The 5 Minute Challenge…
John Page Burton is a life and business coach and the author of two books. to learn more visit http://www.jpburtongroup.com/
The 5 Minute Challenge…
Many of us have been led to believe that working long hours is the key to achieving success. I held onto this belief for many years. In reality, studies routinely show that people who work sixty or more hours per week tend to be more unhealthy, careless and detached than people who work forty hours or less. Today’s message may not be popular with those who believe long hours guarantee success but I know it will be well received by spouses, children or friends of anyone who has become addicted to working long hours.
For years, I worked long hours, traveled for business, tied my self worth to being able to out perform others and I failed to nurture my personal relationships. Three years ago, I contracted Valley Fever (Google it). For the next two and a half years, I experienced a limited amount of physical energy and was only able to work an average of 20-25 hours a week. Because I was unable to predict how I would feel on any given day, I stopped facilitating live seminars, workshops and retreats which in turn caused a significant drop in my income. I became increasingly frustrated and angry that my energy level didn’t allow me to play the game I was accustomed to playing. In order to experience a sense of significance, I began to focus on accomplishing 3-5 income producing tasks each day, tasks that when completed would move my practice forward. Knowing I only had a 3-4 hour window to complete my 3-5 tasks forced me to develop stronger time management skills.
During the last three years, working an average of 20-25 hours per week, I have been able to create and launch several new seminars and coaching workshops that I now facilitate via teleconferencing. I created a business course that I sell on line, launched a blog and I have written and published two books. Looking back, I continue to be amazed at the amount of time I wasted (prior to my illness) on inconsequential tasks that I convinced myself were of immense value. Today, I am at 90% strength yet continue to employ the 3-5 task strategy 5 days a week. I am enjoying new levels of personal happiness and business prosperity. I make it a priority to set aside time each day to re charge my mental and emotional batteries. You may be thinking to yourself, how is it possible to work fewer hours and be more productive? The answer is… FOCUS. Determine what it is you desire to accomplish and then go after it with determination and laser FOCUS.
3 SUGGESTIONS FOR REDUCING WORK RELATED STRESS…
1. Stop trying to be the office hero! Overwhelming ourselves with “extra projects” or routinely volunteering to spearhead tasks that we simply don’t have the bandwidth for will eventually backfire on us! Over extending ourselves will predictably lead to carelessness and burn out. Focusing on our top 3-5 income producing tasks and delivering consistent results is the best way to receive the recognition we deserve.
2. Work 8 hours (or less) per day. Over the years, I have counseled numerous clients who deeply regret not making family and friends as important as their work. I recently spoke with a client who had just ended his third marriage on the heels of completing his second stint at a rehab facility. “I let work become my entire life. Over the last twenty five years, slowly but surely, I lost everything that truly mattered. I turned to drugs and alcohol as a means of coping with work stress and in the end it made it even worse”. As an entrepreneur, I understand that in any new career or start up venture long hours are the norm. With that being said, once we get established, it’s important to take control of our career or business rather than allowing it to control us. FOCUS is the key. The old saying…”work smarter not harder” is sage wisdom.
3. Take all the time off you can. I always encourage my friends and clients to use all of their vacation days, sick days, holidays and any other time that is afforded them. Far too many employees feel “guilty” for taking time off. In many cases, employees are afraid to use their “paid vacation time” because they fear it will hurt them in their quest for a promotion or could be a reason they are let go. If you work in an environment where you fear using your vacation time…FIND ANOTHER JOB! If you are an employer I encourage you to HONOR your employees by encouraging them to take time off. Rested, re charged employees are far more productive than their counterparts. This advice also holds true for the business owner. Our creativity is thwarted when we are mentally and emotionally taxed. FOCUS on your mental and emotional health, your worth the investment!
There you have it! As always, I look forward to your thoughts and feedback.
