I stumbled across this from a YouTube comment and looked it up to find that it is an actual quote. I thought it was valuable enough to share with my readers and something that I also agree with. In order to attract financial abundance, it is important to actually take action by going out there and working for it! Unfortunately for most people, money doesn’t just fall from the sky or land in people’s bank accounts for no reason. Often people complain that they are broke and if this is the case, then it is time to dig deep and find ways to take action to change this. This might mean that it is time to change careers or find multiple streams of income. There are unlimited opportunities in this world to make money and many that do not even require a professional degree. In other words, you do not always need a formal education in order to make a living and ultimately it all starts with taking action.
While generating an income is important, having the right habits and behaviors to ensure that you are saving what you can and not overspending is equally essential and oftentimes even more so. Meaning that no matter what you are starting with, you have the ability to control the way in which you spend your money and you can actually build up a good savings, even if you are not making a lot of money at the present moment. The best ways to go about this is to track your spending so you can examine exactly where your money is going, set savings goals to keep in order to stay hyper focused, and make a conscious effort to not spend beyond your means which might mean cutting back in certain spending areas in your life.
While the last saying in the image above is labeled as “growing” money, I would say another word that can work in place of it besides growing is investing. I would agree that this does take extra knowledge and research in order to find ways to invest your money in order for it to grow over time. While many people think for today, when it comes to your money, you need to think about your future many years down the line to ensure that you have money during all stages of your life which also means your retirement years. Even if that seems very far away from now, you still should start investing at a young age so that your money continues to grow abundantly.
When it comes to money, I always tell people that money management is an essential life skill. If someone makes a good salary but does not know how to keep the money in the bank, then this is definitely not in an ideal financial situation. It is for this reason that people should get better at saving their money and cutting back on their everyday spending. However, is there such a thing as being too frugal? I think too much of anything typically is not a good thing and that it is smart to find a balance with both of your money saving and spending habits.
While it is important to conserve your money, you also do not want to do so to the point where you are depriving yourself of living your life to the fullest or having everything that you desire. It is healthy to spend money on the things that you value and/or mean something to you which is why you should make it a point to do so. If you are constantly depriving yourself, that is also sending the wrong spiritual message out into the Universe that you are not deserving of nice things. Furthermore, it also on a subconscious level is hindering you from attracting abundance into your life if you are obsessed with saving every little penny because putting such strong limits on yourself comes from the belief that you cannot afford things or that you are not worthy of having something which is the total opposite of an abundance mindset. If you are faced with a lot of debt that needs to be paid off, then I would say that this is a situation where it is crucial to live within your means and to stay disciplined until you can get back on a good financial track again. There could be instances where being overly frugal might have to be the reality but it should only be a temporary one as opposed to a permanent one because as I mentioned, you are deserving of a full and happy life! 🙂
No matter where you came from in terms of your financial background, I think it is possible for everyone to become financially independent and this is a life goal that everyone should proactively be looking to achieve. Financial independence brings an endless amount of both extrinsic and intrinsic value to your life such as an increase of freedom, stability, success, confidence, and happiness.
Often times people think that making a ton a of money automatically means a person is financially in a better place than someone else but I think what is more important than how much salary an actual person earns is how one manages their money. I have seen people who significantly make less money but they are never in debt and still have money leftover to save while I have seen people who are very wealthy but don’t know how to save effectively and in extreme cases end up broke AF. So the good news from all of this is that anyone can truly benefit from the financial strategies provided here and it does not matter what your current financial status is as there is always room for growth and change. I do not think it is ever too late to start practicing better money habits, it just takes some discipline and mindfulness on your part.
Stop Spending Beyond Your Means – I think this is probably most people’s biggest money problem–they spend money they don’t really have. There is nothing wrong with wanting to enjoy your hard earned money and treating yourself to nice things but this can be done in moderation. Instead of going to Starbucks every single morning, why not just treat yourself once a week and then make coffee from home the rest of the week? By this simple change alone, you are saving a few dollars each week which adds up to a lot in one year.
Keep a Financial Journal – I do not know many people who do this but I have been doing this as early as high school. I write down every single day how much I spend and record how much I earn. It is not fancy by any means and although people might do this nowadays in some type of spreadsheet, I keep it old school and literally keep track of it in a journal. I just put the date, where/what the money was spent, and the exact amount. I do this for many reasons. For one, I like to know where my money goes and keep a record of my expenses and earnings. I do not add up my spending totals for the month (I easily can and have done that before if I wanted to let’s say keep track of how much money I spent on different categories such as groceries, etc. from month-to-month) but I do add up my totals for how much money I make each month. I think it is a good practice to do this for general self awareness and I truly believe whenever you write anything down, you are taking accountability for your actions. Ultimately, this personal practice will bring a sense of mindfulness when it comes to how you choose to spend your money while also paying attention to how much money you make.
Find Multiple Streams of Income – Thanks to the internet, there are so many ways to make a little extra money on top of your full time job or it can even help you find your main source of income. You can start up an Etsy shop or Ebay business or go on Craig’s List and place an ad for odd job work/services that you can provide. There are many apps and resources to find freelance work or to sell things so the opportunities are endless when you take the time to look and see what is available.
Sacrifice Short-term Happiness for Long-term Happiness (aka Your Future) – It is time to start planning for your long-term future if you have not begun to do so already. Depending on what stage you are in your life, that could mean purchasing your very first home or starting a retirement fund. A retirement fund is a must and ideally you should start one as soon as you can. Even if you can barely contribute at the moment, every dollar goes a long way thanks to compound interest. In order to reach these goals, you will have to make everyday sacrifices so you have money set aside for the big purchases in your life while also saving for retirement so you can retire comfortably. Instead of buying a designer handbag on sale (yes, it might be on sale but do you really need it?) which is a short-term happiness purchase, remind yourself of the bigger picture.
Pay Your Bills on Time – I feel like this sounds like common sense but it amazes me how many people are not doing this each month and as a result, they incur late fees which is just a total waste of money and equivalent to throwing your money into a trashcan. The best way to do this is to set up automatic payments and then this way you do not have to worry about whether or not you missed the deadline on a payment. To stay even more organized, write down each month what bills are due and when so you know in advance when the money will be taken out of your bank account. If you notice that too many bills are due around the same time in which it liquidates too much of your bank account at one time, you can usually call the company and request a different date that it gets taken out each month. This allows for more balance from week to week in terms of how your money is distributed between all your monthly expenses and to ensure you always have enough money in your account. If you find that you cannot pay off your basic monthly expenses due to not being able to afford it then you need to either find ways to increase your income or cut back on certain things in its entirety.
It truly is never too late to start taking control of your financial destiny and improving your money management skills. It really comes down to two basic principles of spending less and saving more. If you really take the time to examine where you are now, set some financial goals for your future, and implement these strategies, then you are on the road to financial success.