Vince Lombardi, one of the most winningest coaches in NFL history, and the person they named the Superbowl trophy after, is know for starting each year’s practice off with the saying, "Gentleman, this is a football."
See, the key to Vince Lombardi’s success was the ability to focus on the fundamentals and to keep things simple.
If it was proven to work for him, then why can’t we keep it simple when it comes to our personal finances?
Today I want to talk about how to keep it simple with your finances and sticking to the basics with 5 simple tips.
But first, I want to ask you a question.
The question is, how do you as a 401k or 403b participant, become a 401k superhero to your future self?
That is the question and these videos will give you the answers. I’m Jonathon Schultheiss and welcome to the becoming a 401k superhero videos.
So how do we keep our finances simple? Here’s five super simple tips for keeping sticking to the basics when it comes to your finances.
1. Look at your expenses and spending at least once a week. I like tools like Mint.com, but if you don’t want to use those, then just download the apps from your bank or credit cards to your phone. Then skim over what you’ve spent.
The reason this works so well, is the things that you are aware of you can change. Most people over spend because they have no idea what they’re spending money on.
2. Save more tomorrow. What does that mean? You may not know it, but most 401k providers will allow you to set an annual increase in your retirement savings. Making as little as a 1% increase in your retirement savings each year, has the potential to dramatically increase your savings over time.
3. Make small extra payments toward your debt. If you have credit card debt that you don’t pay off every month, and you’re only making the minimum payment, you are hurting yourself. You must make extra payments to get it paid off as soon as possible.
And if you don’t have credit card debt, consider making one extra payment a year on your mortgage. You can simply divide your regular payment by 12 and add that to your regular monthly payment. Making one extra payment a year can cut as much as 8 – 10 years off of a 30 year mortgage.
4. Check your credit score regularly. Then if your score is not where you want it, start to work on how to improve it. This could save you thousands of dollars.
5. Commit to learning one new skill every year. If you commit to learning a skill that makes you more valuable, you could make more money.
One thing that holds more people back than anything, is they stop growing. They stop learning. If you can commit to continual learning and self-improvement, then you can grow your income.
Jim Rhone, a self-improvement guru said, “Our incomes seldom outgrow our level of personal growth.” It’s a proven fact.
That’s why 70% of lottery winners lose it all within five years. Their personal growth didn’t keep up with their income.
You must commit to personal growth!
Appling any one of these basic tips is a great way to help you becoming a 401k Superhero to your future self.
If you want to take the first step in improving yourself and your finances, then click on the link and download a free copy of my book today.
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