The vast majority of us will serve in some type of leadership capacity. Many of us will lead companies or sales organizations, others will lead classrooms, community organizations, political groups or non profits. The most important leadership role we may ever experience is the role of parent and family leader. We must also focus on becoming a consistent leader of self. During a recent conversation with my friend Ross, he referred to me as a “CAREfrontational” business coach. I asked him what he meant and he replied “you are very direct in your communication, yet your compassion and understanding clearly shine through”. I liked his term CAREfrontational and promised Ross that I would incorporate it into my next article on leadership. Let’s take a closer look at two different leadership models…
CAREfrontational vs Confrontational Leadership.
Far too many leaders in their quest for significance, employ a confrontational, authoritarian style of leadership. Most confrontational leaders believe their approach produces results and garners respect. In reality, this approach is extremely polarizing within an organization and over time it tends to contribute to higher turnover rates and a decrease in productivity due largely to the volatile nature of the work environment. Some of the words commonly used to describe confrontational leadership include; argumentative, combative, contrary, volatile, quarrelsome, contentious, scrappy, authoritarian, unfair and dictatorial. Some of the feelings this type of leadership creates within the rank and file of an organization include; mistrust, fear, doubt, drama, self protection, concern, trepidation, anxiety and security. Confrontational leaders create a culture of ME vs you and “I am always right”!
The “CAREfrontational” leadership approach is focused on the organization as a whole. The CAREfrontational leadership model seeks to identify the strengths and weaknesses of each team member, understand their primary communication style and focuses on exploiting the strength and leveraging the weakness of each member of the team. This leadership style encourages delegation and prioritizes time management. The communication style of a CAREfrontational leader is explicit yet respectful and is designed to instruct not degrade. Words used to describe this leadership style include; team, health, welfare, maintenance, concern, interest, importance, provision, responsibility, collaboration, growth and trust. Some of the feelings this leadership style creates within the organization include; pride, integrity, belief, autonomy, freedom, creativity, expression, fulfillment and personal responsibility. Doesn’t this seem like a more inspiring and empowering WORK environment?
Which type of leadership model do you believe fosters a true sense of team? Which business environment might have a lower turnover rate? Which model encourages vision and collaboration? Which business environment is more authentic to the human spirit? Which environment would you prefer to work in?
The myth surrounding the CAREfrontaional leadership approach is that it is to “liberal” and doesn’t create a big enough gap between “leadership” and the “employee”. I disagree. The confrontational leadership approach has proven to be highly effective in the United States military where breaking our soldiers down and building them back up is essential for survival and success on the battlefield, however, the confrontational leadership approach is very INEFFECTIVE in today’s competitive business environment where INNOVATION tends to trump intimidation. Unhappy, stifled employees, simply transfer their talent to an environment that is more conducive to their personal and professional growth. The CAREfrontational leader understands that TEAMWORK MAKES THE DREAM WORK and they strive to create synergy as they grow and protect the financial interests or their organization.
THE BOTTOM LINE…
Over the past 20 years I have had the privilege to spend time around an array of very dynamic, highly effective, CEO’s and business leaders. One of the common traits inherent to each one of them is their ability to create a compelling vision and sell that vision to their entire organization. I refer to this as the “buy in”. The “buy in” is essential for creating massive results in any organization. Rather than take an authoritarian approach, CAREfrontational leaders take a much different approach. They seek out and hire “play makers” and are then willing to get out of their way and let them make plays. In the sports world, this philosophy has proven to be a successful formula for winning CHAMPIONSHIPS. Another significant trait found in CAREfrontational leaders is their ability to build, nurture and maintain influential networks. THE TAKEAWAY…A truly effective CEO or business leader is rarely the person who has the most impressive credentials but rather the person who carries the most influence. Our personal and professional circle of influence say’s more about who we have become professionally than our resume does. In the spirit of polarization, confrontational leaders tend to infuse their insatiable need for significance into the organizations and networks they belong to. On the other hand, CAREfrontational leaders understand the value of relationships and make building and nurturing them a top priority.
