Far too many people put off making sound financial decisions because their time horizon is too short. We’re a disposable society with attention spans that only last for the 11 minutes between commercials. We expect CEO’s to turn a company around in a few weeks. We’ve grown accustomed to murder mysteries being solved in an hour, Cliff Notes and audio books, and high speed Internet. If this page doesn’t load in less than 3 seconds, chances are good that you’ll click out!
A long term attitude is your best strategy for accumulating wealth.
I received an email from a reader who asked a question about this long term attitude:
It’s hard to focus on retirement when its so far away. How do I keep my focus on something that will happen in 30 years when I’m struggling today? I only make $48k/yr with a wife and one kid. My wife doesn’t work and we’re just getting by.
My answer? Pay yourself first and remember: there IS no secret, but don’t look at 30 years, look at 10. Almost everyone that’s working today can remember something from 10 years ago and I would bet that most would say, “It seems like just yesterday…” So think about 10 years. In the meantime, look for ways to reduce your expenses and increase your income. You can accomplish a lot in only 10 years. You would be amazed at how much!