It’s about that time of the year and believe it or not many fall into depression, anxiety and self-pity due to lack of preparation or simply trying to keep up with the Joneses. I want to take a moment today to share with you the importance of not falling into the trap of allowing others to tell you where to spend your money.
Speaking of which, there is a difference between spending (or blowing) your money and investing it.
To “spend” is defined as “using money to pay for something, or “to use energy or effort to do something.”
To “invest” is defined as “to commit (money) in order to earn a financial return,” or “to make use of for future benefits or advantages.”
During this holiday season I want you to ask yourself the following question before you swipe your credit or debit card; before you pull your money out of the bank; and before you sign on the dotted line: “Am I spending or investing?”
One thing my mother always taught me that has stuck with me throughout my adulthood is this, “A sale is only a sale IF you NEED it!” This time of the year there will be all kinds of people, voices, things claiming your attention because it’s half off or even as the picture above, 70% off. But what good is it if it is not something you really need. You have to make a decision on whether you are simply just going to spend (or blow) your money or if yo choose to invest it.
As noted above there is a big difference. For example: If you go to the mall and buy multiple pair of shoes at $100 the question would be: Am I simply purchasing these shoes because I want them (spending) or are they truly an investment and something I need Well, it would depend on what you are using the shoes for? As for myself, I am a speaker in which I travel the country speaking on various platforms and my appearance plays a large part into my business.
Therefore, for me to purchase (2) pair of shoes at $100 each that may usually be $400 each could be a sale that I could take advantage of that would assist me in bringing in more revenue simply because I chose the right shoes. I remember attending Bishop T.D. Jakes’ Woman Thou Art Loosed Conference a few years ago and they sat me not too far from Pastor Paula White. During one of those “look at your neighbor” moments she looked my direction and just so happened to catch a glimpse of my multi color peek toe pumps I had just purchased prior to attending the event. Because she was attracted to my shoes, that caused her to lean back, throw her hand on my leg to grab my attention and started a conversation by saying, “I love your shoes!” From there we had small talk, she prayed over me and we parted ways with a hug. I’ll never forget that moment.
So yes, ladies (and gentlemen) there is POWER IN CHOOSING THE RIGHT SHOES!
Ok…where was I? Oh yeah… so when purchasing shoes I personally view them as an investment considering they are a part of my presentation (both physical appearance and information I’ll be sharing with audiences globally.)
As a young entrepreneur I am learning to become more frugal by not spending every dime I make. My motto is “Don’t take all of your money to the mall. Take it to the BANK!” Of course after you give God His 10% and pay your bills (ON TIME) But after that yes, take it to the bank and stop trying to be a DIVA!
Believe it or not, I don’t shop as much as people may think. Not for clothes anyway. I absolutely love the book store and I have to put myself on a budget prior to entering! I am the girl who could walk in the mall and spend about twenty minutes in there and maybe only come out with a bag or two. On the flip side, I’m the same girl you’d have to drag out of the book store! I know I can’t read them all at once but their like Pringles, you can’t just buy one!
So basically what I am saying is I view the following as investments: Getting my hair done, manicure, pedicure, teeth cleaned, books, coaching and programs. All of these things have an ROI (Return on Investment) attached to them.
Let me explain: Due to the type of work I do (speaker, author, coach & entrepreneur) how I present myself to the world is very important. I am not saying I am caught up on designer names and all of that because I am not. However, I do purchase clothes of value that will not shrink, rip or fade after one wear.
Next, investing in my hair, nails and feet are a plus because they too help make up my brand. Whether you choose to accept it or not people judge you by the way you look. Remember the movie, Pretty Woman, Vivian (played by Julia Roberts) was a beautiful woman who had gotten caught up in the wrong lifestyle. Although she entered into a very exquisite boutique with tons of money to purchase whatever she wanted, she was rejected by the staff simply because she did not look the part.
Lesson to learn here: In life we must dress for success but also get rid of the excess! Less is usually better. You don’t have to overdo it or try to be noticed. Stick with who you are and dress for the occasion. Wherever you go, look like you belong there and watch others take notice.
Now, if you are like my thirteen year old daughter who wants a pair of $220 Jordan’s just to keep up with your friends or impress them then that is money spent; not an investment. Notice the key words here: My THIRTEEN year old daughter! Motive plays a lot in how and why we spend versus invest.
Ok, ok I’m wrapping up because I understand the average attention span of most is approximately (8) seconds. Therefore, if you are still reading this I take it as I am doing pretty good huh? (laughs) But I won’t push it!
Let’s end with a few thought provoking questions to help you analyze your spending:
- What were the last (5) things I purchased?
- Was it simply money spent or an investment?
- What plan are you going to put in place NOW to re-position you to be an investor versus a spender?
HOW YOU CAN WORK WITH ME:
As a Breakthrough Coach I offer one on one coaching in the area of budgeting. Although I am no expert, however, I have completed quite a few financial trainings in which I have been able to position myself to spend beneath my means and learn how to focus on what is important not allow every SALE or commercial to control my finances or stimulate me emotionally.
If you too are ready to overcome in this area and need assistance in getting your personal finances in order I’d love to share spreadsheets and systems I use that can help you regain control in this area as well. By coaching with me you can kiss living from paycheck to paycheck good bye! Say hello to being able to do what you want, when you want! All you need is discipline and implement a few re-adjustments! Trust me, we have all been here so don’t be embarrassed. Click below to work with me today. Confidentiality rights are in place that covers you as a client. You will work with me and only me. No worries. Sign up now by clicking below: