Jun 27, 2018, 13:18 PM
I was recently talking with a good friend and mentor of mine about family and parenting. My friend has four children who are all very mature, responsible and hard working. I look at his kids and think he’s figured out the secret to parenting…..and I want to know what it is!
I was recently talking with a good friend and mentor of mine about family and parenting. My friend has four children who are all very mature, responsible and hard working. I look at his kids and think he’s figured out the secret to parenting…..and I want to know what it is! I asked him point blank, “What is your secret? How did you and your wife raise four children who all turned out like this?” His response was honestly what I expected to hear, but a reminder of the hard truth – “there is no secret, just parenting one day at a time.”
Deep down, we all know this “one day at a time” quip to be true with most things in life. There are no magic tricks or secret formulas that turn us into who we want to be. Goals are often achieved through both dedication and doing the seemingly boring, mundane tasks that day in and day out shape us over time. When climbing a mountain, it’s hard to see progress one step at a time. But at the summit, you can look back with gratification and see what you accomplished….by taking one step at a time. This is true for athletes mastering their craft, parenting a child to adulthood and yes, even achieving financial success.
I’ve learned through the years as a financial advisor that most of my clients have accumulated their wealth through this same tactic….one day at a time. The secret to accumulating wealth is found in the seemingly mundane, boring disciplines of investing. What seems like a dull 401(k) enrollment meeting can put you on the path to retirement success. Deferring a little money from each paycheck into your retirement plan adds up to big dollars over a career. Rebalancing your portfolio annually has been proven to offer significant long-term benefits. Simply put, most wealth is accumulated one day at a time through seemingly boring, routine behaviors.
The investor looking to get in on the ground floor of the next Amazon or Apple is too often met with disappointment. A colleague of mine once said, “Investing should be boring. When you swing for the fences, you are going to strikeout far more often than you will hit a home run. Instead, aim for singles and doubles and watch what happens.”
A refrain frequently shared by my clients as they approach retirement is how they are amazed to see what their years of boring, mundane investing behaviors have produced. As if almost by surprise, they find themselves financially able to accomplish their goals. They are the mundane millionaires.
What steps are you taking to ensure your future is financially secure? If you’re not sure, let Unified Trust conduct an analysis and see how we can put you on the path to accomplish your goals. There could be a great reward waiting for you on the other side of “one day at a time.”