The Tortoise and the Hare...A Financial Fable

"Slow and steady wins the race." - Aesop

So, for those who are unfamiliar with the story of the Tortoise and the Hare, below is a version of the story found on Wikipedia:

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The story in extended version

Once upon a time a hare saw a tortoise walking slowly along and began to laugh and mock him. The tortoise challenged the hare to a race and the hare, thinking himself the fastest animal around, accepted. They agreed on a route and started off the race. The hare shot ahead and ran briskly for some time. Then seeing that he was far ahead of the tortoise, he thought he'd sit under a tree for some time and relax before continuing the race.

He sat under the tree and soon fell asleep. The tortoise, plodding on, overtook him and finished the race. The hare woke up and realized that he had lost the race.

(Click here for a direct link to the story cited in Wikipedia)

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At first glance, you might be wondering why I am referencing a childhood fable in regards to personal finance. Well, when we look a little deeper, we actually see some very important principles we can apply to our personal finances.

1. When you are doing the right thing, you may be considered "different".
• Just as the rabbit mocked the tortoise for walking slowly, you will find as you embark on your journey to financial freedom that many others will question your intentions and abilities.
• Many people have a false sense of fulfillment from buying stuff. They may question your happiness especially if you do not buy unnecessary "things" to fill a void.
• Making the choice to secure your financial future may not be a popular choice although it is the right thing to do.
  
2. All that glitters is not gold.
• Many people who seem to have "everything" also have a huge amount of debt to go with that "everything".
• Although they may seem happy and care free today, there will come a time when the debt has to be repaid or emergency funds are needed and their emotional state will change.
  
3. Slow and steady wins the race.
• Unfortunately, there are not too many ways to "Get Rich Fast". Sure you could hit the lottery or have a really rich uncle that decided to leave his whole inheritance to you after he passes, but what are the odds of that happening.
  
• Following sound financial principles have been proven to provide financial security in both good and bad economic times.
• Over time, compound interest works wonders in building future wealth. The earlier you start, the better. (for tips to retire a millionaire, read this)

So yes, I really extrapolated a deeper message out of this children's fable, but these ideas need to be brought to the forefront. David Ramsey said it best when he said "Live like no one else today, so you can live like no one else tomorrow". Securing your financial freedom is not an easy road to go down, but once you reach your destination, you will look back and realize that it was worth every single step.

I could only imagine that the Hare, waking up to find that the tortoise had already crossed the finish line, was in a state of disbelief and shock. How could he let himself get to the point where he lost the race although he was thought as being the uncontested winner of the race. I would say the same thing about those who live in the "now" without any savings or investments for their future.

So which one are you going to be, the tortoise or the hare?

Stay Disciplined!