brandon and Gina Wilkins are financial coaches and co-founders of Financial Freedom Builders LLC. Mr. Wilkins is also the author of the financial classic, Getting Rich is Simple...But It Ain't Easy! They are available for coaching, workshops and seminars designed to help you take control of your finances.
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Austin Mickley (Thursday, 02 February 2017 13:34)
Greetings! Very helpful advice in this particular post! It's the little changes that will make the biggest changes. Many thanks for sharing!
Stanley (Tuesday, 14 July 2015)
I totally agree with this. Too often, young folks want the instant gratification and are unwilling to sacrifice and wait until later to buy a lot of the "toys and trinkets". It's usually too late when they realize the mistake they've made.
I hope many will see this article and take heed. Thanks for sharing!