Money is important in life if you like it or not. I often think about money and its benefits but I wanted to cover some specifics in this post. I believe that, no matter who you are, if you are living you can succeed with money. Success is not defined one way, I understand that, but there are certain things to know about being successful with money.
Let us look at success from a money standpoint. Some might say, “I make a lot of money in life. That must mean I am successful”. Let’s set the pace here: if you define your life by the amount of money you make, you are actually more poor than not having money. Understand that money is important for a lot of different reasons.
Why be successful with money? Money is a tool and being able to use this tool for things other than yourself will directly reflect your success with money. Here are some things that you can do with your money other than waste it on materialistic stuff that will not matter in 10 years. I have listed three areas that I believe create tremendous success with money.
How can you achieve success with money? Well having money saved up would put you ahead of the game. In 2011, a report posted by Pitney Bowes said that the average savings account balance was a whopping $5,923. Well to be fair we are in 2016, so I will be super generous and add $1000 to that amount. So with some simple math we now have $6,923. Some of you will look at this amount you might be stumped. Others will think ‘this is a joke, I have triple that amount in my savings’. Everyone will react to this amount differently but the lesson here is simple: set a goal.
Depending on your income, set an aggressive goal. I challenge you to save more than $6,923. This might entail less food or some uncomfortable living for a few months but get this amount saved up as soon as possible! When I set goals I date them and speak about them as if I already achieved that goal.Example, “I have saved up $6,924.” How you talk about your goal will make it or break it. Date your goal and look at it daily to help you create a positive vision to reach it.
When you save this amount of money you are going to feel very accomplished. You are now above average. If you’re like me I never thought about myself as an individual who would be above average. Do not let your mind trick you into something that is not true. The truth is you are very much above average in this life and it is time for you to prove it!
This is a great reason to start your reserve of money now. I am not super rich with money but I am rich with good morals and great choices. I donate money to some of my favorite charities or whenever it is asked from me. I am sure you have been asked this question before “ Would you like to round up to the nearest dollar to help (Insert Organization)?” This is almost always asked when I check out at any store.
When you donate, you are usually helping people indirectly but the main thing is that you will help someone. A great place to donate to is your local church or food pantry. This way you know that your money is going to help someone in your community and you might feel more of a reward. Remember what I said: just because you make a lot of money does not make you successful. There is a great rule of thumb in the financial world. It is known as the 10/10/80 rule, save 10%, give 10% and spend 80%.
This last piece will hopefully inspire you to take the next step in your life and create positive change. Even if you only have an extra $10 on a monthly basis, I recommend that you reinvest it back into yourself. I don’t mean go out and spend it on all of the things you want but to spend it on the things you need. Spend that money on books or audios, or even saving up for a leadership conference. Anything that will help you grow as an individual. You are the only person who can change your life. If you invest into materials that help you and stretch your thought process. I have no doubt in my mind that you will succeed.
Lastly, I just wanted to say that if you are doing all of these things and you do not feel good, please reach out to me. I would love to connect and talk about why and some possible ways to change that thinking.