We all know that it is statistically impossible for more than half of any population to be better than average. Don’t let this distract you from your goal. In my opinion, it just makes the game more interesting. Just like the challenge of getting into a top school, achieving this goal will require you to be at the top of your game. Recognize that you don’t have an original thought and make sure you have a plan to succeed.
One plan that I think works is to follow the “Lessons to Live By” (shown in the sidebar). Let me go out on a limb – embrace these seven lessons and it will be impossible not to achieve your financial goals. But, you do need to work each of these lessons – a focus on one or two is unlikely to do the trick. All you need to do is:
- Find good teachers and mentors
- Become financially literate
- Budget & understand your income and expenses
- Pay yourself – save 10% of your earnings.
- Borrow cautiously.
- Invest prudently
- Be charitable to the less fortunate.
Still not clear? Well stay tuned. My next posts will address each of these seven topics one by one.
And don’t worry about that average thing. As President John F. Kennedy said, “a rising tide lifts all boats.” This focus of GenNext could have good implications for the broader society if properly channeled. You may be average but if we raise the average, both in America and worldwide, we will all be better off!