We often talk with those who are in the “build wealth” phase of life about the importance of establishing good financial discipline. When you are at the beginning of this phase, looking years ahead to retirement, it’s difficult to really appreciate how much the extra money going toward your retirement plan or current debt will benefit you, but the rewards of your good habits will only compound over time, multiplying your wealth. There is no shortage of examples of millionaires who attained their wealth through hard work and financial discipline.
Now more than ever, as we are thinking about how to positively position ourselves m preparation for more prosperous times, we need to focus on how to control the factors that are in our grasp. I believe the biggest key to long term success – in anything really, but also as it relates to personal finances – is learning discipline through good habits. Create rules around how you spend and save your money. Good discipline is always recession proof, and will create a bright future for you.