Planning and goal setting are critical to your success if you want to become wealthy. The two key traits of people who do not become wealthy are, firstly, they tend to spend all of the money they have and, secondly, they do not know what they spend their money on. The lack of goals is the main culprit. Ric Edelman, author of The Truth About Money and Ordinary People, Extraordinary Wealth, calls this “spending unconsciously”. He says the reason why people spend without giving it much thought is they have no goals. Without goals, we live unconsciously from moment to moment, we never plan for the future, we spend all of our money, and as a result, we are unlikely to ever become wealthy.
“Unconscious spending” is more prevalent in our society than we realize. I would estimate approximately 80% to 90% of the population do it. With the exception of one or two people, the vast majority of my clients had no idea what they spent their money on until I asked them to prepare a list of their total expenditure and outgoing’s before our first session. In fact, many were too frightened to do the initial exercise and waited until they arrived at my office,...
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