Over-Spending: The Inhibitor to Your Dreams

CQ Business CoachCoaches Corner0 Comments

“A man is rich in proportion to the number of things he can afford to leave alone.” – Henry David Throueau

 

For my first blog, I want to discuss spending, or rather over-spending. Controlling one’s spending is a task that haunts people day in and day out, but managing personal finances is something that everyone should learn.  I am guilty of this overspending as well. I remember spending loads of money in my youth on shoes and vacations. Only to turn around years later and stare at a closet full of shoes that I don’t wear and box full of boarding passes, while thinking, “This money could have doubled by now had I invested for my retirement.” That was the moment I decided to change my spending habits. That decision was the first step to getting my spending under control. Making choices based on necessities instead of wants, seems to elude the vast majority of individuals.This, in turn, can affect the quality of life that is currently being enjoyed (or not enjoyed) and detrimental to the enjoyment of those precious retirement years. Sustaining this current spending trend will mean that many will retire without enough money to cover their basic living expenses.

Since I was a child, I always dreamed of owning my own business. Entrepreneurship is a powerful force for driving job creation, innovation, and economic growth. Many people wish they owned their own business, but never really believed that it could actually happen.  Anyone who can manage their personal finances is already one step ahead on their journey to becoming an entrepreneur because managing spending is key when running a business! In my experience, a lot of first-time business owner’s spend money frivolously without a plan. Managing costs is important for personal and business wealth. Unnecessary spending is one of the vehicles that keep us in debt and inhibit us from creating the lifestyle that we truly desire. The similarities between what a person can achieve by managing their personal spending and business spending is astronomical. In order to attain your goals, whether they be personal or business goals, you must create a plan of action, cut your spending, set a budget (stick to it) and execute your plan!

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