This is a guest post by Beth Lee Lundberg, MBA, AFC, Financial Coach, mom to two, and founder of The Yankee Saver. Visit Beth at her website to learn more about her financial coaching services. You can follow Beth on Twitter.
The opinions expressed herein are the writer’s own and meant only for informational purposes.
When I was about six years old, I really wanted to fly. If there had been a school for flying, I would have been the first kid on the bus. So you can imagine my delight on that bright New England Saturday morning when, thanks to an episode of Superfriends, I finally learned what to do.
I went outside on our front lawn and I began to spin around. Then, with my arms out and the wind in my face, I said these words:
Oh Zephyr winds that blow on high, lift me now so I can fly!
Since spinning around while reciting that chant made flying possible for Ms. Andrea Thomas, high school science teacher by day, goddess-empowered Freedom Force heroine by night, surely it could work for me! So I spun, spun and spun! I spent the morning spinning, falling down, and spinning again. I spun, I chanted, and in the end, I lay on the couch with the worst headache of my young life. The only time my feet left the ground was when my Dad carried me into the house because I was too dizzy to walk.
While I didn’t get to fly that day, I did learn an important lesson, which, as it turns out, is just as important in building wealth as it is in flying:
What works for one person will not necessarily work for you!
Imitating behavior is a natural part of learning. From playing peek-a-boo, to improving our back-swing, doing what “they” do can be a great way to learn. But when it comes to building wealth, imitation can get us into big trouble. Why? Financially speaking, we are all unique. We have different income levels, sources of income, lifestyles, debt levels, goals, responsibilities, legal obligations, earning potentials, work-related benefits, tax burdens, insurance coverage, health considerations, risk tolerance levels, financial behaviors, on and on and on. Every household has its own set of financial characteristics that each member’s path to success his or her own. In fact, what works for one could be downright detrimental to another!