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Want to Make Your First Million? Don’t Save Every Penny! You Should Spend Money Wisely Instead

Want to Make Your First Million? Don’t Save Every Penny! You Should Spend Money Wisely Instead

Have you ever heard the saying, “You have to spend money to make it?” I have. In fact, I’ve given that cliche statement as advice half a dozen times. While I tell entrepreneurs to spend money on the right team, I never use that advice myself. After all, I’m in my twenties still! I don’t have the luxury of spending money as if I’m made of it!

But these excuses are detrimental. In fact, the idea of spending money to make money is not as dangerous or risky as it may sound. Sure, it seems counterintuitive, but bear with me. I promise it will make more sense soon.

Saving Every Penny You Earn Can’t Bring You to Your Desired Destination

So many people think the only way to save money is to give up their social lives in order to minimize all those “unnecessary” expenses.

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What’s problematic with this approach, aside from how miserable you will be ignoring your friends’ invitations, is that it’s only a short-term way to save money. Think about it: are you really going to stay at home and never come out forever? The goal is to be future-focused; saving every penny and dollar you can is not exactly effective. What’s more important is spending on the investments that can bring returns.

I know what you’re thinking, “But Heather, I don’t know how to invest in general! How will I know how to invest in order to double my dividends? That’s for business-savvy people and those really good at math!”

Not true.

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While knowledge of those things can be helpful, anyone can be an expert investor and spender. You just need a little insight. Plus, we aren’t talking about becoming an investment banker. We’re talking about knowing when to invest your money into something and when to withhold. And it’s easier than you think.

Spending Money in the Right Way Can Help You Generate More Money

Enrich your mind through lifelong learning

This is one of those long-term money-making methods. While some people may find it unfair, the more educated you are via school system, the more desirable you are to companies who are hiring. This comes in handy when discussing salary, because the more experience college or university gave you (even in the form of unpaid internships) the better chance you have at requesting more than you might otherwise feel comfortable.

Even if you’ve left the formal education system, taking classes after work to expand your skill set can make you more popular and competent in the job market in the long-term.

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Prevention is better than cure

Listen, as an American, I know how frustrating health insurance can be. Even now with more access to it than ever, if you are paying out of pocket for insurance it’s a big sum of money! But here’s the thing: if you don’t get insurance because of the price tag, when you find yourself needing to go to the emergency room or even to a doctor’s appointment, you will be paying much more. And that expense will leave you with nothing left over to invest and grow.

When you feel more attractive, you can attract more opportunities

This one is so important, no matter how old-fashioned it may seem. Invest in your appearance. I make a lot of jokes about how much money I spend on quality makeup, complexion/skin products and getting my hair and nails done, but at the end of the day, it’s an investment I feel good about. When I look healthy and feel attractive, I approach people with more outer confidence.

As a disclaimer, this is not me telling you that in order to make money you have to be attractive. No way. What I am saying is that you should feel attractive – whatever that word means to you. If you come off as insecure and weak, it can be difficult to ask for that raise you absolutely deserve, or even get a loan you know you’re capable of paying off. There are (semi-depressing) studies out there that prove this, but if you don’t want to get wrapped up in them, just take my word on this one.

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As a quick example to help put it into perspective, I work for a very casual company (I’m talking yoga pants and blue jeans on the daily!) but when I first interviewed, I wore a suit. I knew the atmosphere was super casual, but I wanted to ensure they knew I was serious and professional. The way you look is the way you brand yourself as an individual. So who are you marketing to, and what is your message?

Set up a website to promote your expertise

Sites like LinkedIn, or even websites boasting your personal domain, can be a great way to up your income. Having a professional image and resume helps people see you as a trustworthy, knowledgable individual they would gladly hire. So if you’re a photographer, make your own website! If you’re a Freelancer, do it too! If you’re passionate enough to make it your career, then prove that to the world through a portfolio they can access 24/7. Learn how to maintain mailing lists, become an expert marketer. We live in a technology age; anything you could need to know is at your fingertips!

When you can’t do everything yourself, spend money to get help

When it comes to investing, and to your life in general, it’s essential to know what you need.[1] For instance, if you are trying to start your own company, your numbers will be in the red within a month if you don’t have the right team. Invest in a brilliant accountant. Invest in the perfect assistant. Have the right marketing team and IT guru. Yes, at first you will feel like you’re bleeding money, but when that team starts working with you and you see the spike in clients and income, you won’t remember any of that initial stress. The same is true when it comes to investing your money. What is it you need? A retirement fund, or a mansion? What is your goal? Once you have the intention set, you can begin to achieve it.

Reference

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Heather Poole

Heather shares about everyday lifestyle tips on Lifehack.

The 7 Types of Learners: What Kind of Learner Am I? What If All the Choices You Make Every Day Aren’t What You Need Most? What To Eat (And Not To Eat) When You Are Suffering From Inflammation! Yes Life Can Be Boring Sometimes. But There’re Some Tricks to Make It More Interesting Why Our Personal Values Matter More Than Ever Today

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Last Updated on December 10, 2019

How to Stay Motivated and Reach Your Big Goals in Life

How to Stay Motivated and Reach Your Big Goals in Life

It is hardly a secret that the key to successfully accomplishing one goal after another is staying motivated. There are, of course, tasks which successful people may not like at all, yet they find motivation to complete them because they recognize how each particular task serves a greater goal.

So how to stay motivated most of the time? Here are 5 simple yet effective ways on how to stay motivated and get what you want:

1. Find Your Good Reasons

Anything you do, no matter how simple, has a number of good reasons behind it.

You may not be able to find good reasons to do some tasks at first but, if you take just a few moments to analyze them, you will easily spot something good. We also have many tasks which don’t need any reasoning at all – we’ve been doing them for so long that they feel natural.

