Posted by Rob Minton
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After an interview I once did with Stan Richelson, he said something to me that I’ll never forget. He said:
“You can have anything you want in life. You just can’t have everything.”
What does this mean to you? For me, it means that we have a big choice to make with our lives. Do we want toys or financial independence? Do we want stuff, or monthly income? Because you can’t have both. You can only have one. Which one do you want? Most people try to have both and struggle year after year.
I happen to think that was a big part of what caused this recession's severity. So many people used their primary residences to fund big lifestyles -- using home equity to purchase cars and boats and go on fancy vacations.
If you choose financial independence, you must create a wealth plan and follow it relentlessly. You must stay completely focused on your plan. You must eliminate distractions. Distractions to your wealth plan include:
Speculative Investment Opportunities (examples include hot stock tips, commodities deals and more)
Expensive Stuff (examples include new cars, ultra-expensive vacations, boats, clothes, etc. Things that go down in value after your purchase.)
The more I observe people, the more I realize that they live without a wealth plan. Or, if they do have a plan for wealth, they get easily distracted from their plan. In Income for Life, some members buy their first investment property and have great success, but then lose focus. They move on to other things. This is a BIG mistake.
Consider this quote from Tony Robbins:
“One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular.”
Are you focused on your wealth-building plan? Have you been distracted? A lot of investors have because of this tough economy. If so, now just might be the time to focus again.
What have you done this month to work your plan? What are you going to do next month to work your wealth-building plan?
The Income for Life Wealth-Building Plan has three stages. Here they are:
Accumulate Assets
Pay Off Assets
Enjoy Income for Life (Financial Independence)
Many Income for Life members are in Stage No. 1, the asset accumulation phase. A few are in Stage No. 2. The faster you move through Stage No. 1, the faster you’ll get to Financial Independence (Stage No. 3). Remember, money does follow speed.
One of the keys to moving quickly through the first stage is focus. If you lose focus on your goal, you will not make any forward progress. For example, if you start chasing hot stock tips for the next three or four months, you’ll end up way behind in your IFL wealth-building plan.
You must focus upon your goal each and every day. It must be your dominant thought. A great question to ask yourself is: “What can I do today to move closer to my Income for Life goal?”
I’ll be willing to bet that your life will change dramatically if you start asking yourself this question, each and every day.
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