(A continuation of Learning to be wealthy)
I’ve started reading about habits, and the books have got me thinking. Maybe what I need are good money management habits, or “wealthy habits”.
So my focus for a while is to develop wealthy habits.
What do Wealthy Habits look like?
This means that in order to be wealthy, I need to look after and be responsible with all of the money under my care. For me this isn’t just with the home finances, it’s the business finances – both of them.
I need to work out how to automate as much as possible, and remove the surprises. Once I’ve done that I need to work out how to make it clear and easy for the team to use and interpret the information to make smarter decisions.
“It’s not the man who has too little, but the man who craves more, that it poor.” ~ Seneca
Wealthy is in your attitude
I’ve realised that over time I’ve adjusted to our frugal lifestyle, and most days I don’t chafe at it anymore. It’s taken years of slowly chipping away at my old “poor” habits for Seneca’s quote to start becoming reality.
It’s not that I have any more than I used to have. Instead, I’ve become used to not spending, developed a habit of saving, and even started to learn about micro-investing. Along the way, I’ve learned that I get a serious dopamine hit every time I see money accumulate in the savings accounts. I’m starting to get addicted to the feeling of empowerment that comes with knowing that a) I’m not going to be surprised by an unexpected bill, b) that if “stuff happens”, we’ve got a little cushion, and c) if I keep this up, investing for university fees and retirement might actually be do-able.
So, now I’m starting to feel rich or wealthy, because of what I’m choosing to do with my money. Because I’m being stoic; focusing on what is within my control.
Self Discipline is Key
Reflecting back on it, the feeling of being in control of my finances is very similar to being in control of my weight. They both come with a strong element of self-discipline, focus on a goal or standard that needs to be attained or maintained, and a determination to do what needs to be done to get there.
“Decide what you would be, and then do what you must.” ~ Seneca
There’s also a sense of patience. My Christmas flab won’t disappear overnight, but I know that if I track my calories and get my arse moving (walking, running, yoga, whatever) it will come off. And the same with money.
Where we’ve needed to dip into the credit cards to carry some expenses for work. I know that if I track our spending, get the team hustling (myself included) and shift little bits of money across as and when I can, they will be cleared. Then it’s just rinse and repeat to build a little post for future growth and investment.