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Preparing for When Things Go Right

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“I’m a great believer in luck, and I find the harder I work the more I have of it.” That’s a statement spoken by someone somewhere, but no one seems to know who. Attributed to Thomas Jefferson, Henry Ford, and a bevy of entrepreneurs, the idea seems drawn from a 16th century proverb, “Diligence is the mother of good luck”. Idiomatic investigation aside, the underlying truth is basically true. This is never more apparent than in the world of money. Whether you’re Elon Musk or Lil Wayne, getting on your grind every day has a way of creating opportunities for yourself that don’t materialize when you’re not working or creating. If you’ve been reading personal finance blogs for very long, you are learning techniques that will make your efforts start to pay off. As you start to see fruits of your labor, you’ll start to see opportunities happen. It may be hard to imagine now, but you’ve got to plan for this. You’ve got to know what you’ll do when things are better and easier. Here are some things to consider.

  • Will You Take On More Responsibility and Demand on Your Time, or Be Satisfied With Less? Effective people are in demand. They tend to rise in corporate settings as far as they can while still being effective. If this is you, you have to ask yourself, is this what you want? People who study the Millennial generation see a population of young people who want a work-life balance, and are willing to accept less money and career standing in order to get it. It is likely that as you improve your skills, you will be offered more money and responsibility, at the personal cost of having less time for things you value outside of the workplace. You should decide now what percentage of your life you want to devote to, you know, life. This isn’t a recommendation to do poorly in your work to avoid advancement, just a reminder that you have to know how high you actually want to rise. Don’t allow yourself to be swept away somewhere you do not want to go.
  • What Level of Wealth do You Wish to Achieve? This is related to the question above. You’ve got to decide how much money you need to be happy. This will determine how much time you spend investing your resources and efforts for the accumulation of wealth, as well as how much risk you will take on in your finances. Depending on how you answer this question, you may make decisions that other people won’t. You may sell a structured settlement at a website like this in order to fund an entrepreneurial effort, where another person would take the money every month. There is no “right path” to financial security. Financial security is about having the resources to live the life you want to live, not the ability to live in constant opulence.

These are just things to think about. If you learn about money, you will learn to manage it better. As you manage it better, you’ll have more opportunities laid at your feet. Don’t get carried away with what you can have, if you already have what you want.

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