Do you want to achieve financial prosperity in life? If so, focus on the three “P’s” that will lead you there.
1. Paycheck: In large part, the size of your paycheck will be determined by two things: your education and your employment. Decide what profession you want to be employed in and then pursue education throughout your lifetime that will help you to excel in your chosen profession. By continuing to increase your education and efforts in your profession, the size of your paycheck will increase as well.
2. Protection: Another word for “protection” is “insurance”. While insurance may be the least fun step of achieving prosperity, it plays an absolutely essential role. One unexpected event in life can prevent you and your family from achieving financial prosperity for years, for a lifetime, or for generations to come, if it is not properly protected against. The core types of insurance that provide this financial protection, and which are a must have for nearly everyone, are medical insurance, life insurance, disability insurance, homeowners/renters insurance, and auto insurance.
3. Preparation: You will likely be actively working for a paycheck for around 30 to 40 years of your life—probably until sometime between age 60 and 70. However, with life expectancy longer than ever, you could be retired, or at least semi-retired, for another 30 to 40 years of life. This is why preparation is so critical. The major way to prepare for a lifetime of financial prosperity is by learning about and investing in products, such as mutual funds, stocks/bonds, annuities, and real estate, which will increase in value over the course of your lifetime. Preparation through investing will then provide you with regular paychecks from yourself, after you are retired, without having to continue to work for them.
While this is only an introduction to the three “P’s” of financial prosperity, by learning more about each one of the steps outlined, and then acting on what you learn, you can achieve financial prosperity in life. This will then allow you to enjoy more fully the things in life that are much more valuable than money!