“WHERE there’s a will, there’s a way.” This is an old English proverb meaning a person with determination will find a way of doing something.
Remember the last World War?
Hitler started the blitzkrieg in Europe, taking one country after another. Britain was caught off-guard having been deaf to the Watchman, Winston Churchill. If not for him, Britain would also have fallen to Germany. On the other side, Japan was winning the war and had pushed the United States on the retreat. But come 1944-1945, the US turned the tide in both sides (D-day and the bombing of Hiroshima and Nagasaki). So strong was the will of US President Roosevelt that he used the first atomic bomb to effect the surrender of Japan. Otherwise, the future would have been different.
The story above illustrated the power of the will to achieve a desired result.
Sadly, after the war, the United States had not won a single war. From being the world’s policeman after the war, the US has gradually weakened its influence, just like Britain (who ruled the seas in the 19th century).
When it comes to personal finance, the majority are not much different. Just observe the middle-income earners. What do they do with their paycheck? The very first thing that they automatically do is to buy things they want. Just like now, there is news that the iPhone 6 is to be launched at a staggering cost of P92,500. Everyone is going crazy over this gadget, which will definitely depreciate over time. Just recently, a newspaper article featured a taipan holding a very simple cell phone that he uses for communication.
Such is the power of the human will. If you will it, you will definitely have it.
Just like what Roosevelt did in the past war, we can also improve our personal finances by having the willpower to do things that might be hard but beneficial.
Below are some tips that can help :
Pay yourself first. Always remember to include yourself in your bills. By paying yourself, you are actually buying your future, which is sure to come. Otherwise, you will end up as a liability to the family who once saw you as their asset.
Resist temptation. As in the Lord’s Prayer, there is a line that goes: “Lead us not into temptation.” Nowadays, advertisements are so focused on consumerism and people are conditioned to splurge their hard-earned money. Even malls are always having so-called madness sales. The best way to avoid unnecessary spending is to stay away from these places, specially the malls. If you want to go to the mall, make sure you do not bring too much cash or credit cards. Doing this will prevent you from impulse spending.
Be forgetful. When you have money invested, forget about it after investing. I have encountered so many people asking when they can redeem after they start investing. They have not yet started, but they are already thinking of redeeming. What I have done in the past was to just forget it so that when my golden years arrive, I do not become dependent on my children. Investing is not aimed at making you rich. It is aimed at providing you with income when you need it most. Be forgetful when young, but have a sharp memory when old.
Be selfish. Human beings are built for compassion. Whenever someone needs help, we go out of our way to help, specially in terms of finances. Being selfish does not mean we must not help others. We should think of and love ourselves before others. We cannot share what we do not have. It makes no sense to help others and become burdened by doing so. If you do not have the capability to help, politely decline.
Change. Aside from death and taxes, change is the only thing constant in this world. Especially with mindsetting, it takes a lot of will to convert a negative mindset into a positive one. A positive mindset will allow us to act and produce a positive result. A lot of financial situations can be improved by having a positive paradigm shift. As the late martial artist Bruce Lee said, discard the useless and retain the useful.
It takes a lot of discipline and willpower to change one’s mind. But with baby steps, it can be done. If there is a will, there is a way. And, of course, the only way is to JUST DO IT.
Let us be inspired by what Apollo 11 astronaut Neil Armstrong said while on the moon: “That’s one small step for [a] man, one giant leap for mankind.”
Edmund Lao is a registered financial planner of RFP Philippines. Learn wealth management, investment and retirement planning from foreign experts at the Third Financial Advisor Congress on October 10, SMX Aura, Taguig. To register, visit www.facongress.com.
Edmund Lao / Personal Finance