Just thinking about it brings out that feeling.
That you’re not saving enough.
That you’re not ready if something really happens.
That you need a plan, but that you also don’t want to feel out of CONTROL.
Because, let’s get real.
99% of the time, that’s what money habits are about.
Not about what’s right, or what your long-term self needs; but about what keeps your head above the water.
If your family, teachers, and friends taught you about financial literacy early and often, maybe this “normal” is just right.
Did you grow up planning ahead?
Did your family regularly discuss investments, businesses, and entrepreneurship in the home?
Some people do, and they inherit the knowledge.
They also inherit the products of that knowledge- the stocks, rental properties, businesses, and job opportunities that their social circle hands over.
Some of us don’t.
In our industry, most of us don’t.
Not because our family and friends don’t love us, but because they also don’t know how to manage their money.
So, we grow up thinking about having just enough.
Enough to make ends meet.
Enough to pay the minimum on the credit card bill.
Enough for the rare trip or day out.
And when we start making more than just-enough,
we don’t know what to do with it.
Let’s face it: we’ve all thrown away money to get that feeling.
The “I have enough” feeling.
The “I don’t have to wear hand-me-downs anymore” feeling.
The “I can get whatever I want” feeling.
It feels so good.
And if you live in it for too long, it can cost you
the freedom to live life on your own terms
Our financial situation is NOT the norm.
The length of our career is shorter.
The employer support is non-existent (401Ks? Stock options? I think not).
The earning potential is IMMENSELY higher.
And the risk of losing our earnings? Just as high.
It’s not enough to make more.
You actually have to keep it.
Organizing your money isn’t a punishment.
Getting disciplined doesn’t mean you have less- it means you get to KEEP more.
Because putting cash away for the future isn’t optional.
And part of that journey is building a budget.
What’s Your Business Plan?
You don’t have to think about it as a budget if you don’t want to.
In fact, the less you associate unpleasant memories you have around budgeting, the easier it’ll be to get in control of your life.
That’s all a budget is. A way to organize your money so that it’s working for you – instead of you working for it.
It’s how you show yourself (and everyone around you) that you’re serious about what you do.
That you have what it takes to use this industry as a stepping stool into even bigger, badder goals.
Do You Have a Budget?
Do you use it?
By the way, it doesn’t have to be a fancy spreadsheets with dozens of categories.
It can be a system of percentages, or envelopes, or of clear financial targets that come FIRST.
It can be a monthly sit-down where you go over your expenses and find ways to cut down.
It can be weekly investment and saving targets so AMBITIOUS and so MASSIVE that you can’t help but cut down on your expenses to make them happen.
Whatever budgeting system works for you, make sure you’re putting it to work.
End the Year Strong!
There are 66 days left in 2019.
What are you doing with them?
You can set a financial target today and make it happen by the end of the year.
Set a savings goal.
Set an investment account goal.
Set a debt repayment goal.
Set whatever goal will make you get out of the financial comfort zone, and move towards what you really want!
Long-Term Goals Need Short Term Actions.
So don’t sleep on yourself.
What’s your ONE BIG FINANCIAL GOAL for the rest of 2019?
PS. If you're still wondering what percentages to save up and when, I'll share my savings strategy with you...and some of the BIGGEST FINANCIAL MISTAKES I've made to get here.
PPS. Want more information on financial literacy, budgeting, and organization? Check out our Money Move(r)s Course.