?" A genius is the man who can do the average thing when everyone else around him is losing his mind." - Napoleon
Be honest, no one wants to be average, right? In reality, being "average" will keep you away from problematic thinking. The follow up question to the quote above is, "What is the average thing?"
Here are some questions for self-evaluation:
1. Do you think you can save?
2. Do you think you NEED to save?
3 Do you think your income has to grow in order for you to build wealth?
4. Do you think your investment returns have to be above average to build wealth?
Consumers often focus on the 'sexy' and forget what they can control. In The Psychology of Money, author Morgan Housel connects the relationship between our emotions, behaviors, and finances. He delves into the idea that money is not just about numbers and logic, but is influeced by our psychological biases, values, and life experiences.
Housel explains, "building wealth has little to do with your income or investment returns, and lots to do with your savings rate," hence what you can control. He goes on to explain, "since you can build wealth without a high income, but have no chance of building wealth without a high savings rate, it's clear which one matters most." What we are highlighting is, YOUR BEHAVIOR and YOUR CHOICES matter.
Give yourself a pay raise by evaluating your spending habits and eliminating or repricing those expenses that aren't necessary.
If you would like to engage our team, reach out at (865) 379-8200 or email us at info@lecontewealth.com.