In my role as an executive coach, my clients hire me for one reason, they desire to become more effective leaders. I am not concerned about being popular, I care about my clients achieving the results they seek. Can I be direct? Yes. Do I care? Absolutely. Can I be extremely CAREfrontational, you bet! Do the majority of my clients respect me? I believe my authenticity shines through more often than not. I encourage each of you to take a closer look at your current leadership style and ask yourself if it is helping or hindering your organizational growth? Admittedly, this is a tough question to ask as our Ego has a significant investment in our current reality but it is a question that we must pose if we desire to be the amazing leader we are capable of becoming.
No matter how honest we believe we are, most of us are guilty of lying. Many of us have created a habit of lying. Our lies cost us financially and emotionally. Our lies may keep us from rising through the company ranks, starting our own business or from enjoying a truly intimate relationship with our partner. In the world of dreams and opportunity the TRUTH can indeed set us free!
The 6 Lies…
*If he/she would just change, my life would be so much better! Not only is this a lie but it means that we are willing to give away our personal power. Many of us tell this lie as it relates to our relationship partners, employers, business partners and friends. In reality, the person who tells this lie is fearful of introspection and prefers to avoid taking the bottom line for their life experience. We can either go through life playing the role of “victim of circumstance” or we can take responsibility for the people and circumstances we have attracted into our life and make different decisions going forward. Choose to be proactive!
*I don’t have enough time. Most of us will make time for anything we deem important. We can easily “find time” to hang out with our friends, go fishing, watch TV or engage in any other activity that makes us “feel good”. The reality of this lie is that many of us consciously choose to use our “lack of time” as an on demand excuse to avoid anything that requires us to leave our comfort zone. Time is our most precious commodity, it is up to us to allocate it wisely.
*I am not educated/qualified enough. The reality of this lie is that some of the biggest companies in America were founded and built by people who never attended a day of college or in some cases didn’t make it past junior high. As I share in my book, Wisdom Through Failure, I am apt to hire a person with a high I WILL over a person with a high IQ. The person who possesses both is a bonus. Is it really our lack of education that is holding us back? In many cases a lack of motivation is the real culprit.
*I’m not attractive enough. Intelligence outweighs looks. We live in a society where first impressions do favor job candidates, however, in the end, it really doesn’t matter how “good looking” you are if you suck at what you do! Even the most aesthetically pleasing people will eventually become a liability and sent packing. Taking care of ourselves and presenting well should be a priority for all of us, however, the belief that we are somehow limited because of the way God created us is a fear based fallacy. We are better served to focus on developing our skills than hunting for a plastic surgeon.
*I don’t know the right people. It’s true that our “connections” can help us move through life and business at a faster pace but keep in mind our connections will take time to develop and nurture. The reality is that in order to attract the “right people” both personally and professionally we must become the person we desire to attract. Our job is to focus on becoming the best version of our self. To quote my favorite movie line…”If you build it they will come”.
*I don’t deserve to be successful/happy. This lie is based around the guilt we feel about something that occurred in our past. We have deemed our particular situation(s) to be so “heinous” that we have subconsciously determined that it is far better to be mediocre than strive for greatness! Each time we find ourselves moving forward, the voice in our head reminds us of what a “complete loser or imposter” we are. The reality of this lie is that we are much wiser because of the experiences from our past and we can use this wisdom to help us make better choices and decisions in the future. Our past doesn’t determine our future…we do!
When we make the decision to stop telling these lies we can move toward the compelling future awaiting each of us. One of the fastest ways we can change our lives is by changing the story we have been telling ourselves. Here’s to the TRUTH!
As always, I look forward to your thoughts and feedback.
