The Financial Path Least Traveled
In Applied Principle 1 of Money for Life, we learn that the financial path of many Americans is one leading directly to disaster.
“According to the Wall Street Journal, more than 70 percent of Americans live paycheck to paycheck. That means that nearly three-quarters of Americans may be as close as one paycheck away from financial disaster. These startling statistics represent the personal financial path most traveled, the path of least resistance, the path to financial anemia. When you take an honest look at your level of financial fitness, what do you see? If you are on the path most traveled, you will see a struggle to make payments on time; a significant credit card and consumer debt load; a lack of emergency savings; little or no measurable savings for handling long-term objectives, such as your children’s education; and no real plan for achieving a comfortable retirement. As we tread this well-worn path, we often lull ourselves into a false sense of security: Our society constantly tells us that the path we all are on is taking us in the right direction. Banks and credit card companies allow us to “handle” more debt with the “convenience” of small monthly payments. Advertisements barrage us with the message that our hard work entitles us to an ever-increasing collection of material goods. Society measures success by what we have rather than by what we are doing to secure a future. But focusing on what others prescribe for us can be a dead end.”
“For many, it is not until they experience a major financial setback that they look around and really understand that their journey down the financial path most traveled has led them right back to where they started.”
In order to find personal financial success, you must get off this path and onto the path least traveled. Get out of the overspending cycle. Get out of the habit of relying on credit to get by. Take control of your money. Make a conscious decision to change your spending habits for the better.
“Often in life, the path we should seek is the path least traveled. When you get to the top of a mountain, there aren’t many others there-most people are coasting in the by-ways or resting in the valley. Becoming financially fit requires a break from the masses and a discovery of the path to the top.”
Follow along as we progress through each of the Applied Principles from Money for Life and learn the path to financial fitness. Get on the path least travel and take back control of your financial future.