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Ready to shift your financial destiny?
The peril of getting stuck in financial survival mode is that it’s easy to never escape its clutches.
It’s easier to consistently not make enough or barely enough to pay your bills.
It’s easier to never break past financial barriers when all you’re used to earning is x dollars.
It’s easier to settle for financing most of your lifestyle, which is why most people do it.
It’s easier to stay in the “I have too many bills to pay and insufficient cash flow” mindset when you’re on the financial struggle train.
I’ve been here and will share with you how you can hop off the train.
Through commitment and consistent effort, you can radically transform your financial outcomes.
1. Aggressively slash costs
Skip name brands
You might think that name-brand food is something you need, but it’s not. I didn’t start purchasing name-brand foods until my financial concerns dissipated. The only thing I made sure to get organic were my veggies, and I did my best to get semi-quality meat or eat more vegetarian-style meals.
There was a time when my weekly grocery budget was $30 a week, and guess what? I made it work, and it paid off.
Now, I don’t have a grocery budget. I simply aim to be efficient with the food I buy and avoid buying too much to save on costs.
The same logic applies to your wardrobe. You don’t need name-brand clothing.
Luxuries are always optional.
Luxuries are not where your focus should be when you’re trying to financially survive.
Pay off your car early
My first car note was $245 a month. I paid off the car in three years instead of six to eliminate this expense from my budget.
Don’t overuse credit cards
I avoided credit cards until after college, which helped me avoid racking up unnecessary debt. Once I finally did get credit cards, they were easy for me to manage and pay off.
Housing
I’ve lived with roommates and family. Did I have to? No, but it helped save and invest more resources. When you’re financially struggling, every bit of reprieve adds up. It might be a bit inconvenient, at times, to live with others, but the financial savings can make it worthwhile.
2. Start investing
I started investing when I was 14. Many times, it didn’t make much sense for me to invest because I was trying to survive and pay my basic expenses.
For you, it might not seem to make much sense to invest when you’re financially struggling because you require every dollar coming in to support your basic needs…
But investing is HOW you’ll ESCAPE the financial struggle.
Investing will help you build wealth and an emergency fund; furthermore, it will allow you to stop living paycheck to paycheck, which is why I prioritize investing.
You don’t have to invest thousands or hundreds of dollars to label your investment habit as successful.
All you need to do is start.
3. Live below your means
Spend less than you earn; this is the easiest golden rule to comprehend, but most people don’t apply it to their daily lives, and I get it.
We live in a world that offers you the ability to acquire what you want with easefulness.
Not everyone has access to the same luxuries, but society makes it damn easy to finance many things you want and get them in a relatively short amount of time, which has made living below your means extremely hard because living below your means requires discipline, which is one of the hardest virtues to execute.
Yet, financial discipline offers extravagant rewards.
Live below your means.
Spend less than you earn.
If you earn $3,000 a month, spend less than that.
To spend less, you might have to cut costs considered luxuries; you might even need to cut down the quality of your basic needs; it’s all temporary and for a greater cause, though.
Short-term sacrifices create your long-term financial future.
4. Delay the acquisition of desires
Materialism is another type of addiction.
How much stuff do you have and don’t use that sits around in your house, garage, storage, home, car, etc., taking up unnecessary space?
More importantly, imagine how much more money you could have if you stopped buying dumb shit.
I’ve learned that delaying purchases is one of the most powerful ways to increase your wealth. I’ve used this strategy for all significant and minor purchases. If I don’t need it, I ruthlessly question how and why the acquisition needs to take place.
Much of the time, the acquisition can be delayed or canceled altogether.
I used to upgrade my phone every 1–2 years. Now, I upgrade every 3–5 years. Why do I need a new phone every year?
BTW: To truly experience significantly noticeable features and the “WOW” factor, upgrade your phone every 3–5 years because the features are not that significant YoY.
Second off, if you can’t afford to buy a phone without financing it with installments, you have no business getting a new phone.
A basic free phone will get the job done. And when you’re financially struggling, luxuries should be avoided unless someone else is paying.
5. Surround yourself with financially better-off people and environments
My father gave me an enormous gift as a kid; he exposed me to millionaires and billionaires and their lifestyles.
It expanded my thinking and goals and helped me mentally escape my (then) financial situation. I knew a better situation was available and had the power to create it.
“What you think about, you bring about.” You are a product of your environment and the people you spend time with.
6. Invest time and energy into self-education
A mentor recently told me how she has her kids read personal finance books, and I was immediately enthralled.
My parents had us read Robert T. Kiyosaki, Dave Ramsey, Suze Orman, and David Bach at the dinner table, which shaped my financial future and set me up for financial success.
Read books, attend conferences, listen to podcasts, and attend financially empowering events.
If you’re financially struggling, you will continue to struggle until you gain and apply the right knowledge to your finances.
Learning is one of the easiest and most accessible tools you can acquire to transform your finances.
Oh, and if you don’t have time to educate yourself on personal finance, I have a solution for you:
Replace your TV, internet, social life, and social media time with learning.
Or start listening to podcasts and audiobooks on your way to work, at work, or when doing tasks (e.g., washing dishes, cleaning, etc.).
There are endless learning opportunities available to you. Seize every moment.
7. Explore new income avenues
I never imagined working in tech, but a tech opportunity fell into my lap in college, and it ended up being one of the best things that ever happened to me.
There were also plenty of other entrepreneurial and normal job opportunities I took on to elevate my income and improve my finances.
You can’t be shy about working and putting in the effort if you want to transform your money.
What skillsets can you quickly monetize?
What jobs can you quickly take on?
8. Write out your financial goals
>90% of my goals manifest. Whenever I truly desire something, I write it down because I know it will likely manifest.
What are your financial goals:
How much do you desire to earn?
When do you want to be debt-free?
How large do you want your net worth to be?
How much do you desire in your retirement fund?
How much do you desire in your emergency fund?
Write out your answers to these questions and set goals and the steps to manifest them.
9. Envision your ideal financial situation
When my father introduced me to millionaire and billionaire lifestyles, he set me up to expand my thinking, goals, and vision for my life.
What is your ideal financial situation – not just materially, but how do you want to live?
What kind of liberties and freedom would you like to experience?
What kind of philanthropic or generous efforts would you like to embark upon?
What does flexibility look and feel like for you?
Practice visualizing your ideal circumstances frequently to manifest the right circumstances that will bring them into your life.
10. Commit to the process
Many people want to improve their finances and escape the financial struggle but are not committed to making it happen. They’re interested.
If you desire true change in your finances, commit to the process – once.
Make the necessary changes, and don’t let up until you manifest your financial goals.
Summary: 10 Steps To Escape Financial Survival Mode
Financial struggle doesn’t have to be your destiny. It’s a choice – as most things are.
So, what will you do starting today to yield better financial outcomes? If you don’t do anything, say hello to more financial struggle for years to come.
Discipline is painful on the front end, but it’s required for a better result. As Ryan Holiday preaches, Discipline Is Destiny.
Aggressively slash costs
Start investing
Live below my means
Delay the acquisition of desires
Surround yourself with financially better-off people and environments
Invest time and energy into self-education
Explore new income avenues
Write out your financial goals
Envision your ideal financial situation
Commit to the process
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.