What does it take to build and leave a true legacy in life and business? Is there a formula for success? If so, is it reserved for a privileged few? Why do some people rise to the occasion, achieve massive success and enjoy relative happiness, while others possessing far more natural ability end up achieving nothing of real value and spend the majority of their lives angry and frustrated?
Over the past 20 years, I have had the privilege to spend time with LEGACY BUILDERS and I have also had the opportunity to spend time around far too many chronic underachievers. What’s the difference? It’s actually quite simple… LEGACY BUILDERS embrace what I refer to as the MVP formula.
Becoming a legacy builder…
Mission. First, we must find our calling, one that propels us out into the world. Next, we must be willing to share our message with everyone who will listen. Our mission is our “special assignment”. Our level of conviction will determine the success of our mission. Our calling must be compelling enough to overcome the many obstacles we will encounter on our journey to success. What is your mission? What would you be willing to sacrifice everything for? Recognizing our true calling and making the DECISION to take ACTION is the first step toward building our legacy.
Vision. The challenge with FUTURE vision is that it requires us to visualize something that we can only see through our imagination. This can be very hard for a person who resides in a “show me first” world. Vision is “blind faith”. Do you currently hold a grand vision for where you would like to go and who you would like to become? “Without a vision, the people will perish” is a biblical truism that is a time tested, proven, game changer. What does your ideal legacy look like? Hold this vision and keep moving forward!
Passion. Passion is a powerful, compelling emotion. Passion is ambition materialized into action. Passion is heart centered. Passion fuels our mission and will keep us focused on our vision. Passion is the glue that keeps us on point as we build out our legacy. What are you passionate about? Will your current level of passion carry you across the finish line? Without passion most of us will quit easily and often. Our level of success is the bi-product of our passion. Passion is contagious! Passion inspires!
The MVP formula alone will not carry us across the finish line. We must be committed to developing and maintaining the skills necessary for us to reach our goals and build our legacy. Our commitment to sharpening and enhancing our skill set will have a huge impact on our success. When we prioritize continuing education and personal growth we are taking significant ACTION strides toward the creation of our legacy.
Build on my friends!
As always, I welcome your thoughts and feedback.
Many of us routinely “beat ourselves up” for making mistakes. Rather than embracing and learning from our mistakes we speak negatively over them. “How could I have been so stupid” or “I never get anything right” are some of the common utterances of a person who is in bondage to their mistakes. When we shift our perspective and begin viewing mistakes as learning opportunities we become increasingly open to venturing outside our comfort zone and we begin taking the type of risks that can significantly elevate our game. Remember, mistakes are one of the prices we pay for growth.
What our MISTAKES can teach us…
Modification. Mistakes can provide us with an opportunity to change our behavior. For example, if you or someone you know has ever been cited for DUI, you are well aware of the behavior modifications that must take place if the person charged desires to remain out of jail and keep their job. Mistakes are often the gateway to massive change.
Introspection. Mistakes provide us with an opportunity for self examination. Whenever I make a significant mistake I engage in a process of introspection. What could I have done differently? What led me to make this decision in the first place? What will I do differently next time? Rather than “beat myself up” I choose to reflect and re-direct.
Sabotage. Why do we make the same mistake over and over? When we continue to make the same mistake over and over it is often an indication that we are intentionally trying to avoid something we perceive as uncomfortable. Recently, one of my clients experienced a life changing breakthrough when she recognized that she had engaged in a series of “abusive” relationships because she was afraid of allowing herself to be completely vulnerable and intimate with a man. For years she had been sabotaging her happiness.
Trust. Embracing our mistakes allows us to trust ourselves at a much deeper level. By accepting that I am not immune from making mistakes, it becomes easier to make bold decisions. I recognize that I will make mistakes (poor decisions) from time to time, however, my intention is to use them as a barometer for my growth rather than berate myself because I am not “perfect”.
Accountability. Mistakes shape our character. When we make a mistake do we take personal responsibility or do we seek someone to blame? Far too many people in leadership positions look for a “scapegoat” rather than taking responsibility for their decision, learning from it and moving forward. Accountability and personal responsibility are key characteristics of authentic leadership.
