226-378-7748 joe@budgetboss.ca

Monday, October 1, 2018

How to Regain (or gain) your Money Optimism

Life is a fickle thing. We see so many people trudging through it without any real sense of happiness or joy. I can sometimes be that way and it frightens me quite a bit. As with life, money can be quite depressing as well. Money optimism is not easy to come by. The news is full of negative stories about money. Debt this, or interest rates that, or trade deal Cheeto President blah blah. How do we find money optimism? I am of the firm belief that as money goes, life goes, and therefore money optimism is crucial for optimism in general. Today I am going to give you 10 Tips to regain or gain for the first time, your Money Optimism. The skies might be grey but believe me, there is a pot of gold out there somewhere. Let’s get started.

 

1) Save something, anything, and hide it

I believe whole-heartedly that having savings changes lives. I know this because I have lived without savings and life sucked. Now that I have savings, life is 1000% better. It gives you a confidence that I cannot describe, it’s just there. Take some money and put it away. Open a bank account aside from your normal one and stuff a bit of money in it. Get a safety deposit box, a fire-proof safe, a GIC, a savings bond, whatever it takes and hide some money. Think of it as a “get out of jail” pass. Knowing in the back of your mind that the money is there will make you feel better, trust me.

 

2) Do something for yourself

You are going to have to hear me out on this. Chances are doing things for yourself are what got you in this money mess. You need to reward yourself for doing well, but first, you must do well. Save up for the next few paycheques and treat yourself to a spa day, or a sporting event. Preferably you would find something once a week that you can do that doesn’t cost you anything, but truly allows you to relax and unwind. Remember that sunsets are free, and you can get a bottle of wine or a nice latte for $15 bucks and under. A nice weekly ritual of alone time to reward yourself is priceless, especially for all you mothers out there.

 

3) Do something for someone else

Giving something to another is selfish, but it’s the best kind of selfish. The feeling you get when you help another human is absolutely remarkable. It throws you on cloud nine, even for just a little bit. There is always someone else out there who has it worse than us. We need to remember that from time to time. Donate your time, or a small amount to help another in need. It really puts life into perspective. While we fight to save for the future, or to get out of debt, or to get a new home, others fight for a meal, or to get free from addiction, or cancer. All are worthy fights, some are just tougher than others.

 

4) Start your nest egg

Compound interest is a beautiful thing. My good friend Brian Tracey, inspirational speaker and author, believes we all need to start a nest egg of 10% of our income for retirement. Him and I both agree that doing so might not be easy, so starting off with something small might be the ticket. Start off with 1% of your income when you get paid into a special retirement savings account. If you make $1000 every 2 weeks, put away $10, if you make $2000 put away $20 and so on. It might not seem like a lot, but it gets you started with retirement savings. Make it a goal to up this amount at regular intervals. Start with 1%, then next year make it 2%, then 3% and so on. If you do this with dedication, you will retire comfortably. Remember that it all starts with as little as $10 a paycheck. This will give you supreme money optimism.

3 Moves to Build Money Confidence in Your 20s, 30s, 40s and 50s – Huffington Post

Financial Advisor

 

5) Make a money plan

Do you have goals that you want to accomplish? Maybe it’s a large purchase or a new career path, or even to just get out of debt. Making a money plan gives you a heightened sense of optimism. It shows you that you have a solid grasp on the future and you are taking the steps to change your future today. Use the SMART goals method to map out your money plan, or talk to a financial advisor, and they will help you make a plan to reach your goals. Remember that without a plan, a goal is just a dream.

A Blueprint to Financial Success – Budget Boss

 

6) Create a budget

Seeing everything on a piece of paper does wonders for the brain. It gives a sense of clarity and vision. A huge point of contention with people’s money optimism is that they don’t know where all their money goes. A budget alleviates that problem by showing you exactly where your money goes. Chances are you will not like what you see, but that might be the motivation you need to make some changes. I truly believe that a budget is a blueprint for financial success and it can be as simple as numbers written on a piece of paper.

 

7) Boost your savings, not your lifestyle

Ever come into a bit of money? Maybe it’s a tax refund, or a 3-paycheck month, or a rebate of some sort. What do you do when that happens? Ball out of control? How does payday feel for you? Do you feel like the richest person in the world? Do you buy bottles at a nightclub? Do you have an intimate relationship with Amazon? Remember that how you live determines how wealthy you will be and savings equals freedom. You should always be striving to boost your savings, not boost your lifestyle. Now if you live in a roach motel that’s a different story but if you live fairly comfortably, focus on the savings aspect. Again, it will give you confidence and power. Plus, do you really need another pair of designer sunglasses?

Your Own 1-Page Financial Plan – Budget Boss

 

8) Do a deep cleanse

Purge baby purge. Getting rid of crap is always in fashion. I know for a fact I could take a day and make my place a little less crowded. We all have stuff that builds up over time. Take some time and get rid of the stuff you don’t need anymore. Better yet, throw a yard sale. Boom, you purged and made money! Stuff clutters our lives and our brains. Getting rid of stuff is liberating and gives you a sense of money optimism that will propel you. Don’t be a slave to the crap you own.

 

9) Eliminate bad relationships, especially bad money relationships

We all have that friend. Just one more beer, just one more night out, just one more time you cover my butt. Maybe you are that friend. While toxic people might not be bad people, they are definitely bad for you and your wallet. You must make a conscious effort to eliminate toxic people from your life. Again, it doesn’t mean they are bad people, it just means they are not good for you. I fully admit I may not be right for everyone and fully expect to be subtracted at times. I also admit I subtract people on the regular when necessary. It is about forward progress and others should not get in the way of that. There is enough crazy shit going on in our own heads that we don’t need to let others add to it…

 

10) Live right

This is probably the toughest one. Sleeping right, eating right, living right, it’s just not that easy. Getting to bed early is tough, especially for all you mothers out there. Getting up early is even tougher, but you can’t do one without the other. Not eating junk food is difficult, especially in our fast-paced world. Not drinking in excess can be tough as well, especially when we are stressed from everyday life, including money. We trade our health for time constantly in our lives when in all reality, it is the most important thing there is. Having lived in bad health and gotten better, I see how much it plays a factor in our lives, especially our money. Getting your routine clean will translate to success with money and a sense of optimism you may never have thought possible. Remember that if it is bad for you, it probably costs a good amount of money. The sin tax is real, and you pay for it with more than just your bank account.

 

Money optimism is fleeting. Rich people worry too. I don’t know about you, but I would rather worry about the performance of my portfolio than the debt collectors knocking on my door. It’s all about progression and the small steps you take to regain or gain money optimism will be significant ones. Choose wealth, or don’t. Choose to be an optimist about money, or don’t. It is really that simple.

“Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.” – Helen Keller
Financial Advisor

Estate Planning Essentials for Everyone

Email – joe@budgetboss.ca 

Follow Budget Boss on – Facebook LinkedIn Twitter Instagram Pinterest Quora

Comments

comments

Contact Us.

Please enter your details below and we will be in touch.

4 + 1 =

BUDGET BOSS

CONTENT

CONTACT

(226) 378-7748

joe@budgetboss.ca

201 King Street

London, ON

N6A 1C9

Copyright © 2018 Budget Boss

Powered by SixFive.

Pin It on Pinterest

Share This