November Wealth Report

Now that I’m building up a decent amount of wealth, it’s a good opportunity for me to learn more about how to use money. While a lot of people think that using money is very straightforward, there’s actually a little bit more to it than just spending it.

I remember reading an article on wealth and one of the biggest things that stood out to me was a simple quote:

“Anyone can make money. The tough part is saving it.”

But I’d like to add more to that statement. After all, accumulating wealth is knowing when to save up the money that you earn. But also where you spend your money when you do get around to spending it.

It’s why it’s important for us to learn to not only save when we get the chance but to spend on worthwhile purchases.

It’s why from this perspective I’ve decided to bet $500 on myself that I’ll drop 20 pounds in 6 weeks.

How To Use Money As An Incentive

Why Do This Now?

On a health standpoint, this does make sense. For the past year or so I’ve been doing this, very little has changed and I need to kick my ass into gear and do something.

That being said, why bet $500 on this?

Especially since deep down, I knew what the problem was in the first place.

Why use money in this situation?

Part of the reason goes back to making bold moves. But using money like this right now for me teaches me more about myself.

Up to this point, I could easily not hold myself accountable for writing about my health. Furthermore, I could continue to preach and not practice what I was saying, even if I’m writing about my own personal health.

And in a sense, that’s what I have been doing for the past year or so with small changes and discoveries being made scattered throughout. And while I’m grateful for those discoveries, I believe I could’ve found them much sooner if I had some additional incentives.

Some real risks to my inactivity.

By understanding this, you can begin to understand why I want to use money as an incentive for my own growth. I want to change and be more accountable. In order for that to happen, I need to find whatever I can to get me to do something. Even using money, especially since it’s always been a softer spot for me to get moving.

Understanding Myself

But the other aspect I haven’t addressed yet is understanding myself. While how we spend our money says a lot about our priorities, it’s in instances like these where our personalities shine.

We put money on the line that we could either get back or lose. It’s up to us to determine what’ll happen and that boils down to our mindset. It’s why money is often a good incentive for most people. A lot of people will do whatever it takes to make the money back.

But it’s how they do it that matters most.

Will they stay loyal throughout the bet or will they tread along a fine line?

How about rushing the process? Or will they take their time?

How often will they give themselves a pep talk?

These particular elements make a difference in the grand scheme of things. It’s the difference between how high their spirits are and how committed they are to something during the whole process.

When looking at myself, I can see that I’m truly passionate about this. So far I’ve used my knowledge of myself and have been sticking to the guidelines. Furthermore I have seen a lot of change.

So far I think it’s money well spent.

So How Do You Use Money For Incentive Purposes?

So how exactly do you use money to give yourself an incentive to do something?

It’s a key question to ask because even if you spend money or want to make money, it doesn’t always motivate you. Remember, I was stuck financially for a few years and a lot of it was chalked up to sheer laziness. But even when I had many avenues to make money, I still wasted away and did nothing to change my situation.

But now that I’m in a better position and working on growing my streams further, it’s key for me now to use money as a way to promote change in my life. One of those things is doing this bet and working to change my health and be healthier.

So let me walk you through the steps that I used to determine this. I believe by explaining these steps you too can use money as a way to motivate yourself to do what you are truly passionate about doing.

The Steps

  • First, I determine if this is something that I want. Is the proposed change something that I really care about as a person? This is key because I can form a why around that reason and make it a goal to complete it.
  • Second, I determine whether the risk now is worth the potential gain later. Is what I’m giving up now really worth this change I’m making? While money is valuable and important to me, there is always more money out there. This relies more on your money mindset.
  • And finally, I figure out if doing this is going to provide any kind of opportunity for me. Is this something I can capitalize on beyond the initial gain? Even though in this scenario it’s a bet, there are ways for me to capitalize from this. For example, this experience is great writing material which I can use to write a number of posts on. I can post these on this site or on Medium and be able to make more money from the experience.

Use Money Wisely

What’s important in these steps is looking at those specific questions and asking yourself those.

Why these particular questions?

Because it helps you to shift your thinking and approach towards money. These questions can help you a lot in seeing money more as a tool or a resource as opposed to something else.

To your growth!

Eric S Burdon

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