Something really salient I heard many years ago lodged in my brain but I cannot remember the source, sorry. It was the answer a wealthy person gave to the question of his secret to success.
He said – “Being successful is a simple two-step process: Step 1 work out what you want; Step 2. then work out what you are prepared to sacrifice to achieve that. People fail by not doing a good job of Step 2.”
Occasionally we get some wonderful clarity about what it is we should be pursuing, but we don’t always think about what sacrifice we need to make, do we? What are we OK with foregoing in our lives now to reach this goal?
Over all these years, it has helped me to have longer conversations with myself when considering potential goals. It’s helped me identify the goals doomed to fail when I’m not prepared to sacrifice what’s required. It saves me much time and angst. Thank you to whoever that wealthy person was!
Why is this relevant to your finances? The obvious one is the goal of reaching a comfortable retirement. What are you willing to fore-go now in lifestyle to be able to afford that retirement/lifestyle you dream about?
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