It’s Time to Hurt Yourself… Financially!
Sometimes, talking about retirement is a subject that young people don’t feel they need to address until they are in their late 30’s, and older people wish they would have thought about it earlier.
I was flipping through a book yesterday and I came across a story…
During a Little League baseball game, a young boy was directed to steal second base. As he slid in to the bag, his knee hit it awkwardly, which caused him to be in pain. He laid there as the coach ran to him to check to see if he was alright. The boy told the coach that his knee hurt really bad and wasn’t able to get up.
The coach waved to the one of the parents in the stands to have him come assist the situation. The parent, who was a doctor, jogged onto the field. The parent examined his knee, touched a couple of tender areas, then directed the young man to bend his knee.
The boy replied, “I can’t.”
The parent responded, “Why not?”
“Because it hurts too much.”
The parent softly responded, “Well, then hurt yourself.”
The boy looked at him, confused with what he just said, and slowly bent his knee. The parent examined a little more and said that it looked like a sprain but we will get him into the office tomorrow to make sure everything is good.
I thought about this story, and it came to mind that we all have bad habits and get “caught up” in our day to day lives. Everything becomes a routine, and we live within that routine, each and every day. I cringe at the thought of how many families are caught up living paycheck to paycheck and can’t find their way out of that cycle. Even when someone gets a pay raise, that money still tends to disappear, and isn’t put away for a “rainy day”.
Hence, the dreams of retiring disappear, and society considers it okay to work for the rest of your life. It is time to break that standard of living and start putting yourself in a position to be able to retire and enjoy life. Work if you want to… not because you have to.
When we were little, we didn’t dream to go through this struggle. We think about being rich, going on trips, spending time with loved ones, heck, anything but working our backsides off! I’m telling you today that you need to stop accepting, and get back to dreaming! Break your cycle… Break your habit… It’s time to hurt yourself.
Find $140 a month –
I know, I know… You’re giving me the reasons you can’t do that right now. I barely live off of what I have now, or good idea but I will do it later. Let me break this down for you $140/month is:
- If you get paid 2 times a month: That’s $70 a paycheck
- If you get paid every 2 weeks: That’s $65 a paycheck
Yes… You can do it! Let’s get real – That’s under $35 a week.. $5 a day?!?! You’re saying to yourself right now, “James, you’re crazy, I already told you I’m broke.” Well… I’m telling you back, it’s there, you just don’t want to see it. Each week:
- How many times do you eat out?
- How many lattes do you buy?
- How often do you buy shoes?
- How often do you go to the movies?
The list is endless. There is opportunity… you just have to hurt yourself. You just need to create a habit and live within your means that you set. Listen – you may be closing up your laptop, shaking your head and saying, “James doesn’t know what he’s talking about, he doesn’t understand my situation.” Yes I do, and I have lived it! I’m here to tell you (if you’re still reading) that you need to do what I did and stop your selfish spending habits (for me it’s shoes – can’t stay away from them!), look yourself in the mirror and conquer “you”.
If you think you can save $70… Read on!
Wow! You’re still with me? Ok, let’s get serious… What is $70 going to get you? Is it even worth it? YES!!!!
If you have a tax-deferred plan you can contribute to at your job… That’s actually $91 pre-tax! Yep… $91 gross is $70 from your actual take home check! See, you’re already making money!
Now, let’s say your 35 years old and you work until you’re 65. There are some retirement options out there that could get you $559/month for the rest of your life! Sound good now? If you’re younger than 35… even better!
If your company doesn’t have a retirement plan? Contribute the money to a Roth IRA. Yes, the number would be smaller, but it’s Tax free, so it equals out to the same. Awesome or what? See… retirement isn’t as bad as you thought, is it?
So to wrap this up, I want you to analyze where you are really at in your life, and let’s find some money to put away so that you can get back to achieving your dreams. It’s time to hurt yourself, and take care of your future. If you want to know more, click here, and give me a call, text, email or whatever.
Until next time!
James Bischoff offers many motivational financial literacy and retirement management seminars for all ages and businesses. Contact info: