People like us care about money. Let’s face it, many of us read financial websites most days of the week, if not everyday. We spend so much time thinking and reading about money and money advices that we almost know how the piece will be structured after reading just the title of the article. We feel that by reading, thinking and talking about money, we can somehow become wealthier.
To be honest though, this is not good enough.
It is not good enough to just be reading and thinking about money advices because we also need to apply it. Who doesn’t know that eating out costs much more than cooking and bringing a brown bag? Who doesn’t know that the person who takes on big debt to buy the fancy car is not doing him/herself good financially?
On paper, everything is easy. Live below your means, invest wisely and let time take care of itself. In reality however, it takes motivation to live below your means. It takes motivation to invest and stay invested through tough times. It takes motivation to give up that dream car we always wanted and instead save it for the emergency fund and it certiainly takes motivation to keep being frugal once your wealth starts to build.
Are you motivated to be financially free? If you aren’t motivated, this need to be one of the first things to think about because all the time and effort is wasted otherwise.
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{ 8 comments… read them below or add one }
This is a great entry…one of the best I’ve come across.
You’re right, without motivation, we’re stuck in a rut.
What I found in my research, lack of motivation comes from fear and resistance.
Sometimes, just talking about what scares you can lift the resistance and lead to action.
Barbara Stanny, author “Overcoming Underearning”
http://www.barbarastanny.com
Thank you for your kind comments!
Someone told me that when we want to do something, we will make it happen. This is so true!
I think what happens a lot to people is.. they read a finance book or a book on handling finances, and they don’t follow through with everything in that one particular book. Before they finish all the tips/techniques, and see if it actually works, they move on to the next book and they start combining all the tips and techniques. I think that’s very similar to dieting. Moving from one book to another.
Stephen: Yeah it’s very easy to try something and not give it enough time to work since people are usually not very trusting to advice from someone else (which is very understandable!)
An excellent question that not only applies to being frugal but also investing wisely. We generally ask clients “Why do you invest?” most people cannot answer this becuase they don’t have a goal. Asking these questions of oneself invariably makes saving and investing more clear.
Asset Manager: I agree. Having a goal definitely helps drive the motivation level up.
Seldom I write comments but resource really cool
I agree. Reading is not taking action. Everyone knows that “expert on everything” person who sits on the sidelines drowning in fear. Taking imperfect action will always outdo inaction EVERY time.
From what I’ve noticed successful people are just people who create systems, record data and keep tweaking the system until it works. They never give up and that’s key!
Thanks for writing! Cheers…
Chantelle