If you went to the barn one day and your horse was coughing what would you do? You would probably start looking into the cause of the cough. Was your hay dusty, did you take your horse off property where he could have been exposed to a sick horse, was he getting good immune support…? You might need to consult your vet and you would keep searching until you found the cause.
But, what if you sat down to pay your bills and you did not have enough money to cover all of them. What would you do? Would you put the same effort into figuring out why you did not have enough money? If you give a money issue the same attention you give to a horse issue you would see your money situation change dramatically.
So what questions might you ask if your hot water heater went out and you did not have enough money in savings to pay for a new one?
- How can I make more money? Can I ask for a raise at work or raise my prices if I am self-employed? Do I need to look at adding an additional source of income such as a second job or a side business?
- How can I keep more of the money I make? Do I have wasteful spending that I can eliminate? Eliminating wasteful spending does not mean lowering your lifestyle. The goal is to find a way to support and increase your lifestyle. Do I have business expenses I should be righting off my taxes? Do I need to look at a side business that would offer me more tax write-offs?
- How can I save more money? Notice this step comes after you make more money and keep more money. Trying to save money when you don’t have enough to live on is difficult. Once you have increased your income you can have a specific amount each month that goes into an account that is not easy to draw from.
- How can I invest my money so it starts to work for me? Investment comes after you have met your lifestyle needs and have savings to cover unexpected expenses or the loss of income for several months. Getting to the point where you have money to invest means you ask yourself tough questions about how you spend your money. It is not a matter of depriving yourself of all luxuries but do question how much actual pleasure you are going to derive from a purchase and compare this feeling to the feeling of having that money going to work for you.
I know you will sleep better at night now that your horse is healthy and you have taken the time to understand how to prevent any future issues around his respiratory health. Give money the same attention and you will start to build your confidence that you can keep your financial life healthy.
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