Slickdeals, an online couponing site, commissioned a survey of 2,000 American adults in an effort to better understand impulse purchases.
One startling find was that the average American engages in three impulse purchases a week. This impulse spending habit costs the consumer about $450 per month, $5,400 per year and $324,000 over their lifetime.
Now, let’s flip the switch on this. What if you were an average 25 year old who didn’t have this Impulse Spending Poor Habit and, instead, invested that $5,400 every year in something that grew at a rate of 6% a year?
After sixty years, that 25 year old would have $3,057,026.
Eliminating one Poor Habit, Impulse Spending, and adding one Rich Habit, Saving $5,400 a year, would make the average person a multi-millionaire over the course of their lifetime.
Habits are the reason your are rich or poor.
Habits are the reason you are lean or overweight.
Habits are the reason you are knowledgeable or ignorant.
Habits are the reason you are skilled or unskilled.
Habits are the reason you are healthy or unhealthy.
Habits are the reason you have an abundance of friends or very few friends.
Habits are the reason you live in a home by the beach, or a shanty in the inner city.
Habits matter. They determine the quality of your life.
Where were you when I was 20 Tom?
Now I just need to live my life over …… however, they say it is never too late to start new habits and break old ones, or replace bad habits with good ones.
When the student is ready, the teacher will appear.
Treat your Freedom Account (savings) like any other bill which MUST be paid every month…with a penalty to be paid if late (self paid interest). If funded correctly you will not have enough left in the budget to friviously spend.