Desired Outcome = Goal + Plan + Money + Time + Discipline (Coaching)
Warren Buffett turned 92 on Aug. 30. Given his investment prowess and lifelong dedication to finance, it’s incredible that most of his wealth was acquired after he turned 50. He attributes his success to a simple and salient truth: It takes time to grow wealthy, and most people don’t have the patience for it.
Buffett’s business and investment strategy are simple: invest in quality companies managed by quality people, give them the resources to run the business well, receive the dividends from the profits, and reinvest in other quality companies. Value investing is key. The formula is on every shampoo bottle: rinse and repeat.There is no shortage of formulas for how to build wealth.
Also critical to financial planning is the proper use of debt. We are big believers in being debt-free, especially for those approaching or in retirement. Freedom is the result when you only write on the backs of checks.Time is the great equalizer to starting capital. The 50-year-old stashing away $50,000 per year in their retirement fund is likely to be outsaved by the 10-year-old diligently saving and investing their weekly $10 allowance.
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