Finance Question #1 - Do you live for today, or live for tomorrow?
Most people I have encountered seem to fall into one of two categories when it comes to their money.
- Live for today
- Live for tomorrow
Live for today mentality
Life is too precious for me to be frugal with my finances. I work hard, so I play hard. I work 50+ hours during the week, therefore I deserve to treat myself on the weekends. Why deprive myself of today's pleasures when tomorrow is not promised? I can be here today, and gone tomorrow. So why leave money on the table?
Live for tomorrow mentality
Life is too precious for me to be carefree with my finances. I work hard so that I can invest more money for tomorrow. I work 50+ hours during the week to allocate more income towards building my assets. I sacrifice today so that I can one day escape the "rat race." I can be here today, and gone tomorrow. Therefore, I want to ensure that I leave behind a legacy of wealth. This is why I would leave money on the table.
Why you should live for tomorrow
Great leaders are always primarily occupied with preparing for tomorrow and beyond. Companies such as Apple and Amazon are at the top of their industries because their leaders are always planning for what's ahead, which is precisely how they are able to stay ahead of the competition. The word "complacency" does not exist in the vocabulary of great leaders.
It is nearly impossible to build wealth that will stand the test of time if you neglect to plan for tomorrow. It is nearly impossible to ensure the future success of your business if you neglect to plan for tomorrow. It is nearly impossible to build a legacy of wealth to pass down to your children and your children's children to give them a head start in life if you neglect to plan for tomorrow. It is nearly impossible to be prepared for the next economic crash if you neglect to plan for tomorrow. It is nearly impossible to position yourself to give back to charitable causes that are close to your heart if you neglect to plan for tomorrow.
Living for today and enjoying the moment is, of course, an essential part of life. Just make sure that, in the midst of enjoying the moment, that you do not fail or neglect to live for tomorrow.
Take charge of your money!
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Disclaimer: Hudson Wealth Management, LLC (HWM) is a FINRA registered investment adviser firm. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and HWM's fee schedule. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Past performance does not guarantee future results.
Eric K. Hudson specializes in the following...
- Financial Advisor
- Comprehensive Financial Planning
- Wealth Manager
- Retirement Planning
- Estate Planning
- Investment Portfolio Manager
I have LEARNED the hardship way, that it's better to prepare then to procrastinate!
President - Wisdom Of C Marketing & Consulting, Inc.
5 年Interesting article, but how many people do you think will honestly answer correctly?? Most will provide the safe and expected response of saving for tomorrow, but the facts speak loudly...most of us are living for today and "hoping" for tomorrow.
Licensed Minister | Leadership Executive | Relationship & Financial Coach | Partnering with Families & Professionals to fulfill their purpose.
6 年If I look at this season of life I would say tomorrow. We are devoted to cancelling debt and building wealth. Now we have a timeline and if God allows us to live until then we will have a season, before retirement, to live for today with a more "secured" tomorrow for our little guy. So I would say in seasons perhaps we favor a particular side. Good conversation!
Process Improvement and Design Professional
6 年I would love to be able to live for tomorrow however I know the realities that each day holds.