Why Cutting Back Your
Spending Will Lead to Failure
Enough of this
cutting back, reduce
your expectations teaching. There
is so
much more to life to be able to enjoy.
What I absolutely don’t understand
is why the immediate belief and
common message when things get tough is to cut back.
There are two sides to every story and the
other one is to expand. Expand
your
resources, your income, your connections and your options.
But, if you
only look at these
opposite views as ends on a teeter totter, then the lever in the middle
is
obviously an essential component for success.
It’s the lever that brings the
balance, the fun and the results.
Sure, look at
where you can
streamline your expenses and look for ways to expand your options, but
more
importantly, remember that whenever you have opposing views, you have
stress
and struggle and a dilemma about which direction to make your priority. I know at first it might
seem easier to cut
back because you can see the numbers on the paper.
It’s more of a test of faith to set
out to
expand your income and create more options, so this is why cutting back
seems
like the first plan. If
having an
immediate reward that you can see is important, then that’s
the reason why it
will seem like less of a gamble to get another job to make more money.
However, if you
cut back, stop
enjoying what you have and stop rewarding yourself with the desires and
lifestyle that’s important to you, and simultaneously take
more time away from
your true priorities, you will have put yourself on the equivalent of a
crash
financial diet. The
only way to truly
win at the financial teeter totter decision making process is to create
the
lever. This is the
entire system of
considering all the important areas of your life and systematically
reviewing
your lifestyle to find ways to streamline, and to expand at the same
time.
It
will require documenting what you have – monetarily and
otherwise – and having
a very clear visual picture of every minute aspect of your current and
future
financial needs. It
will require you to
ask how and to eliminate any possibility of
‘can’t’ from your thought
process. It will
require you to seek
support from positive people and to immerse yourself in expanding your
knowledge of ways to make your goals real.
It will require you to start with each small
area and to persist until
you realize the rewards you’re after.
Anything else will lead to struggle, stress
and a helplessness that
won’t serve you or anyone else.

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Money expert Tracy Piercy, CFP, Founder and
CEO of MoneyMinding Inc., says, “Conventional money wisdom
will keep you
broke!” MoneyMinding
is a wealth
building system that turns conventional money wisdom upside-down. It
offers a
turn-key marketing and coaching program for advisors and their clients
who
understand the importance of incorporating values-based financial
decision
making into day-to-day financial activities.
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visit www.MoneyMinding.com
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