We frequently hear about tips and strategies to become financially successful, but the other half of the picture (failure) often gets too little press. So, let’s spend some time reviewing the road to financial failure. If we want to be financial failures, what can we do?
1. Do nothing
One of my favorite quotes is, “the road to failure is the one of least resistance.” I still don’t know who authored this quote, but I feel it’s so relevant. If you want to fail financially (or in any other way), simply do nothing. Why work hard at something when you can sit around and achieve failure?
2. Only live for today (and spend like crazy)
Spend your money like today is your last day on earth and you will be ripe for failure. While creating balance between today and tomorrow is a wise and prudent strategy (who would want to do that?), spending without regard for your future is one of the best ways to achieve financial disappointment. You better hurry….there’s only so many hours left in the day!
3. Avoid taxes
Do you want a shortcut to financial disaster? Avoid paying taxes, and you will move to the front of the line and will become king of hill of the financial screw-ups. Getting behind with the IRS delivers extra bonus points through their use of penalties, interest, and fines. What a great way to shoot yourself in the foot financially.
4. Buy it all on credit
I love that feeling of sliding a credit card. You know that feeling of power. It feels great knowing that with one little swipe you could be the proud owner of that one of a kind velvet Elvis recreation valued at over $5000. You could even get it for a steal of deal at $2500. The best part is you didn’t even have to peel out any Franklins to pay for it. Bonus: Sometimes you can double down and take out cash against your credit card. That’s a great way to buy a car!
5. Keep up with the Jones
This is one of my favorite methods of financial destruction. I love driving through neighborhoods and dreaming about my next house. I also get great ideas about how to buy more car then I need. If I can live beyond my means and own more stuff then my neighbor, I win! Maybe I can beat the Jones? And, if I am beating the Jones, I will certainly be beating myself up financially….a double victory!
6. Friends and family Investing
While we’re talking about our neighbors, I would be remiss if I failed to mention the power of investing through our neighbor’s eyes. Our friends and family always have the best investment advice…it’s a sure thing. The next time your neighbor gives you a hot stock tip….bet the farm.
These are just a few of the strategies one can use to fall to the bottom of the financial heap….a real roadmap to failure. I would love to hear your thoughts. Can you add few others to this illustrious list?
This blog post is sarcastically written and should not be relied on as solid financial advice. Obviously, if you need to read this disclaimer to understand this fact, I do apologize!