Slow And Steady Wins The Race (FPU - Part 8)

Last night's Financial Peace University training was wonderful. We were able to break down (through use of clever analogies and demonstrations) and digest what a 'mutual fund' really is. We talked about what it means to diversify, what stocks, bonds and annuities are, and when to utilize (or avoid) each. These were things that even a 'smart guy' like me historically had trouble grasping at times. The financial vernacular is totally different than what I'm accustomed to using, so I can think of situations in my past where I would simply be quiet, nod and sign myself up for things I never truly understood. However, Dave Ramsey made it fun and easy to understand. Knowledge is power!

Oh, how I wish I'd been taught about how money really works when I was young! God bless my parents. They did the best they could to equip me for the real financial world. However, they were only able to give me the best (and worst) knowledge they possessed at the time. Sadly, we've had to learn a lot on our own- and suffered some pretty hard knocks before enrolling in the FPU classes. If there were an inappropriate way to approach finance, my wife and I have done it. We've paid our fair share of 'stupid tax'.

Towards the end of the video lesson, Dave spoke of his encounter with an elderly billionaire over lunch. It would seem that Mr. Ramsey had gleaned all he could from other millionaires (he'd become one himself), and was looking forward to the next level of financial success. The man indicated two simple things that were tenets to becoming wealthy. First was to continue to practice generosity; giving of one's time, talents and resources. Secondly, was to read "The Tortoise and the Hare", and take it to heart. It would seem that there is no genuine method to getting rich quickly (contrary to some late-night infomercials). However, investing slowly and consistently over time, and in the correct ways, will generate wealth.

This idea got me thinking. Don't these principles spill over into other areas of our lives as well? Take a minute and play a little game with me, won't you? I'm going to ask that you be honest and speak the following phrases out loud. Don't worry if your spouse, your kids, or the family dog stares at you. Answer each question with either 'slowly', or 'quickly'. Remember to say them out loud, and pause in between questions to allow ample time for the answers to penetrate your noggin.

1. True wealth is built ___

2. The most meaningful of relationships are grown ___

3. Our bodies become fit ___ through regular exercise

4. An education, or well established career is established ___

5. A person's reputation is built ___

6. Lasting personal change generally occurs very ___

Slow and steady wins the race. We've got to work for it. If you're struggling in any of these areas (as we are), it's never too late to start rebuilding. All you need is a plan, a good old-fashioned helping of honesty, and the determination to make a permanent change for the better.

Good Night