In the normal world “delayed gratification” is a term that people never want to hear. Today, as I was riding my motorcycle up to get morning coffee, I thought about this subject. We have been through tough times in our nation, and in the world economy. Yet what do most people think to do when they get an extra $500 bonus? GO SHOPPING. Well if you always do what you have always done, you will always have what you currently have. Not sure I said that right. What it means is, if you want change in your life you are going to have to make changes in your life.
When I was in multi-level marketing, the term “delayed gratification” was mentioned a lot. Many people would have a dream of getting a new car, new house, new dog, etc. This was a difference between the teaching I had had when I was young and the working world I was in. I had been taught that you set a goal for something you wanted and waited to get it until you could afford it. Imagine how many fewer things would be purchased on credit if more people practiced this today! I know in my own business life in the past two years we have taken on credit that we are trying to pay down. To do this we are waiting on things we want.
Let me go through some ideas of how this concept works in starting your life over, and building a dream. Most people cannot leave the job they have due to debt they have incurred. After all, they have to make the house payment, have to make the car payment. Well to leave your current world and change to live a dream life doing what you want, you may have to settle for earning less money. So you must prepare your life by not having so many bills. To do this I’m going to lay out the three-step process for financially preparing yourself to make the move to living a dream, ideal life.
1. Define where you want to go. This is a lot of what I speak on, but for this blog you not only need to know what you want to do, but what will be your income when you get there. As my dad used to tell me, if you make $1500 in a month you cannot spend $1600. Well if your ideal life means a job making half of what you are making now, you include that part and prepare for it.
2. Downsize your lifestyle. It’s possible you may be making less money in the process of your new life design. But let’s say you know that this new dream will ultimately make you four times as much as what you are making now. I know many people who say “Plant the seed and prepare for the money to come in. Step out in faith and buy the bigger house.” BAD IDEA. You need to downsize your life first. In the Bible the apostle Paul writes about the Christian life being a race. Many times he says you should lay all weights aside and run the full race. Well, this is what I’m telling you to do. Prepare for great to come by clearing your plate and reducing the weight. We do this by downsizing first. If you do away with the petty things that you really don’t need you will free yourself up to be able to make less money and to work towards a real dream.
3. Prepare life to live on half your income. This is the final key in the three steps to really living your dream. If you could live on half of what you make and invest the other half, how would this benefit you? Well, you’re now in a planning mode to get more out of life, to delay buying the things now until you can afford to really live. I heard this concept from the owner of the Orlando Magic when he first bought the team. He told his players how they could live longer on the money they made. Well, if you started this when you were younger, yes your friends could buy bigger houses than you in the beginning. But in the long run your income would grow because your investment income would grow and grow as your investments grow.
This is a great way to live; you now spend your life buying only half of what you could afford. Let’s say you can afford to buy a million dollar home. Well buy one that is a half a million. You then have half a million for investing and creating a better lifestyle for yourself. This concept is one that I employ to help many of my clients change their money situation in life. Don’t reward yourself with big things until you first have a solid foundation set to be able to live a true lifestyle of the rich and famous.
If you would like help with this, email email@example.com . Let’s talk about my “Balanced Like a Rockstar” program, designed to help you to enjoy success longer.
Until next time, I’m Tim Gillette, the Rocker Life Coach, telling you to Live, Love, and Rock on.