The Key to Financial Success
The single most successful character trait that trumps them all is preparation. We have all heard the phrase that success is where preparation and opportunity meet. Whether it is preparing for a game, test, meeting, interview, presentation, or saving for retirement, the most successful people are the ones who are the most prepared. There were two noteworthy news items this week that apply to early preparation and there was also another example that received no press. The first story is when 2014 PGA Player of the Year Rory McIlroy, who was preparing for this years Masters tournament, found his way to the gym early one morning — only to be joined by Super Bowl-winning quarterbacks Tom Brady and Peyton and Eli Manning in their off-season workouts. “Friday morning, I got in the gym about 6,” McIlroy said Wednesday, “Brady walked in at 6:15, and the Mannings walked in at 6:30. That was my time to leave.” Tom Brady has said on record numerous times that he has gained his edge by being better prepared than the competition. The other news item this week that you can apply in a business context was a tweet sent from Apple’s CEO Tim Cook before the iwatch launch that got retweeted 6.2k times, “Got some extra rest for today’s event. Slept in ’til 4:30.” If the foundation of your company’s corporate culture is built on preparation, you are more than likely working for a successful organization that is differentiated from the competition.
The other not so newsworthy headline yet clear example of how preparation trumps all other character traits came from a personal experience. One of my clients started saving early and often and is now on their way to a comfortable retirement. While some of my clients are fortunate enough to accumulated stock options over their careers, most have to grind it out by saving a few percent of their wages each year. These clients are not accomplishing this through buying gimmicky insurance products, or other high expense financially engineered products. They are keeping it simple by investing in a diversified, high quality basket of companies via a Roth IRA and company retirement plan. This is the winning formula I try to replicate for all my clients – defer paying taxes and compound wealth over time. I believe the key to your current or future retirement plan starts with the investment decisions that you will make today and how well you will be prepared to meet your next challenge. If you would like me to help you prepare your retirement plan, feel free to give me a call at 508-207-8049 or email mitch@cgfadvisor.com.
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Advisory services offered through Constant Guidance Financial LLC, a registered investment adviser.