If you’re ever stuck with some tasks you hate and there seems to be no motivation to complete it whatsoever, here’s what you need to do: find your good reasons.

Even when you set goals, there needs to be reasons behind these goals. They may not be obvious, but stay at it until you see some, as this will bring your motivation back and will help you finish the task.

Some ideas for what a good reason can be:

  • A material reward – quite often, you will get paid for doing something you normally don’t like doing at all.
  • Personal gain – you will learn something new or will perhaps improve yourself in a certain way.
  • A feeling of accomplishment – at least you’ll be able to walk away feeling great about finding the motivation and courage to complete such a tedious task.
  • A step closer to your bigger goal – even the biggest accomplishments in history have started small and relied on simple and far less pleasant tasks than you might be working on. Every task you complete brings you closer to the ultimate goal, and acknowledging this always feels good.

2. Make It Fun

When it comes to motivation, attitude is everything. Different people may have completely opposite feelings towards the same task: some will hate it, others will love it.

Why do you think this happens? It’s simple: some of us find ways to make any task interesting and fun to do!

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Take sports for example. Visiting your local gym daily for a half-an-hour workout session sounds rather boring to some. Yet many others love the idea!

They like exercising not only because they recognize the good reasons behind it, but simply because it’s fun! At certain time of their daily schedule, they find going to gym to be the best thing to do, simply because nothing else will fit their time and lifestyle so perfectly.

Depending on how you look at it, you can have fun doing just about anything! Just look for ways of having fun, and you’ll find them!

A simple approach is to start working on any task by asking yourself a few questions:

  • How can I enjoy this task?
  • What can I do to make this task fun for myself and possibly for others?
  • How can I make this work the best part of my day?

As long as you learn to have the definite expectation of any task being potentially enjoyable, you will start to feel motivated.

Some of you will probably think of a thing or two which are valid exceptions from this statement, like something you always hate doing no matter how hard you try making it fun. You’re probably right, and that’s why I don’t claim everything to be fun.

However, most tasks have a great potential of being enjoyable, and so looking for ways to have fun while working is definitely a good habit to acquire.

3. Change Your Approach And Don’t Give Up

When something doesn’t feel right, it’s always a good time to take a moment and look for a different approach for the task.

You may be doing everything correctly and most efficiently, but such approach isn’t necessarily the most motivating one. Quite often, you can find a number of obvious tweaks to your current approach which will both change your experience and open up new possibilities.

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That’s why saying “one way or another” is so common — if you really want to accomplish your goal, there is always a way; and most likely, there’s more than one way.

If a certain approach doesn’t work for you, find another one, and keep trying until you find the one which will both keep you motivated and get you the desired results.

Some people think that trying a different approach means giving up. They take pride in being really stubborn and refusing to try any other options on their way towards the goal.

My opinion on this is that the power of focus is great, but you should be focusing on your goal, and not limiting your options by focusing on just one way to accomplish it it.

4. Recognize Your Progress

Everything you may be working on can be easily split into smaller parts and stages. For most goals, it is quite natural to split the process of accomplishing them into smaller tasks and milestones. There are a few reasons behind doing this, and one of them is tracking your progress.

We track our progress automatically with most activities. But to stay motivated, you need to recognize your progress, not merely track it.

Here’s how tracking and recognizing your progress is different:

Tracking is merely taking a note of having reached a certain stage in your process. Recognizing is taking time to look at a bigger picture and realize where exactly you are, and how much more you have left to do.

For example, if you’re going to read a book, always start by going through the contents table. Getting familiar with chapter titles and memorizing their total number will make it easier for you to recognize your progress as you read. Confirming how many pages your book has before starting it is also a good idea.

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You see, reading any book you will be automatically looking at page numbers and chapter titles, but without knowing the total number of pages, this information will have little meaning.

Somehow, it is human nature to always want things to happen in short term or even at once. Even though we split complex tasks into simpler actions, we don’t quite feel the satisfaction until all is done and the task is fully complete.

For many scenarios though, the task is so vast that such approach will drain all the motivation out of you long before you have a chance to reach your goal. That’s why it is important to always take small steps and recognize the positive different and progress made. This is how your motivation can sustain in long term.

5. Reward Yourself

This is a trick everyone likes: rewarding yourself is always pleasant. This is also one of the easiest and at the same time most powerful ways to stay motivated!

Feeling down about doing something? Dread the idea of working on some task? Hate the whole idea of working? You’re not alone.

Right from the beginning, agree on some deliverables which will justify yourself getting rewarded. As soon as you get one of the agreed results, take time to reward yourself in some way.

For some tasks, just taking a break and relaxing for a few minutes will do.

For others, you may want to get a fresh cup of coffee and even treat yourself a dessert.

For even bigger and more demanding tasks, reward yourself by doing something even more enjoyable, like going to a cinema or taking a trip to some place nice, or even buying yourself something.

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Your progress may not seem to others like anything worth celebrating but, take time and do it anyway! It is your task and your reward, so any ways to stay motivated are good.

The more you reward yourself for the honestly made progress, the more motivated you will feel about reaching new milestones, thus finally accomplishing your goal.

Mix and Match

Now that you have these five ways of staying motivated, it is a good moment to give you the key to them all: mix and match!

Pick one of the techniques and apply it to your situation. If it doesn’t work, or if you simply want to get more motivated, try another technique right way. Mix different approaches and match them to your task for the best results.

Just think about it: Finding good reasons to work on your task is bound to helping you feel better; and identifying ways to make it fun will help you enjoy the task even more.

Or, if you plan a few points for easier tracking of your progress and on top of that, agree on rewarding yourself as you go; this will make you feel most motivated about anything you have to work through.

More to Boost Your Motivation

Featured photo credit: Lucas Lenzi via unsplash.com

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