Do you remember your parents reading you Aesop's fable "The Tortoise and the Hare" when you were younger? Maybe you remember Disney's The Tortoise and the Hare like I do. As we grow older we begin to forget about stories like these. Our thinking is that as adults children's stories are beneath us. The problem with this kind of thinking is we start to forget why we read these stories to children in the first place. The reason is to teach values and morals. This is very important because they help to lay the foundation of what they will become as adults.
The story of The Tortoise and the Hare is loaded with wisdom. We all know the main theme, "slow and steady wins the race". If we could just embrace this one theme in our finances, it would make a huge impact. Really, I could end this blog now and that would be enough. Lucky for you, there is a lot more to uncover in the story.
The Hare is boastful, arrogant, full of himself, and impatient to say the least. He carries himself in a way that he can do no wrong. Sound like anyone you know? The Tortoise is humble, patient, determined, and disciplined. In many ways, they are exact opposites. When it comes to a race, nobody would bet on the Tortoise because everyone knows a hare is faster than a tortoise. In a foot race, speed is everything and it would be foolish to bet on the slowest person.
Hare's problem was that he thought there was no way that he could lose because of his speed. He ultimately loses focus and lost the race. The same thing happens to all of us in our finances. We constantly get distracted and lose sight of our goals. There is a race being run and it is called retirement. You do not want to be the Hare constantly getting distracted and missing the finish line.
It ultimately does not matter how much money you make. What matters is the habits that control how you spend your money. Someone who makes $1 million dollars a year and spends $1 million dollars a year will not have anything set aside for retirement. Most people would call this individual a fool and claim that they would never do that. We often times say, "if I could just make a little more money everything would be perfect". The truth is as soon as we make more money we begin to gradually spend more. Not before long, we feel like we are back to the saying "if I could just make a little more". This mentality is highlighted in the statistic that 76% of Americans live paycheck to paycheck. Which means most of us fall into the "fool" category of spending everything we make. We have to address the "hare" within ourselves to develop the discipline needed to win the race.
Addressing our "hares" is not a fun process but it is a vital one. Here are a couple tips to help you on this journey. Begin to understand that nobody is perfect. Perfection is an illusion that imperfect people believe is achievable. Once you understand this, you develop the ability to see your true self. When you find things you do not like, embrace them and say "I don't like that so... what am I going to do to change it?" Find an accountability partner to help you stay on track. We can be that accountability partner for you here at Wise Pace. If not us, reach out to a close friend or someone that you admire. When all of this has been established, you can start to achieve your goals of the future with the mantra of slow and steady wins the race.
Lastly, below is a link to Disney's Tortoise and The Hare. Just click on the picture and then click to go to YouTube. Watch the video and go down memory lane. While you are watching, pay attention to the actions of each character and how their actions affect their outcomes.