Knowledge. If we are open to learning, mistakes can provide us with a wealth of knowledge. Many of us have heard the saying “only a fool makes the same mistake twice”. Not true. Many of us are capable of making the same mistake several times before we grasp the lesson. I say “only a fool doesn’t eventually learn from the same mistake”
Empathy. Mistakes can help us to be more understanding and tolerant of others. Once I embraced the concept that I am always going to make mistakes, I became less judgmental of others.
Over the years, this understanding has helped me become a much more empathetic, effective leader.
Solutions. Mistakes usually inspire us to look for solutions. Throughout my academic career, math was not my best subject. I routinely made mistakes. My teachers would encourage me to keep reworking the problem until I found the solution. This same philosophy serves us well in any area of our lives where we find ourselves routinely making mistakes. We can’t stay stuck in a problem if we are actively seeking a solution.
Remember, when we choose to embrace our mistakes we are choosing to embrace personal growth.
As always, I look forward to your thoughts and feedback.
You are about to read my 170th blog post! This is quite an achievement considering a college professor once told me I “lacked communication skills”. I’m grateful that I didn’t allow his criticism to deter me from making a living as a professional copy writer, author, peak performance strategist or from earning two degrees in the field of mass communications. I enjoy sharing my perspectives with you and I want to thank you for reading and appreciating my work, it means a lot.
Let’s be honest, the vast majority of us crave recognition. “Men die for it and babies cry for it” is a quote I heard many years ago that still rings true today. When I “surf” my social media streams, I can’t help but notice all of the people who “advertise” their victories with the hope of garnering “likes” and “comments” that will further validate their achievements. I know that when I experience a win my initial reaction is to want to shout “hell yeah, I did it” and commence the celebration! With this being said, I have gradually learned to simply say thank you to my creator, express gratitude for my experience and get back to work. I can ensure you that I am not attempting to be holier than though, rather I’m sharing my “newly found” sense of humility, which by the way I am quite proud of! The seeds of humility are usually planted in childhood, although most of us don’t grasp the concept until much later in life. Society promotes a win-lose model in which winning is the ultimate goal. Looking back on my youth, I never truly grasped the concept of shaking hands with the other team after “losing” the game. It sucked to lose, I wanted to win. As an adult, I carried my “win at any cost” philosophy into every area of my life. The cost became family, relationships, friendships and partnerships. It wasn’t my success that was getting in the way, it was my lack of humility. How each of us can learn to appreciate our wins, embrace our losses and remain humble in the process is the topic of my 170th blog post.
Humility…A check up from the neck up.
Heart space vs Head space- Our head space encourages us to feel one thing, our heart space another. With regard to our victories, it is important to reside in our heart space. In my head space it is always about me vs. you. This is a win-lose model. In my heart space I appreciate my victories, however, I am keenly aware that they are a “temporary reward” for my dedication to a chosen endeavor. I also recognize that it is only fair that others have the opportunity to experience victories as well. As hard as this can be, it is a true win-win model. Residing in our head space will almost always demand the need for winners and losers. Our heart space allows us to recognize that today I had a victory, tomorrow is another day.
Unsolicited recognition-When we come from a place of true humility we don’t have a need to solicit recognition from others because our primary focus is on showing appreciation for the gifts given to us by our creator. We recognize that the only recognition that matters is of an “eternal” nature. We don’t need or seek approval, however we gratefully accept it when it arrives of it’s own accord. The comedian David Spade, recently was asked what he thought of Reese Witherspoon’s comment “do you know who I am” as she was being arrested. His comment was priceless…”If you have to ask that question then it is pretty obvious they don’t”.
