With a little help from Captain Kirk last week we learned how to use our starship’s deflective shield to make good purchasing decisions by asking two questions:
Is it a Need or Want?
Is it in the Budget or Planned for?
How we answer these two questions will push us towards a well-thought-out purchasing decision; a decision to purchase, or not. I think you’ll find knowing how to make a purchasing decision (or not) is an invaluable wealth building tool. (Next week I’ll share how to maximize your purchases at “warp speed” once you arrive at a decision).
But before we move on, I think it’s important to spend a moment discussing how our “starship” is engineered. I would suggest to you there are three key starship engineering components, which, when honed with our own life experiences, can transform our wealth building mission from common to uncommon.
1. Clarity of Ownership
Most of us smile and nod when we hear the old saying, “I’ve never seen a U-Haul behind a hearse!”, but have you ever thought about the deeper meaning behind the saying? It really does speak to ownership. If you can’t take it with you, who owns it? In Psalm 24:1 we are given the answer, “The earth is the Lord’s, and all its fullness. The world and those who dwell therein.” Without clarity of ownership our financial decisions will be limited to only worldly results, leaving our “starship” susceptible to the Jonesitis bombardment we talked about last week.
Who do you say owns it all?
2. Establish a Financial Life Goal (FLG)
It’s impossible to make good financial decisions, including purchasing decisions, if you don’t know where you’re going. As silly as it sounds, it would be like going on a family vacation and not knowing the destination; a destination that will never be reached.
In my Wealth Builder 10, Step 5, I discussed the importance of developing a long term Financial Life Goal (FLG). A simple, straightforward FLG will motivate you to continually connect the dots of your daily actions to a future target. Included in those daily actions are good purchasing decisions.
Show me a person with a clear FLG and I’ll show you a person with a starship who could fly with Captain Kirk any day.
Are you qualified to fly with Kirk?
3. Develop a Spending Plan, a Budget
For over forty years I’ve been doing, thinking, writing, studying, and speaking on building wealth the right way. During that time I’ve come to the conclusion that the single most important thing a person can do to significantly improve their wealth building results is to live by a budget. As you travel towards your FLG, your budget creates the boundaries that ensures your starship stays on course.
Are you on course?
Before you give the command to activate your deflector shields for warp speed travel make sure your starship is engineered to produce not just wealth, but uncommon wealth that will yield an uncommon life.
See you next week.
May you continue to live long and prosper.