WealthWeek

PART I
One Bad Choice Is All It Takes

Have you ever considered how small, daily choices can affect your results in life? Whether you realize it or not, a single decision you make today can create a dramatic, life-changing effect (good or bad) tomorrow.

Everyday, we are constantly faced with the opportunity to make decisions, if you really think about it… Which way to turn (left or right), what to eat for lunch (pasta or salad), which road to take (expressway or side streets), etc. These are trivial examples, of course, but they do illustrate the point that our minds are continually being called upon to make choices.

Often times, we opt for the easiest choices and not necessarily those that are best suited for us. For instance, it may seem tempting to skip a workout on some days, but do you realize what you are giving up when you miss out on even one day of your exercise regimen? While the choice (in the heat of the moment) might occur to you as seemingly insignificant, the truth is that it is not and making the wrong choice can present serious consequences with respect to your progress. Essentially, within the split second that it takes you to give up on your commitment, you not only dishonor yourself but you also inadvertently put yourself in a bad position. The path of least resistance may seem harmless in the heat of the moment (when quick decisions are being made), however it really isn’t as rosy a path as we’d like it to be…

The truth is, if you choose to abandon your goals and the work necessary to achieve them, ultimately you are the one who will suffer. For starters, to skip the workout will mean that you will be out of integrity with yourself. Not so bad you say? Well, consider for a moment how it can potentially get worse for you from here on… The decision to skip the workout can easily lead to many other days where the same decision will be made (a common outcome), and before you know it, you will be off your program and back to square one with respect to your fitness goals. A little dramatic, you say? How do you explain how so many people fall off of their fitness regimens so easily? Look at it this way: skipping one day (or, being out integrity even once) threatens to introduce a small crack in the strength of your original resolve and intentions. That initial interference is all it takes to open the floodgates that will put your plans to rest. Many people fall off of their regimes this way and you are not likely to be an exception.

“Being out integrity even once threatens to introduce a small crack in the strength of your original resolve and intentions”

The example of physical fitness regimens is a good example, but this is a blog about building wealth. So, how does this concept relate to the concept of making money and getting it to work for you?

Consider This: the distinction of saving 10% of all your monthly income for investment is a time-tested wealth-building principle. It has worked for many people in the past (myself included) and has proven itself over and over in what I’ve seen, read and observed over the years and yet most people fail to do it. Now, what if you decided to be strict about practicing this principle of putting aside 10% of everything you earn without succumbing to any temptation along the way – no excuses. How do you suppose your finances would look, in say a year? Or, five years from now?

Can you think of a time when you abandoned your goals to save money aside for investing, in favor of something you desired in the moment? I think, perhaps, we all can!

When I practiced the 10% principle, I was able to save and invest a small amount of money in a short amount of time, which I immediately turned around and used to buy my first piece of real estate. Now, what I saved up to do this was not a hell of a lot (and, I used creative financing techniques) but I do remember this period of my life when I was disciplined enough to follow this principles because I had made it a goal of mine. And, it came in handy just when I needed it because I found the prefect property and was prepared to act, due to my making the right choices every day prior to that one (albeit, small choices of not buying this or that and draining the 10% fund). Am I better off today for honoring myself along the way? You bet!

Clearly, the choices you make - no matter how big or small - affect your results in life. It seems that all logic goes straight out the door when you are in the moment and you have to make a choice. However, it would serve you well to think about your goals, and focus upon them so intensely that when you are faced with tempting choices that run counter to them, you will ultimately end up making the right decisions.

People become wealthy because they practice good discipline in the form of making the right choices at the times when it matters the most. Since they tend to focus on their most important goals, as fiercely as possible, making good decisions in the heat of the moment becomes easier compared to those who forget what they really want. Remember this the next time you decide to squander away money on something you don’t need or choose to do something that runs counter to your financial goals.

Emotions and controlling them a are huge factor in making smart decisions. Your access to power during the decision-making process is tied in with the control of emotions. In Part II of this series, I’ll discuss how to avoid letting your decisions be dictated by your emotions so that you can tap into great personal power.