People are taught to work hard and get a good education but are not properly taught the entire spectrum money plays and will play in their future. Whether you are a college graduate embarking on your career or an established professional, you have learned how to sacrifice your time but too often, financial sacrifice is not understood or accomplished. Financial sacrifice along with a vision for the future will allow you to build wealth and ensure you can pass it on to future generations.
Many people think what you drive, how large your house is, and having a nice wardrobe (for the ladies—shoes) defines you. Don’t let others define who you are…define who you are to others! If your friends drive BMWs but your budget is for a Chevrolet, drive that Chevrolet with pride and a smile on your face. If you follow a financial plan, you may be able to pay cash one day for the BMW. While we should have nice items and enjoy God’s blessings, we should do so in moderation to protect our family’s future.
If you are not using a budget, create one immediately to track your finances and guide your desires. The budget should outline your income, expenditures, and investments and also document your debt balances. Following the budget keeps you on the correct path and allows you to see the facts concerning your finances. By eliminating spending on wants, money will be available to pay off debt. Whether you have a mortgage, car loan, student loan, or credit card, the time is now to eliminate debt.
If you do not have any money available after all bills are paid or do not have enough to pay your bills, immediate action is needed! Spending more than you are earning must be stopped because it will cause catastrophic results. Depending on the circumstances, extreme measures may need to be taken. Economic times are challenging for our nation, but if you pray and do not give up, you can discover ways to earn extra income and also reduce your spending. While everyone’s plan is different, the end result should be the same and includes sacrifice.
From a financial standpoint, sacrifice enables you to develop a solid financial foundation and build wealth. Many people live for today without planning for tomorrow, and the lack of planning forces them to pay for previous purchases for years to come. There is a way to stop this recessional pattern, and the key word is sacrifice. Developing a strong desire to eliminate debt and sacrificing items wanted today will ensure financial independence tomorrow. While the road may not be easy, it is an important one to travel…and worth the trip!