Five Ways To Build Your Relationship With Money
How many times have you ever bought something and then later regretted it? How many times have you had buyer’s remorse? I’ve always thought that growing up, rich people where jerks but than I realized something, if an alcoholic could get money for alcohol, how come I can’t be addicted to my success?
Just like any relationship, boyfriend, girlfriend, fiancé, you want a healthy, ongoing, developing relationship. What I mean is, you really have got to spend time with money and get to know one another.
With that being said here are five ways that you can build a better relationship with money, so therefore you can get what you want.
Tip Number One, What Do You Want And Why Do You Want It?
So, what do you want? Just like any relationship, what do you want out of the relationship? Do you want to just date money or do you want to have a long-term relationship? It’s important that you understand what you want and why you want it.
Tip Number Two, Cut The Fat.
Cut the fat out of your spending. I’m not saying for you not to live the lifestyle that you want. What I mean is how many times have you ever bought something and said, why did I buy this? Or maybe you bought something and you had the anticipation of returning it. If that’s the case, I recommend using this tool called Mint.com, where you are able to import your bank accounts information and see how you’re actually spending your money. This is a great and easy way for you to start identifying where you frivolously spend your money, so therefore you can cut the fat.
Tip Number Three, Increase Your Cashflow.
Your cash flow is one of the most important factors in your financial life. Understanding your cash flow is all about knowing where your money comes from and where it’s going. Ideally, you have more money coming in than going out but that’s not the reality for everyone. As you’re working on spending less or saving more, it’s essential to keep track of these numbers. Over time, you’ll become more familiar with your spending habits, and it will be easier to know which levers to pull to keep your monthly cash flow strong.
Tip Number Four, Begin a Side Hustle.
The best way to eventually become your own boss is to start a side hustle and build your self-employed income, while still having the safety and security of your day job. However, building a side hustle to profitability with a limited amount of time outside of your day job is never easy. It takes ruthless prioritization, a shift in how you view what’s most important in your life and the willingness to get very creative and scrappy on a daily basis. So with that being said, why don’t you start playing offense.
Tip Number Five, Align With a Mentor and Teach Others.
One thing I learned in the Marine Corps was that the best way to learn something is to immediately teach it because you start involving yourself in the subject matter. So you begin to express and share your breakthroughs, your milestones and your journey with money you will serve as an example of success to others.
So here’s my closing thoughts. We always have a tendency to complicate our relationship with money. By developing a system of accountability and awareness through your relationship with money, you’ll start experiencing new freedom. If you know what you want to experience long-term about your relationship with your money, your decisions from now should be based on their decisions to achieve that reality. Which makes me curious, do you have any stories about how your relationship with money has changed your life? If so please share your experiences on my YouTube Channel and let’s keep the conversation going.