The Simple Money Solution Everyone Ignores
Every Sunday I send out something to think about, a question to ponder and something to try to make your life a little more pleasant. The idea is to inspire and encourage positive change. Readers share their progress so we can all benefit from the learnings.
THINK
“Do not pray for an easy life, pray for the strength to endure a difficult one.“
Bruce Lee
I was recently asked by a coaching client if I had any “hacks” or “quick tips” for helping them develop a better mindset around money.
I have a simple solution as it happens, and a way for you to test it within 60 seconds, that’s free, simple to do (not easy) and yet, 98.4% of you won’t do it.
Will you be one of the 1.6%? 🤔
I get a lot of these types of questions. You’ve probably heard them too. I could summarise them as:
“How can I become good at X… the easy way“
And I get it. Why wouldn’t you want to achieve your goals with less effort but the question is often your undoing.
If you want to become good at anything, the easy route will rarely get you there (in most cases).
But, dear reader, I know the only reason you’re reading this is so you can find what the simple solution is to develop a better mindset around money, and it’s coming.
You won’t like it. You’ll read it and think “Of course!” or “Is that it” but I urge you to keep reading because adopting this approach will not only enhance your finances, but it’ll improve your relationships, health and happiness.
Are you ready?
Here it is in visual format…
And now written…
Delayed Gratification.
I told you.
Wait! Where are you going? Please stay!
At least stick around to find out what the test is that 98.4% of you won’t do.
If I could quickly summarise how to improve your ‘Money Mindset’, delayed gratification would be it.
The reason a lot of people get into money trouble is due to impulse spending (instant gratification). They want that ‘thing’ now, and they’ll use crippling consumer debt to get it.
They switch the pipes around.
Bag the big pot of gold now, and ‘future them’ can worry about the shortfall later.
By voluntarily living below your means today, and investing the difference, you not only give ‘future you’ a pay rise, but a multitude of other benefits…
- Strengthen impulse control
- Experience satisfaction & fulfilment from working hard
- Become more appreciative
- Make more healthy decisions
- Remove the feeling of shame/guilt from taking the ‘easy way out’.
But it’s not without its critics.
YOLO – Fook Delayed Gratification!
Focusing too heavily on the future may result in neglecting the present moment. By constantly deferring gratification, aren’t you denying yourself the joy and fulfilment that can be found in immediate experiences?
Fair one!
But I’d counter the counter by saying…
Yes, absolutely live in the present moment. Life is WAY too precious to be banking on a future existence when we don’t know what’s around the corner… but…
Spending money you don’t have, on things you don’t need, to impress people who don’t care is a fool’s game.
Live for today = Yes. 100%.
But do so whilst living within your means. It’s not that hard.
There’s also a little secret you discover from deferring pleasure.
When I got rid of Sky TV, made packed lunches every day, walked/biked to work, bought no new clothes etc. my life didn’t get worse… it got better.
I focussed less on screens and more on relationships, I ate healthier, I moved more, and I focussed on more important things.
I was happier AND I had more money to invest.
Even those days when it was dark, cold and raining, and I had to face biking home. My colleagues would ask if I wanted a lift. I could see it in their eyes, they felt sorry for me.
Was I tempted to accept? Of course!
But I declined.
The first couple of minutes were always shit. It was cold and wet. I didn’t want to be doing it but guess what, you got used to it. Within 5 minutes I didn’t even notice it was dark or raining. I was warm from moving and this was my new normal.
When I got home, I chucked my dripping bike in the garage, walked through the front door, and quickly removed my soaking clothes and it hit me…
I felt sorry for them.
They would not feel the sense of satisfaction and fulfillment I had from the commute. I worked hard to get home and felt fantastic for it – physically and mentally.
This same story plays out in business, personal finance, investing, exercise and so many other things.
Do what the 98.4% won’t, in the moment, and bask in the delayed delight.
Reflect and share this with someone.
ASK
If you’d like to improve your mindset around money, consider the following questions:
“Where am I seeking instant gratification in my life?”
“How do these immediate rewards impact my long-term goals and aspirations?”
“What ONE thing could I delay to get me closer to my goals?
Write down what comes to mind.
TRY
If you got this far, you made it.
You stuck with the post and now you’re about to find out what the 1 minute test is that’s free, simple to do (not easy) and yet, 98.4% of people won’t do it.
You’re wondering, will you be one of the 1.6%? 🤔
Here it is:
Take a 60 second cold shower
There are few things easier to come by that test your mental strength and ability to defer gratification than taking a cold shower.
Your body will immediately scream ‘GET OUT!’, as your skin and blood vessels adjust to the temperature. It can take anything from 20-60 seconds to adapt to the cold but you get there.
The first 10-20 seconds are always the hardest, but you adjust. Your breathing normalises, you calm yourself down and you realise you’re ok.
I don’t allow myself out of the water until I control my breathing. I’m in charge, not the water.
The instant you turn off the tap is where delayed gratification kicks in. The moment the cold water stops hitting your skin is where you feel relief and then bliss.
As you dry yourself off, put your clothes on, and your body adjusts to the air temperature, you’re hit with the natural feel-good chemicals of noradrenaline and endorphins.
Cold showers help with circulation, reduce inflammation, aid with depression and anxiety, supports your immune system, increase alertness, help boost metabolism and increase mental toughness.
The question is really, why wouldn’t you do it?
Because it’s hard.
Are you in the 1.6%?
HIT REPLY and let me know. I read and reply to every email.
Remember: Little by little, a little becomes a lot.
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