A Very Comforting Resolution

Exercise more. Lose weight. Finish that project in the basement. The New Year is here, and with it come all the usual resolutions. Why not make saving one of them? Building your personal wealth can be both satisfying and comforting. But how is it done? There are a number of ways to achieve a slice of your own personal wealth, some easy, and some that need dedication. As you can probably guess, for most people, the dedication thing is the way they’ll have to go. But just for amusement sake, wouldn’t it be nice if you could…

• Inherit a fortune. In reality, how many of us have a rich aunt with no dependents and a will with our names all over it? If you said “not too many,” you win a knowing slap on the back.
   
• Win the lottery. You have a better chance of being struck by lightning than winning a multi-million dollar lottery, so let’s just skate past this option.
   
• Win the talent pool. Can you run the 40-yard dash in 4.3 seconds … and catch a football with a 260-lb linebacker ready to take your head off? Can you sing like an angel in front of thousands of people while having just the right look? People pay top dollar to witness such talent. Then again, you’d be only .01% of the population.

Yes, there are a number of ways to create a comfortable life, but most don’t involve the average citizen. For most of us, we’ll have to tackle the old-fashioned way of working hard and saving. It CAN be done, though, with a little dedicated elbow grease. Where do you start? Let’s break it down:

Change the way you think about money. Here’s an analogy that seems to ring pretty true—think of your money as an employee. The key is to make your “employee(s)” work hard for you. Hard-working employees will eventually have you adding more employees, and so on and so on. The key is to have many employees working hard for you so that at some point you can live off their “labor.” That’s what we call a comfortable retirement.

It all adds up. You don’t have to start with a huge lottery winning to be successful at saving money. There’s nothing wrong with starting small. Think of a snowstorm. It’s not one big blanket of white. It all starts with one snowflake, then more and more are added, and before you know it, snow flurries have turned into a blizzard. It’s a cliché, but every dollar counts.

An umbrella for those rainy days. Here’s an interesting piece of information uncovered by a survey of those with money—the “rich” put 27-30% of what they earn into investments and/or savings. Now that isn’t a RESULT of being rich, that’s what MAKES them rich. This type of thinking may mean you have to make some painful money decisions, but no one said it was going to be easy. And again, you don’t have to start big. If small bites get you there, it’s all just as well.

Become a copy cat. Pay close attention to those you admire, those who have had success, whether financial or personal. What do they do differently than you? Take notes, then commit to following their leads.

Don’t look back. Where you’re going is much more important than where you’ve been. Put any “what ifs” out of your mind and concentrate on what lies ahead. Keep to your plan because at some point, you’ll find you just might enjoy the journey as much as the destination. Working toward a goal is a reward that can add real satisfaction.

If your present job doesn’t allow you to put away even a small amount of money, consider a part-time job. Here are a few that might work for you:

• Retail. Here you’ll find cashiers, stockers, sales clerks, etc.
   
• Eateries. Fast food and other restaurants are always in need of cashiers, a wait staff, bus boys, cooks and other positions.
   
• Financial institutions. Look for teller positions and (depending on your education) positions that offer support to the front-line employees. Here’s is our list of current openings.
   
• Accountants. Small businesses often have positions for bookkeepers.
   
• Agencies. Temporary staffing agencies offer companies employees on a short-term basis to cover for those on vacation, out on leave, etc.

In addition, you can always start your own business on the side. During any spare time, you can landscape, walk pets, house sit, detail vehicles … use your imagination.

If you’d like some suggestions on saving and investing, talk to a Vantage investment professional about your best options. Call 314.264-5350 for a complimentary financial analysis, or click here for more information.