3 Rules For Successful Money Management
Numbers don’t lie & winners keep score! We’re taught this from a young age with our grades in school, our achievements in sports, it’s an inevitable part of life. No matter what stage of life you’re in, it’s extremely important to actively manage your finances. I personally work with a lot of young business professionals, and this is the advice that I give them. Just like anything else in life, money grows when you have a plan for it to grow. You must set goals and plan out how you will achieve them, the same way you would if you were on a diet. The reason that most people struggle with this is because they are winging it. Too many people just blindly spend their money without ever establishing a plan, setting financial goals, or sticking to a budget. Living paycheck to paycheck? You need to sacrifice some things about your lifestyle or it will be an endless cycle! The 1st rule to becoming financially stable is that as soon as money is paid to you or your business, set aside the money that you’ll owe Uncle Sam for taxes. This is a non-negotiable deduction. Set up a separate account for your taxes & don’t touch it! The account should be completely off limits and the only time you deduct anything from it is when it’s time to pay Uncle Sam. The 2nd rule is to pay yourself. Treat your savings account like a bill. Just like you pay your utilities and car payment every month, you need to have a set monthly amount that you’re contributing towards savings. It starts with your budget. Look at your total income, subtract your current financial commitments with other bills, and from whatever is left, decide on a non-negotiable percentage that you are going to contribute to savings each month. Now that you’ve got your tax and savings accounts set up, make it so that they are not easily accessible. You can have the bank put a 3-7 day hold on the accounts for accessing the money. This makes it so you’re unable to make impulse decisions based on emotions that ultimately hurt you financially. We’ve all had a good or a bad day where we’ve decided that we should “treat ourselves.” There’s nothing wrong with treating yourself, but it can’t come from these accounts. The 3rd and final rule is to have detailed savings goals and to keep them a priority. Keep yourself behind on your spending. Before you make any major purchases, there should be a set number that you want to hit in your savings. When I bought my first high-end car, it was around three years after I had the money to buy it. The same goes for my house. I had secured the money to build my house about three years before I ever started the process. Live below your means! This will allow for unforeseen circumstances where you may need some money to fall back on. Plan, Execute, & Stay Disciplined! Watch your money grow.
Gravity – Simon Arias
Gravity – Simon Arias
A Sit Down With Penny Semaia – The GRIND Life
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It Ain’t Sexy
We all know what’s “sexy” to us. In other words, what we’re attracted to in life. Whether it be somebody with a nice physique, or an exotic car, or someone who carries themselves with confidence and has influence with other people. These are all things that most people would consider “sexy.” It’s easy to see something and know we’re attracted to it. It’s easy to dream of a sexy physique, or that sports car, or having charisma & influence with other people. What’s not easy is the process to get you there. They say the dream is free, but the hustle is sold separately… and guess what? The hustle ain’t sexy! The process ain’t sexy! The first thing you’ve got to ask yourself is what your dream is. What are your goals? This is the easy part! Dream as big as you want. Write down your goals. The next step, which is still an easy one, is asking yourself what the price is to achieve those goals. Write this down too. Directly underneath where you wrote your goal, write a list of everything it’s going to take to get there. The last part, the most important part, the most difficult part… do the work! You want to get in shape & look “sexy?” It ain’t going to be sexy going to the gym every day and eating the right foods. You want that exotic sports car? It ain’t going to be sexy grinding, putting in long hours, hustling to make the money that will allow you to afford it. You want to be a leader? You want to have influence with others? It ain’t going to be sexy reading books on leadership and people skills. It ain’t going to be sexy getting out of your comfort zone with the way you interact with others. It ain’t going to be sexy dropping old friends who are holding you back and developing a new circle of like-minded leaders who are pursuing their goals. No matter what you’re pursuing, if the end-result is greatness, if the end-result is “sexy,” the process ain’t going to be! I can promise you that! But you’ve got to fall in love with the process, not just the end-result. You’ve got to commit to the process to get the results you desire.
Let ‘Em Talk – Simon Arias
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