Three Big Reasons You Could Fail Financially

When it comes to achieving financial goals, they all have a common denominator: having enough money.  While it may be true of most non-financial goals as well, research has consistently shown that there are three main reasons people fail financially.

The lack of a clear, compelling vision of the future is the first component.  Ancient Script says, “without a vision, the people perish.”  Having a vision is not about a secret, not about affirmations, it’s about clarity and focus for your life and having reasons that are compelling.  

The lack of a comprehensive plan is the second component.  There are 107 checklist items that we have identified that can dramatically affect financial outcomes.  Even though problems most often arise with only five or six of them, why take a chance on the others?  It’s not enough to know that your car has enough gas to get to your destination.  It’s helpful to make sure there’s enough oil, water, washer fluid and a spare tire with air.  When I get on an airplane, I want to know the flight crew has gone all the way through the pre-flight checklist, not just the big items.  Your finances deserve the same detailed, thorough attention.

The lack of discipline to follow through is the third.  Discipline has been defined as doing the right thing at the right time whether you feel like it or not.

Peter Vidmar, the Olympic gold-medal winning captain of the 1984 men’s gymnastics team, told me there are only two times you have to train if you want to be an Olympian: When you feel like it.  And when you don’t.

I learned about discipline from my son when he was five-years old.  On the fourth consecutive day of skiing we stopped at the top of a ridge to catch our breath.  He had been sick all four days but had insisted on skiing.  I asked him if he was tired and wanted to stop and take a rest.  He said, “Dad, if my legs burn does that mean I’m getting stronger?”  I responded, “Well, yeah.”  Without hesitating he said, “Then let’s keep skiing.”

You deserve to have a plan that inspires you to do what you need to do when you need to do it so that you live out the life thatonly you can live.

One Response to “ Three Big Reasons You Could Fail Financially ”

  1. May 16, 2013

    Greg, Thank you for sharing. I have found these points to be so true.

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