Finances and delayed gratification continued...

Happy Monday Everyone,

Time flies and so all the more reason to make the most of it. You may also be familiar with the phrase 'time is money.' Touching on last week, a couple of my new goals were to have a nice house and car. After purchasing my first used car at age 25 and putting thousands of miles on it, I was taken out on a snowy highway by a reckless driver. My car was totaled and I was on the look out for a replacement. I ended up purchasing a new Chevrolet Equinox. I drive around 40,000 miles per year, needed something safe in the form of an SUV and something reliable. The car lasted me 4 years and 150,000 miles before the engine failed. Looking back at it, I had fallen victim to society and bought into the prestige of wanting new shiny things. Ok, it wasn't a BMW or Mercedes but I still should have been wiser. I did learn my lesson and my next purchase was a VW Passat with around 30,000 miles on the clock and half the cost. 

All too often, we are bombarded with commercials, buy this, buy that, NEW, NEW, NEW. We are being programed to do everything but delay gratification. New technology IN YOUR FACE, new iPhones, the latest designer clothing. I too used to love my clothing brands up until about 5 years ago. I wanted to look good and wanted to fit in and be popular in society. Thankfully, I cant remember when I last had a good shop and it helps that I coach for a living and am almost always in athletic gear. Let's talk about credit cards while we are at it. These are DANGEROUS! It is not wise to finance things or borrow money to pay for things. Interest is a killer! I listened to a financial education podcast the other day and it said interest was like going to bed and being robbed while you are sleeping. So true. Another point, where was all this information when I was at school? It's as if society or the powers that be want you to fail. I mean, why would we want so many financially responsible people getting rich off the stock market and being smart with their income? THIS is why I am writing this blog today. I always think to my U16 boys team. Some of the lads have jobs now, I hope they too read this and learn from the many mistakes I have made and take heed when making their decisions. I feel as though I have been cheated out of 10-15 years financially. Fortunately, I have chosen to surround myself with older and wiser people that have pointed my in the right direction. It's better late than never! 

Being smart with your money takes time and like me you must continue to educate yourselves with the future in mind. I am an impulsive person and as mentioned before, those negative impulses put financial burden on my shoulders in some capacity. I do however believe in positive impulses leading to purchases. Sometimes you get a strike while the iron is hot situation or a leap of faith. There shouldn't be a fear of moving forward in life and there are many good things cost money. Education is key, self investment and long term investment are all important when considering ones future. There is nothing wrong with working so hard to reach a goal or a milestone and having a form of delayed gratification at different stages of life but there must also be an end goal or a long-term delayed gratification and that might come in the form of retirement or in the legacy you wish to leave behind for others. Wouldn't it be nice to retire earlier than most people and have time on your side to do things in which you are passionate about?

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helping others in our summit up! community

​Happy Belated Fathers Day to all the Dads reading this. I love this image I found because if you are anything like me, then you too might see or have seen your dad as a super hero. A big shout out to my dad back home in Devon, England.

If you want to be featured in our helping others section, email summitup2020@gmail.com. It does not matter where in the world you are, Summit Up! will highlight you, your business or someone you know of in our weekly blog.

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Final thoughts

In closing this weeks blog, I encourage you to research and educate yourselves and those around you. I for one will make an effort to touch upon these things to the youth and young adults I get to be around. I am not ashamed to use myself as an example based on my negative experiences. I will also continue to seek ways in which I can improve in this area myself.

I'm fortunate as a former athlete in the sense that I don't care for drugs or smoking. I have a drink with friends occasionally in a social setting but not one to stock my fridge and drink regularly - I just couldn't get things done if I did. I do love coffee and often found myself getting a tall sized latte at the nearest Starbucks or Biggby. That was until I was pointed in the right direction and started educating myself. I used to convince myself that I deserved a coffee for working so hard or with a long day ahead. I then switched to making a pot of coffee at home. I'm not totally against going out for one as I have fond memories of being back home in Exeter, Devon and walking into town with the old man and my brothers and enjoying a nice Costa Coffee (similar to Starbucks but much, much better). It is still a fun social thing to do but all adds up over time. Let's say a tall latte costs $3.15. Over a week that is $22.05, in a month it is $88.20 and in a year $1,146.60! THIS is why I love the quote at the top of this blog. All these expenses add up. Instead of spending, there is the option of having a home made coffee and investing the amount you would spend on shares in Starbucks with a possible return over time.

​Thanks for reading, I hope this get you thinking. Until next week, Summit Up! you've got this.

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Quote for the week

"Never spend your money before you have it."
Thomas Jefferson