Making money is an important part of staying in business. It’s a big part of being successful. It’s the lubrication that allows you to move through life with the least amount of friction. It’s not everything — but the more you have, the more it allows you to do just about anything. Go anywhere. Experience things that you could have never imagined possible before.
If you’re going to be successful, you need to develop a healthy relationship with money.
You need to understand how to make more of it and how to spend the money you have with the greatest amount of precision and wisdom.
Money isn’t evil or magic, and making more of it doesn’t need to be elusive. The problem with people who don’t have enough money is that they look at money dead wrong.
Broke people make assumptions about money that are flat out wrong and develop unhealthy habits that cripple their ability to ever become rich. Let’s talk about getting rich:
1. You can’t get rich quick and be wealthy at the same time.
Getting rich is never fast, quick or easy.
It takes mental and financial discipline and a whole lot of hard work.
If you try to swap that for short-sighted tactics that are manipulative, selfish, or criminal, you’ll find yourself with cash but a whole lifetime of unhappiness.
Smart, rich people focus on strategies that empower generational enrichment.
2. You can always spend less than you are spending right now.
It doesn’t matter how little you think you’re spending or how badly you feel about your life right now, there are legitimate ways to pair back even the most meager of budgets.
For each of us, that budgeting is different, but rich people know that more money starts with spending less money right now.
You can replace your $200 monthly gym membership with and $9.99 membership where you’ll still have the same access to getting in shape. The same is true with utilities, cable TV, and where you buy your groceries.
3. You are never too broke to save money and invest.
If you’re not saving, then you’re pushing you and your family into a dangerous corner. Rich people develop a financial backup plan. They take money and save it each month, week, and day.
Rich people also invest money early on. Take a small amount each paycheck and set it aside for retirement and for your kids future. It might just be $10 per pay check or $100 per month — but that $10 quickly grows into a million dollars over the lifetime of compounding returns.
By starting early small results become life changing.
4. You can always find a way to make more money.
During your day job, your effort is owned by your boss. But from 5:01 p.m. until 8:59 a.m. you have a wide open landscape of opportunity to turn pennies into $100 bills.
Take your hobby and turn it into a small business. Learn how to sell things on eBay. Find a small business in your local area and see if they need some late night help. There are countless web services looking for outsourced labor.
There are always a few ways to make a little bit more right now.
If you don’t have enough of it, you’re stuck. And being stuck usually means that you’re wide open to doing something that is stupid, short-sighted, or naive. None of those are great recipes for success.
Broke people think differently about money than wealthy people.
If you want to be rich, you first need to change how you think about money and success and opportunity.
You need to realize that you’re more in control of your destiny then you might have otherwise imagined. The only thing holding you back is your outdated views and sloppy lifestyle.
Do you really want to be rich?
It just comes down to a few things.
- Spend less than you are spending now.
- Save and invest more than you’re doing right now.
- And figure out a way to make a little bit more money with the free time you’re wasting right now.
Get rich. Doing it right won’t be quick. But you’ll impact generations to come.