One of the hardest parts of starting a business, in my opinion, is the temporary sacrifice you have to make of things you really love doing or buying (especially when you're first starting out or you're in those first few years. Maybe there's a vacation you want to go on or a house you want to buy. And so you have these really big goals, but also have these other things you just really love to spend your money on. So for this week's Powerback, I want you to take your power back by giving up something to get something.
So when we're thinking about money, we often invest in things important to us. But on the flip side, we also tend to buy things that simply make us feel good at the moment—and then find every excuse in the book to tell others why we can't do something else.
For instance, if you tell me or someone else you can't afford to go on vacation or go away for the weekend but you're eating out every night of the week—I'm going to guess you're throwing away a couple of hundred dollars to a thousand bucks every month just by eating out. Yeah, it may be fun and exciting and I think everyone should enjoy the pleasure of not cleaning dishes from time to time. Right? Like go out and enjoy yourselves.
But it's slippery when it becomes a habit and then you start doing it every day and then you're wondering, Well, what's going on with my bank account now? I don't have any money but I'm still going to go out. Then you start flipping the tables and that's an opportunity to step back and say, You know what? This is where my money's going.
Get real with yourself. The reason I can't go on vacation is that I'm not willing to give up going out to eat. And for you, it could be something else. It could be shopping, it could be buying your favorite latte on the way to work every day, maybe it's a whole bunch of subscriptions you don't use but continue paying for, or breweries and wineries.
What are some things you're trying to achieve? Maybe it's travel, maybe you want to get new software or programs for your business, maybe there's a big conference on your radar you'd love to go to. What is it that you need in your business or in your life to level yourself up, to invest in yourself, to spend some time to take care of yourself?
Then, I really want you to look at some of your other spending habits. Where is your money just kind of sifting through the cracks again? Is it running through the drive-thru or just grabbing things in the aisles as you're checking out and then you can start marrying the two. Think to yourself: How else could I be using this money?
Here's the important thing, too, guys—this is temporary. This doesn't have to be forever. You don't have to give up dining out or doing any of these other amazing things you love to do. Maybe you're just pulling back and not doing it as often. Maybe you put a pause button on it for a while and you say right now, something else is more important.
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