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Be Prepared: The Rules of the Financial Games You Are Playing Are Always Changing

I’m still expounding on the 10 Money Mastery Principles and why they are so important to know and understand. In today’s post I want to discuss Principle 6:

The Rules Are Always Changing.  Recently the IRS implemented 1,200 changes in one year to the U.S. tax law.  This illustrates that things are always changing financially and that you must be able to cope with those changes.  You must be capable of moving with change, always open to learning new information that can be vital to your future success.  Otherwise, you will face consequences that could force you to work many years beyond the point that you want to.  To know this principle is to shave years from your working life!

What doesn’t change in life?  Can you think of  anything?  Let me suggest major areas of our lives, one by one, and you decide if any of these are stable and not subject to change:

  • Good health
  • The weather
  • Tax laws
  • Your attitude towards your employer
  • Family relationships
  • The level of income you make
  • Gasoline prices
  • The sun coming up each morning.

Okay, I think you will conclude with me, that the only thing on this list that does not change is the sun coming up in the morning.  Everything else in all parts of our lives, changes from time to time.   In some situations, some things change hourly.  The fact is, the only thing we can really count on is change itself. That’s why it’s so important to learn the value of Principle 6, because just as people, attitudes, taxation and health can change, so do the rules that govern these things. Knowing that the rules are always changing will help you avoid being blindsided by change when it does occur — especially changes that can affect whether you keep or lose your money.

Change forces us to take risks during that period of adjustment between the known, comfortable past and the new, uncertain future.

The key to managing change to financial rules is simply to start! Begin today to take a more proactive approach to this principle. Some things to keep in mind as you try to apply this principle:

  1. Don’t be afraid of change.
  2. Set aside time to become informed about change.
  3. Subscribe to information sources and commit to study.
  4. Seek professional counsel when needed.

Learn how to thrive in the mist of changes being made at all levels, and you will be a happy person. For more information, contact me:  peter@moneymastery.com.

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