I recently met David Rosell, the author of Failure Is Not An Option. Our conversation over lunch was enlightening and opened a dialogue between two like minded people. We both have a passion for the outdoors, living the life we have always dreamed of and having a positive impact on the world.
David was kind enough to gift me a copy of his book and I will be sharing with you an honest summary of what I learn.
Last night I enjoyed a journey through chapter 1 and 2. Both chapters wove together stories of mountaineering in the Himalayan mountains and running a business with some ordinary financial rules that will help you win if applied.
Like climbing a mountain our financial goal should be to make it to the top and safely back down. Far too many climbing and financial accidents happen every year not on the way up the mountain, but back down. I am far from retirement, but when I do reach those amazing years of my life I will have a clear cut plan. A plan that will ensure the money I have accumulated will last the 25-40 years of my retirement. Perhaps longer :)
Keep in mind here that once you start taking money out of your retirement account that you are no longer feeding it. The mountain you have built is getting smaller and the goal should be to not fall on the way down. Like climbing a mountain one poor decision could result in sliding all the way down the mountain, instead of enjoying the journey.
Take some time to identify and plan for the risks that you will have to face on the way down your financial mountain. This will allow you to enjoy your life and live peacefully knowing that your money is safe during the descent.
“May you keep your dreams alive and live the life you’ve always imagined.” - David Rosell
Like David, my father and Great Grandmother taught me a simple principle at a young age. Save 10% of every dollar you make, invest it into your retirement account and watch the magical formula of compounding interest work for you. I have also learned that living within your means will help ensure financial peace of mind. Far too many of us including myself have created a habit of spending before we earn. This means the bank and creditors own our homes, cars and food we ate last night. Make your money, save some of it then spend what is left on your living expenses. Become one of the Balance Sheet Affluent (people who have actual wealth or a high net worth), and not one of the Income Affluent (people who just make a lot of money and spend it).
I also learned that doing ordinary things extraordinarily well is often the difference between financial winners and losers. You do not have to hit the stock market jackpot to become a millionaire. All you have to do is make saving money one of your healthy habits.
Saving $200 / month for roughly 40 years and investing it into a 10% annual growth account will turn you into a millionaire. It is really that simple! You may be thinking right now that you do not have an extra $200 / month to save. Well I am here to tell you that you cannot afford not to do this. If you are buying a cup of coffee and eating out for lunch five days a week then you have at least $200 / month to save. Do not wait until you are older to begin climbing your financial mountain. It will only get harder.
Enjoy the adventure of chapter one of “Failure Is Not An Option.” on DavidRosell.Com.
Summit as friends!
Welcome to Scott's Adventure Blog!