You might have read this title a couple times, just to be sure. And yes, I am saying that you should not care about saving money. So why is that?
There are only two ways in this world to get richer
A Make more money
B Spend less money
(If you know another one please send me an email to claim your free Nábrók)
Which one of these do you think you should focus on? Unless you are an oniomaniac (sounds way better than compulsive buyer right?) you should definitely focus on making more money.
There is a limited amount of money you can save because the money you are already earning is limited. But there is absolutely no limit to the amount of money you can make.
Spending hours trying to save a couple bucks, or bargaining to get a 5% discount is never going to have a great impact on your bank account.
And if you control your spending like a Zen master… you will very likely live the life of a Zen master. That’s ok if you reached enlightenment otherwise it’s just depressing.
This is one of the reasons why I believe budget planning does not work for 99% of people.
(I however believe in financial planning which has a different approach)
Making more money, focusing on increasing earnings, getting a raise or a better paying job, finding a new source of income and new opportunities of investment; all these will definitely have a big impact on your financial life.
So why don’t we all make more money instead of trying to save more ?
One of the most common reasons is: we usually don’t believe we can earn more.
We are trained by our teachers, our managers and our environment to think we are worth a certain amount of money and that our work is correctly rewarded.
We might sometimes think that we deserve this "4% raise" and that we could find a slightly better paying job. But mostly, people don’t want to go through the hassle of trying to earn more because they don’t think they can and frankly they prefer to stay safe and comfy.
Even people who think they “deserve” more, don’t do much about it except complaining and bitching about how life is unfair, how unlucky they are and how lazy their rich boss is.
There are always good “excuses” that prevent us from taking the next step: the studies, the family, the partner, the time, the health, the dog, the lack of information…
Look at people who are complaining about money and always have "excuses", you will find that these people not only are not getting richer but are also pretty unhappy. Now if you find yourself in the same state of mind, shake it off. This state of mind will not attract money and it will not allow you to get where you want to go.
Warren Buffet, one of the wealthiest men on the planet did not wait for circumstances to be right or for the right opportunity; he always worked hard for his money.
One of his first business ventures: Buffett sold chewing gum, Coca-Cola bottles, or weekly magazines door to door. He worked in his grandfather's grocery store. While still in high school, he made money delivering newspapers, selling golf balls and stamps, and detailing cars, among other means. On his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle and watch on his paper route. In 1945, as a high school sophomore, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in the local barber shop. Within months, they owned several machines in 3 different barber shops across Omaha. The business was sold later in the year for $1,200 to a war veteran.
If a kid or a teenager can have that kind of spirit and attitude toward money, you can too !
Here's one advice I got from some very successful people : get committed to earning more and to have a big impact on your income.
How? Start looking for new opportunities, think of new ways to increase your salary. When was the last time you asked for a raise, when was the last time you thought of starting a business or developing an idea but did not follow through?
Start investing now, don’t wait.
If you want to get richer and not just fantasize about it, here is an exercise you can do right away:
1-write down the last time you had an income increase and the reason why it happened
2-write down how you could use this to get your next income raise
3-write down 5 ways you could make money and the reasons why it would work
4-describe how you would use this money and how it would improve your life
Also let me know what you think. I want to know what is it about money that makes you angry or frustrated.
Performance coach, world traveler, tribe builder, NLP enthusiast and mnemonist. I am passionate about self-development and life changing coaching tools.
Video in French -