Prioritize For a Richer Life - Common Sense Living Newsletter
 
Common Sense Living India

Prioritize For a Richer Life

Wealth
Life
May 20, 2014

 

Do you ever feel as though money has taken over your life? Instead of simply being a means to an end... instead of allowing you to live the life you want, pursue your passions, spend time with your family... money itself has taken center stage?

If your financial situation is the first thing you think of when you wake up, the worry that doesn't let you sleep at night, and the reason you had to miss your child's school concert to stay late at the office...then your relationship with money needs to change.

When I was younger I didn't care about money - it never figured in my decisions. I did what I wanted, worked at a nonprofit, lived in tiny huts and cheap accommodation, traveled on bumpy buses to remote places - I was happy. I'm still the same. I still enjoy the simple pleasures and would still rather eat at a roadside thela than a restaurant wherever in the world I may be.

But now I want one other thing. I have a 'money priority'. I want to give my child the best education money can buy - which is what my father gave me.

Ever since this thought formed in my mind, it became a source of constant worry. My money priority began poking its ugly head into all my decisions.

Life should be about things that matter - love, experiences, family - things that money can make possible. Money itself should not become a priority. If it does, like it had for me, you may need to reorganize your priorities.

So I decided to make a change... to clean up my financial act... and learn everything I could about money. How to make it, how to handle it, how to invest it ...so that it leaves the front and center of my mind and takes its rightful place on the back shelf.

The best advice I ever got on this journey is from wealth coach Mark Ford: 'The feeling that you have the capacity to create wealth is the single most important tool in your wealth-building kit'.

The minute I started equipping myself with wealth building knowledge and taking small steps towards financial independence, I began to feel great confidence.

To find your own comfortable relationship with money you can take many paths. Here are the steps that I found helpful:

  1. Identify your life priorities. What matters most to you - your relationship with your spouse/children/parents? Enjoying your work? More freedom? For me, being wealthy would mean having the kind of life where I get quality time with my loved ones, the flexibility to travel to new places and have new adventures, and do a job where I spend at least fifty percent of my time reading and writing. My life priorities are to create the kind of life where these things are possible.

  2. Then, identify your money priorities. Once you understand what you absolutely without-compromise need, the cacophony of 'financial noise' in your mind will quiet down. What are your big money goals? For many people it is making enough money to retire comfortably. For others it is building something significant to leave to their children, planning for a family wedding, or creating a college fund.

  3. Assess your spending habits and orient them towards saving. Are you spending for the wrong reasons? People often do, subconsciously. Get in the habit of asking yourself these three questions before making a serious purchase:

    Do I really need a __________ (insert purchase here) ? Do you really need that new iPad Air? Probably not. Do you really need that new washing machine? Possibly yes. If you have trouble imagining life without that iPad, think about your money priority. That should help you re-focus on what's important and tune out the siren-call of the new gadget you are coveting.

    Is there something better for me than a _____________? Why do you want an iPad? There are a huge range of tablets in the market with varying prices, specifications, quality, and brand identities. If you are buying an iPad because it has the right specifications for you and the best price, great customer service, etc. that's fine. But if you want it simply because it has the best image, the coolest brand... then you might want to reconsider. Again, remember your money priority, forget about 'prestige', and go for value - you will probably end up with a better machine for half the price - and a big chunk of money added to your money priority.

    Is this the right time/place for me to buy a ____________? Maybe you really do need that iPad - your old one is falling apart and you use it for work. But the rainy season is just around the corner and you know sales will bring you considerable savings. Do you wait for them? You should if a) the savings would be decent, and b) the discomfort not too great.

    Maybe you have to bear with the painfully slow tattered machine for a few days - but if you are saving an amount which you feel good about putting into your money priority then it will be worth it. On the other hand, if you can barely get any work done and are losing your mind then it might not be worth it to wait.

    Remember, we are talking about saving, not scrimping. If you cut corners so that your life becomes less comfortable - then you are defeating the purpose. However, if you can save without reducing your quality of life - even if it means more effort - then you should do it.

  4. Finally, assess your income to optimize your earnings. Are you earning the most that you can? Most people believe that they are. But even if you are working ten-hour days and drawing the best salary you can, there is more you can do to make money in addition to your primary income. There is a world of opportunity out there. The Internet has brought the world to our fingertips and expanded the markets for our services. Simple things like writing content or uploading photographs can bring thousands of extra rupees a month with very little effort.

Redefining my money priorities really changed my life. I was living better while spending less, and making more while worrying less. I began to value the things that mattered to me, instead of dwelling on things that worried me.

Having access to a wealth coach helped me to understand why some people seemed so at-ease with money, while I was always struggling to figure out what was going on. Having the right guidance can make achieving financial comfort surprisingly easy.

If you're wondering how to get yourself a wealth coach, the Wealth Builders Club India is a great option.

The idea of life coaching and wealth coaching is new to India. We hear of some celebrities having wealth coaches but it's not practical or affordable for everyone. However, through the Wealth Builders Club, Mark Ford brings this opportunity to everyone who is interested in building wealth.

With the help of my mentor, I am now on the path to financial independence. I hope that you too can have success in finding your perfect relationship with money.

 
 

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5 Responses to "Prioritize For a Richer Life"

janakiraman dandapani

07 Oct, 2015

useful article

Anisa

29 May, 2014

I'm glad you're all on board and were able to grab this great opportunity. I'm already learning so much from it - and I'm sure you guys will too. Here's to 'open ears and open minds' for all our members. And please always toss in your 2 paise - your ideas are worth way more than that to me!

Pravin

28 May, 2014

Very crisp summary of how important prioritization is, to set oneself a financial goal and build the strategy to go realize it. I believe that the fundamental traits one need to have in order to achieve this are discipline and patience. One needs to consistently aim and work towards the goal for several years (7 according to Mark) in order to be successful - and discipline and patience are going to stand oneself in good stead in the process. Just my Rs 0.02.

Like (1)

Vivek

27 May, 2014

The concept of multiple streams of income is new to me. Most of the time we hear people saying stock market is the best way to make good money. What i am looking for is a safe, reliable,tried,tested, implemented way of earning decent money, apart from my job. I do understand that the word "decent" is important. We often get carried away, creating false expectation. For me, I would say if multiple stream income compliments my job and increases my savings bucket by 40% and provides me an opportunity to take a vacation yearly to the destination of my choice, i would be a satisfied person. I am all ears, with an open mind, and here's hoping WBC will be the changing point in life with regards to handling wealth!

Basker

21 May, 2014

I strongly believe commonsenseliving would make a difference in my spending and learning extra income opportunities.I look forward to reach the financial indepedence as you are. I utilised 50% discount opportunity and enrolled myself to wealth builders club india today.

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