Renowned author Robert Collier once wrote ‘Success is the sum of small efforts, repeated day in and day out’. While this can be applied to any endeavor we set out upon, it is particularly relevant to wealth creation.
Too often people go searching for the quick fix, the big win, the golden ticket. Some may be lucky enough to build significant wealth this way, but they are very few are far between. If the formula for success came down to a choice between the ‘quick fix’ and Collier’s ‘small efforts repeated’ then the odds are overwhelmingly in the favour of the later.
Repeated small efforts have the benefit of compounding over the long term and can grow substantially from relatively modest inputs. Placing small amounts of money into a savings or investment accounts, or even into your superannuation, will reap large rewards in future years. As Collier states, however, this must be repeated consistently. Not necessarily daily, but definitely routinely at very regular intervals.
Following the advice of this quote will help you to become successful financially, but it will also create success in other area of life. Establishing small regular financial efforts will teach you how to successfully establish good habits. It will teach you how to successfully live within your means. It will teach you how to successfully plan for your future and defer gratification.
Most of all it will teach you that success is a process, not an outcome. You don’t all of a sudden become wealthy, then stop what you are doing. What you are doing is what made you wealthy, it’s what developed those good habits and it’s what made you financially responsible. Wealth is not success, wealth is your outcome. Success is the process; the habits, skills and routines that you learn along the way.
If you would like to discuss your wealth creation strategies, give the team at Steve May a call and start a conversation today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
