1. You must unlearn what you have learned
This is a great lesson from Master Yoda because many people tend to inherit bad financial habits from different sources such as imprudent family behaviors/habits, ill-advised non-industry professionals, misguided internet/TV information, and others. When deciding to make a change to your financial situation you need to start with a clean slate in order to transform your financial thoughts. Forget all of the incorrect information you were given and be open to learning something new. Sometimes the best way to master something is to unlearn what you know in order to set a good foundation moving forward.
2. Do or do not. There is no try
History does not remember what was attempted but rather what was actually accomplished. Many hope their money lasts, hope they retire well, hope they can pay for their children’s college, and desire to pass money on to their legacy well. But “hope” is “trying” and it is not a prudent strategy when it comes to your financial freedom. Financial success requires intentional and deliberate planning and strategizing. There is no trying when you have committed to becoming financially free. You either save money or you don’t, have an estate plan or you don’t, pay off your debt or you don’t, leave a financial legacy that will live on from generation-to-generation or you don’t.
3. You will find only what you bring in
Master Yoda hit the nail on the head with this quote because there must be an understanding that you get out of your financial situation what you put into it. Most people stay busy with life, and take a passive approach to their financial situation. Yet, when asked, everyone wants their financial lives to be maximized.
Surround yourself with a team of trusted advisors that will that will allow you to ‘bring in’ that which you are passionate about and take immediate action. For example: if leaving a legacy/inheritance to your kids is important to you, make sure you have a team of trusted advisors that will check if your estate plan has been updated to your exact wishes.
4. Patience you must have my young Padawan
Patience is key in finance. At Allgen we always say, “Your financial journey is a marathon not a sprint.” Nothing great and of lasting consequence is ever built overnight. It takes a commitment to a journey or growth, learning and work to reach financial success. It took you this long to achieve what you’ve accomplished this far. How much time and energy are you willing to invest in what is yet to come?
5. Always pass on what you have learned
“Wisdom is perishable. Unlike information or knowledge, it cannot be stored in a computer or recoded in a book. It expires with each passing generation,” Sid Taylor
This quote speaks truth in that we must continue to educate and inspire the generations that come after us to follow the right financial principles. There is NO secret formula to this. Spread the word to friends, family and you community because it feels good to pay it forward.
6. If no mistake have you made, yet losing you are… a different game you should play. Go in peace and make the change, Jedi Warrior
Have you ever wondered why it is that people choose to continue to hit themselves against the same wall? Why is it that we continue to travel the same financial path when we aren’t seeing actual results? Perhaps it’s time to reevaluate what we have been doing and decide to potentially pursue another path. This might mean having someone give you a second opinion on your current strategy or portfolio. Or perhaps accepting you need expert guidance altogether. As Dave Ramsey says, “You need to live like no one else, so you can live like no else.” Choose to be at peace with your financial decisions.
Happy National Star Wars Day- May the fourth be with you!