Time flies, so it is always a good time to evaluate goals and get your financial house in order. Unfortunately, all too often we wait for someone to rescue us from our bad decisions and poor judgment. However, I have a news flash: if your hero hasn’t come yet, then perhaps it’s time to take a radical step yourself. Here are three reasons you should become your own financial hero.
Being Your Own Financial Hero Allows You to Hold the Keys to Your Own Financial Destiny
You have more power than you may think. A few years ago, I made a casual observation about the striking resourcefulness and wisdom of one celebrity. As a reality-star and daughter to the late Aaron Spelling, Tori Spelling seemed to have a very charmed life. You might not know that she experienced financial challenges. However, she received a tiny fraction of her late father’s $500 million estate. That meant that she had to chart her own course, which might have been a blessing in disguise. Fast forward a few years, and she is a serious entrepreneur in her own right. She designs and markets her own line(s) of jewelry on the Home Shopping Network, ran the country Chateau La Rue Inn, owns a production company, penned a New York Times bestseller sTORI Telling, and has starred in her own realities shows, etc.
Yet, before her brand was in full gear, Tori Spelling faced the following financial dilemma. She and her husband toured a house that they absolutely loved, at least until they heard the price. Her husband instantly went “We can’t afford this.” I submit to you that his response is pretty standard. Most people would react the same way when encountering a purchase significantly above their price point. However, Tori’s response was insightful and undoubtedly the product of learning from her uber successful late father. She countered with I will start a business or two businesses if necessary, but I want this house.
In other words, she switched the question from “whether or not she could afford the home” to “how can I afford the home.” If you follow a similar process, your life will change because what you set out to accomplish will no longer be confined to the limits of your income but rather your imagination and ingenuity. It doesn’t matter whether it’s a house or your retirement, the same principle applies!
The key issue is not where you are currently at but what you can become!
Being Your Own Financial Hero Will Make You a Better Person
In addition to controlling the direction of your life, being personally responsible for your finances actually has several benefits. Owning our mistakes and coping with life’s financial difficulties builds character because facing financial demons is unpleasant and takes courage. Addressing these problems also makes you resilient and resourceful. When you tackle these challenges, you may come up with creative solutions to your financial woes (i.e., non-traditional second jobs, starting side-businesses, or restructuring deals to limit loss or to be mutually beneficial, etc.). The whole process may unlock potential that would otherwise lie dormant.
Simultaneously, you will also be decreasing your dependency on others. You’re essentially saying “The buck stops here” or “Hold me accountable.” There’s something magnetic about someone who is not shirking responsibilities. Moreover, taking such accountability establishes your reputation by earning you the respect and honor of others.
As you become more, so will your wallet.
Being Your Own Financial Hero is One of The Fastest Ways To Get Help From Others
“God Helps Those Who Help Themselves”
While the above sentence is not in the bible, the sentiment surely has profound meaning to all of our lives. Consider the following: are you more or less likely to help someone who is taking deliberate actions to improve themselves? A third reason for why you should be your own financial hero is because people love others who are willing to hold themselves accountable for their successes and failures. According to Batson and Powell, helping is much more likely when we are able to take the perspective of others and feel sympathy for their plight. However, it is hard to feel sympathy for someone if their actions are moronic and irresponsible! We root for responsible people and help them reach their objectives.
Of course, you being financial responsible isn’t about manipulating others to feel sorry for you and getting them to help you. You are instead simply stating what you are accomplishing, when it will be accomplished, and perhaps how you plan to achieve it, and giving others an opportunity to participate in your success. Someone may be so impressed by the steps you are taking, that he will go out of his way to see your vision come to fruition.
It is quite likely that someone is already watching you who’s capable of catapulting you to the next level.
I remember when I wanted to lose weight and based on my knowledge then, I knew that I “needed” a piece of equipment in order to reach my goal. The problems were that I was a kid with limited resources and I had already tried other “essential” pieces of exercise equipment with unimpressive results. How could I motivate my family to invest in my latest fitness effort when I had previously “dropped the ball?” I decided to save what money I had and follow whatever relevant exercise programs I could find; I used the other equipment I had until they broke; and I ate better. I did everything I knew within my power to show that this was the real deal. The next thing I knew, the family agreed to my request. I got the equipment I desired, and with my newfound dedication to my plan, I lost the remaining 40 lbs in just 10 weeks!
We love helping people help themselves!
In summation, heroes do not fall victim to waiting for their circumstances to change before they act. Heroes change their circumstances instead. They personally take responsibility to ensure that victory is achieved. The application of being your own hero is that no matter what financial giants you encounter, you hold the keys to your own destiny. Thus, take courage and choose to be great! All that is required is that you decide what impossible situation you are passionate about conquering and that you begin your extraordinary journey today!
Roshawn writes at Watson Inc on eliminating debt, investing money, and building wealth. Get his free eBook Your Foundation to Wealth by signing up for his email updates (no spam I promise). Get his RSS feed and connect with him on Twitter @roshawnwatson too.