James WilsonJames Wilson
James WilsonJames Wilson
  • Home
  • About
  • Blog
Do You Need a Financial Foundation?

Do You Need a Financial Foundation?

May 20, 2020 Posted by James Wilson Finance

You can’t build the Empire State Building on a 6-inch slab. The foundation wouldn’t support a building that tall. In order to reach great heights you need a rock-solid foundation.

Today’s World

In today’s internet age it is easy to become distracted and easy to look over your “neighbor’s” fence. You are no longer comparing yourself to Doug down the street; now you are comparing yourself to the overnight success multimillionaire on social media and peeking into the highlight reel of everyone’s life.

If you peel the curtain back though, you will often find that this overnight success took 10 years or more of building a foundation. This leads people to believe that they can achieve overnight success too without realizing how much work actually goes into it.

There are some overnight “successes” especially in today’s world of going viral, but if they are built on a 6-inch slab the results might be disastrous because the foundation isn’t there to support the high-rise.

I think the most difficult part of building a strong foundation is the time and dedication it takes to making it. It is difficult to decide what that foundation should be whether it be writing, speaking, acting, singing, etc.  

Some people are born naturally knowing their foundational truth while others take time. Tiger Woods was building his foundation at 2 years old and dominated the golf world early on. Still there are countless stories of people rising to great heights after the age of 40.

Financial Foundation

One strong foundational skill to start early that will help in any area of your life is financial intelligence. This is not taught in public schools and has been marketed as a taboo topic to talk about over the years, yet it is probably one of the most important.  

A good understanding of your personal finances will ensure that you don’t fall victim to the many people that will gladly take care of them for you after you achieve success. It is sad to see all the stories of professional athletes who would have been set for life but never mastered the money game.

Reading books, blog posts, or articles are good ways to start increasing your financial IQ and strengthening your foundation.

The foundational principles of personal finance can be found in books like The Richest Man in Babylon by George S. Clason and Rich Dad Poor Dad by Robert Kiyosaki. Both books use storytelling to learn key principles that keep it interesting.

There are also several podcasts out there that will teach you financial intelligence if you listen consistently in addition to motivational content. You can also buy books on Audible.com to learn about a subject. The technology available today makes it easy to get started.

Conclusion

Whatever form you choose to consume content it is important to be consistent and adopt a continuous learning approach. You can never learn everything and we live in a society of constant change. The only way to ensure you build the strong foundation is to continue to pour into it. 

60

SHARES
Share on Facebook
Tweet
Follow us
Share
Share
1

About James Wilson

This author hasn't written their bio yet.
James Wilson has contributed 95 entries to our website, so far.View entries by James Wilson

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}