Key attributes to achieving financial success and creating wealth for your family are 1) discipline and 2) consistency. Its not luck or good fortune. Its not winning the lottery or inheriting money. It isn’t spending on posh cars and clothes. Its the ability to be financially disciplined on a consistent basis.
Financial discipline comes in the form of tracking your spending. Setting family budgets and working together as a team. Setting realistic, measurable goals. Measuring your progress towards your goals and celebrating successes.
You can’t be financially lazy and expect to grow wealth. Your family needs to understand where money is being spent and setting a monthly budget and working together to meet the budget. Tracking quarterly net worth for your family measures the progress you have made towards you goals.
Consistency is the steady application of the items created with your discipline. Consistently saving money. Consistently investing savings for retirement and for larger purchases. Saving 15% of your income towards retirement and at least another 10% towards larger purchases.
Becoming wealthy doesn’t happen overnight. It happens over a period of 10 to 25 years of exercising financial discipline and consistency. Building wealthy slowly and soundly.