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Mental Mastery Mondays

Helping you win the war within so you can find success in business, relationships, well-being, and life.

May 20, 2015

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Look at Your Money Like You Do Your Time

We can benefit greatly from looking at our money the same way we look at our time.  There is no way you're going to spend 25 hours in one day doing anything.  You can't use more time than you have available. It's impossible.

Rest is like a savings plan. Most of us spend all the money that comes into our life.  If we did the same thing with our time, we'd be in the hospital being treated for exhaustion. Honestly, that's what a lot of bank accounts need, to be treated for exhaustion.

Start with budget

We all have clocks which tell us how much time is left in our day. Once the clock strikes midnight, that's it, the day is over.  Our budget acts in the same manner.

Your budget doesn't need to be complex. In fact, keep it as simple as possible, at least in the beginning. 

  1. Write down what you earn
  2. Subtract you mandatory costs
  3. Subtract 10% (give or take) for savings
  4. Then budget out the rest for non-necessary items. 
  5. Keep control of these items by using cash and an "envelope system."

It's not just about saving

The wealthy don't just focus on savings. They focus on earning as well.

  • Look for more sources to earn income
  • Look to earn more income from your current sources

Get rid of your debt on depreciating items

Other than real property (for most people, your home) everything else is a depreciating assets. 

Homes can be a tremendous investment when you leverage your money (with a small down payment) and including the magic of compounding interest.

Self Discipline is spending less than you earn

The same rule you use for money can be used for food or other items.

  • Don’t squander your calories on items with no nutrition
  • Don’t squander your time on things that don’t benefit you
  • Don’t squander your money on items with no return

This is how the wealthy are different from the rest of society.

This is how the physically fit are different from the rest of society