Yes, You Can Be Great with Money

Theodore Johnson had no money to save, and he never would. His peak salary, just before retirement, was barely over $1,000 a month. When he died, his net worth was $70 Million, and he gave $40M to schools. His story is not uncommon.

Most people are capable of far more than we give ourselves credit for. Deep down, we all have untapped skills and abilities that have yet to blossom. Like anything, those skills need time and attention. Most importantly, they need a cando attitude. Being “good with money” is one of these skills.

“An idea is like a virus—resilient, highly contagious, and even the smallest seed of an idea can grow. It can grow to define or destroy you,” said Leonardo DiCaprio’s character Cobb, in the movie Inception. It is certainly accurate.

BY RENEE MICHEL, MBA, AND JOE SWEENEY, CFP ® , FINANCIAL ADVISORS AT SWEENEY & MICHEL, LLC

There is a Fidelity study every few years that shows over 80% (that’s 4 out of 5) of millionaires are self-made. Each of these people learned, earned, created, and invested their way to wealth. We’ve met dozens of them locally—their stories are unique, but the principals are the same.

So, how did Mr. Johnson achieve financial success?

He stumbled upon a valuable piece of advice. A friend suggested that if the money were taxed, it would be deducted from his account, never to be seen again. So, Theodore treated his savings like taxes. He saved 20% from every paycheck (and bonus), then invested it. It compounded for decades.

Truly, with the right mindset and strategies, anyone can work towards money mastery and financial freedom. Now—what’s holding you back?