Provided by Terry Garland and written by Indigo Marketing Agency, a non-affiliate of First Allied Securities, Inc.
Financial success is not just about having a lot of money. It’s about providing you and your family with the means to not only pay the bills but to have the freedom to pursue anything else that will bring you security and happiness (e.g., a comfortable retirement or traveling around the world).
Anyone can achieve financial success; they just have to be shown how. Here are the three rules of success I always recommend to clients:
1. Knowledge
Sir Francis Bacon is often credited with famously saying, “Knowledge is power.” While historians are unsure as to who truly said it, this piece of wisdom is very relevant to financial success. In order to pursue financial success, you first need to decide how to pursue it and which strategies you’ll need to follow. In order for these decisions to be met with minimal risk and maximal output, you must be equipped with all the necessary information and knowledge needed in order to truly know the pros and cons, risks and benefits, of pursuing one path over the other. Without taking personal responsibility to research and ask the right questions, you risk shooting in the dark, which can either work out really well or really terribly. It’s best to pursue something in the middle: a well-thought-out plan that accommodates your particular situation, your budget, your goals, and your timeline that gives you the best return on your investment while minimizing risk. Having the right knowledge gives you the power to achieve this—and more.
2. Discipline
The right habits can make or break the bank. It’s not enough to get a raise or even win the lottery to achieve financial success. You have to know how to live within your means, spend wisely, and make investments that will take care of your retirement and the well-being of your family. This all comes down to practicing certain habits diligently and with strict discipline. For instance, creating a monthly budget and making a habit of not spending over a certain dollar amount is one habit. Another habit is eating out less and cooking at home more. But these habits take practice and repetition. While it may feel like a sacrifice in the short term, the payoff will be huge in the long term. Not only would you be able to save up more money over time, but you would be able to make your money last longer at any stage of your life.
3. Time
Rome was not built in a day. In fact, it probably took decades or even centuries to build all of Rome’s historical monuments. The same is true with financial success. You may have your hopes and dreams set on a cushy lifestyle or your dream home, but saving up the money for these things takes time, effort, and patience. Even if you save rigorously and scrape together every penny you have, it could still take a long time to have enough capital to accomplish what you want. Even with investments, time can only tell what your rate of return will be because the market needs time to ebb and flow. Commit to your financial success for the long haul as it will take time to grow your money.
Let’s Talk
While these are our rules for pursuing financial success, we at Golden Capital Management would love to hear your thoughts and discuss all the different ways we can help you achieve your current goals. Connect with us today by calling (515) 226-0115 or emailing info@garlandandassoc.comto make an appointment, and let’s see if we’d be a good fit for you.
About Terry
Terry Garland is the founder and CEO of Golden Capital Management with more than 25 years of industry experience. He works with individuals, small-to-medium-sized businesses, and medical professionals, including physicians and dentists, allowing them access to a wide variety of specialized services and investment vehicles to fit their specific needs. He graduated from Drake University and attended the Wharton School at the University of Pennsylvania and is a registered principal. With offices in Des Moines, Iowa, and Carlsbad, California, he serves clients across the country. Learn more by connecting with Terry on LinkedIn.