Avoiding 9 Financial Land Mines (Part 2 of 3)

I’ve learned from person experience that financial success and stability isn’t a matter of chance!

“Successful people do what unsuccessful people are not willing to do.”

~ Jeff Olson, The Slight Edge: Secret to a Successful Life

Part one of this three part series talked about the first 3 financial land mines to avoid: Lack of Planning, Procrastination, and Getting on the Wrong Side of Mr. Interest. (See link if you haven’t read the first article: https://colburnfinancial.com/555/

Let’s look today at the next few items that can potential destroy your ability to achieve those goals that are so important to you.

Land Mine #4 – Desire for Instant Gratification


Times have dramatically changed. I remember when you measured the speed of the internet in Kilobytes and had to wait for the dial-up tone before you could connect. Now we are inundated with speed; faster is better. If you have to wait for anything then you should be dissatisfied. You can drive through at a fast food restaurant and expect to get your food in a matter of minutes instead of taking an hour out of your day to prepare fresh food for a sit down meal.

It amazes me that credit card companies send out 2.5 billion applications every year for new credit cards – that’s an average of twenty-five applications for every man, woman, and child in America; and that was info from about a decade ago.

“How can someone with a lust for more turn down the offer for “free” money one hundred times a year. The answer is simple, They can’t!”

~ Patrick Kelly, Tax Free Retirement

Most American’s are drowning in debt because they can’t keep themselves from buying the next best things with money that isn’t theres. They hope that the next promotion or tax refund will pay off the items that they already purchased. This single land mine is one of the most deadly and enslaving struggles that most American’s deal with.

Different things work for different people, but here is a list of simple truths that you should consider making a part of your financial philosophy:

  1. Spend less than you make
  2. Don’t buy on impulse: Wait 90 days before you buy some that you ‘want’ but don’t really ‘need’.
  3. Resist your desire for instant gratification.

** Patrick Kelly introduces a website, optoutprescreen.com, that allows you to remove yourself from receiving pre-qualified credit offers in the mail. It is simple, takes less than a minute to complete, and supposedly has the possibility of raising your credit score.

Land Mine #5 – Following the Masses


We have always been told to not listen to the guidance of peer pressure. Most people in there right mind wouldn’t suggest that you do anything just because ‘everyone else’ is doing it. Historical evidence is pretty clear that in the area of finance the masses usually get it wrong. Personal investors usually buy when the market is high and then sell after the market drops. We all know that this will never work but usually choose to get in because of the all the hype and hope for getting rich quick. Buying the ‘Silver Lining Stock’ that you can turn over quick and make a killing won’t happen and if you get lucky once you probably won’t make it work again.

Just because tradition tells you that the right place to put money is government sponsored tax-qualified plans doesn’t mean that this is the best place to utilize for retirement planning. I want you to know that you do not have to blindly follow the masses, simply because it is the only way our parents saved and everyone else is doing it. I want everyone to know that there does exist an alternative that far outweighs the benefits of tax-qualified retirement plans. This secret has been kept from the masses far too long. I will be writing an article after this series that opens the eyes to these alternative options.

Everyone’s situation is different and you have to determine whether each strategy makes sense for the outcome you are trying to achieve. If you can’t wait for this article to be posted then please contact me directly. You owe it to yourself to have the knowledge. What you do with this knowledge it up to you, but you can’t do anything with knowledge that you don’t have. Don’t be a lemming and follow the masses right off the cliff of financial ruin!

Land Mine #6 – The Inertia Factor


We each live, to some degree, for euphoria. A sense of heightened excitement. This is why so many people attend motivation speeches, watch inspirational videos, and read personal growth books. There isn’t anything wrong with any of these items. In fact I believe that these are all crucial in developing the financial success that we each desire.

But each of you reading this article are about to be tempted to make a fatal mistake. The temptation of doing nothing – to read these articles and chalk it up to ‘good’ info but do nothing with the information you have been armed with.

What is the actual definition of inertia: Simply put, it is the energy necessary to get an object in motion. We all have an inertia point with every aspect of life. What forces you to get up in the morning? Is it food, money, or passion for success? It might be a combination of all of these things. Whatever it is, we con conclude that this combination is enough inertia to push you out of bed and go make a living instead of watching soap opera re-runs.

Investing is no different. You can get hyped up on a new investments idea or strategy but if you do nothing with the information and sit on it; if it doesn’t have enough inertia to make you do something about it then it is worthless to you. Don’t be an idea junkie. Find what works you and focus all of your energy on it!

“You see, diversification of our investments is wise, but diversification of our energy is foolish. We can’t be a master of all things and expect exceptional returns.” ~Patrick Kelly, Tax Free Retirement

“If you always do what you’ve always done, you’ll always get what you’ve always got.”

I hope that you will decide to put inertia to work and make the move forward to do something about your financial future. The hardest part is getting the train moving, once it is moving very few things can stop it!

Stay tuned for the next post which will cover the following: A Desire to Get Rich Quick, Lack of Generosity, and Acting Like the Future Will Never Arrive.

Colburn Financial ®Mike Colburn
Financial Planning Specialist
1084 West Oakland Ave
Johnson CIty, TN
[email protected]


Posted on

April 9, 2015

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