Mindset- Being humble is a mindset. Humility is focused on gratitude, lack of humility features shameless self promotion, usually followed by a heavy dose of gloating. When we develop a mindset that is focused on gratitude we will naturally draw more success into our lives. People will desire to help us, favorable opportunities and events will show up in our path and we will exude an endearing aura of personal confidence and happiness. To me, nothing is more annoying than being around someone who has the insatiable need to draw attention to themselves. Conversely, nothing is more calming than to be around a person who is self assured and who acknowledges that their perceived success is due in large part to the combined efforts of countless others.
Blessing-Being a sports fan I was excited to see Nick Foles, a former University of Arizona Wildcat and now the starting quarterback for the Philadelphia Eagles, tie an NFL record by throwing 7 touchdown passes in a single game. This is a monumental feat to say the least. His interview after the game illustrates his character more than anything else. He stated to a reporter that his three priorities (in order of importance) are “faith, family and football”. The very reason he was being interviewed is the least of his priorities. Nick recognizes that football is a temporary blessing and although he appears very grateful for the opportunity to get paid to play a game, he is also grounded in humility. Each of our lives are a gift that I believe should be honored accordingly.
Lease-Recently, a friend made the comment that they had a “new lease on life”. All of us, no matter how much we accomplish, how many toys we collect, how gynormous our house is or how many cars are parked in our garage must face the fact that we are going to die. We are leasing our time on earth and we will be remembered by how we treated the people we shared this time with. I have never experienced a eulogy highlighting the departed’s “uncanny ability to gloat over others”. In the end we will be remembered and rewarded for our humble service to mankind.
Ego-The Ego desires for us to seek approval, crave attention, win at any cost, gloat, compare ourselves to others and take FULL credit for our achievements. The foundation of the Ego is INSECURITY. The last thing our Ego wants is for us to acknowledge that a power far greater than ourselves is the driving force behind our accomplishments. The Ego always wants to make it about “us” and encourages us to never give any credit where credit may be long overdue! The Ego is indeed the “great separator”.
It’s hard to be humble, however, it is through our humility that our greatest rewards will be realized. In the words of the Dos Equis man…”stay humble my friends”.
I look forward to your thoughts and feedback.
I recently visited with a client who has spent the majority of his lifetime struggling with the concept of “perfection”. For as long as he could remember, he had been admonished to do things “perfectly” and was routinely chastised or punished when he failed to achieve the level of “perfection” required of him by a series of “well meaning” role models, including his parents. Because of his skewed reality around perfection he struggled to achieve a true measure of happiness in his intimate relationship or career. Millions of us can relate to the expectations of “perfection” that have been placed on us by our parents, athletic coaches, teachers and other role models we have encountered along our journey. I know that for many years I felt like a total “loser” for not living up to the demands of perfection placed on me. That was then, this is now. Today, I strive to do my very best in every endeavor, however, I realize that for me, “perfection” rarely happens and I’m fine with that. One of the fundamental problems with our obsession for perfection is that over time it tends to create an array of personal and health challenges. Let’s take a look at a few of them.
Avoidance strategy. Many of us are using our quest for “perfection” as a means of avoiding potential rejection and therefore protecting ourselves from opening up and becoming vulnerable. For example, we have all known someone who is looking for the “perfect partner” and isn’t willing to “settle” for anyone who doesn’t measure up to the exact profile they have designed. Or how about the person who won’t go to the beach until they are in “perfect” shape. In both cases “perfection” is being conveniently used as an excuse to keep them from addressing their self doubt and fear and in both cases it is keeping them from having fun and meeting some really awesome people.
Judgment. How many times have we failed to make a connection with someone because they were not driving the “perfect” car, wearing the “perfect” clothes or living in the “perfect” zip code. Our need to pass judgment may be preventing us from meeting talented, progressive people. I know several extremely accomplished professionals who drive older model vehicles,regularly wear shorts and flip flops and live where they “feel the vibe”. You can’t possibly know anything about someone unless you have a conversation.
Health. Our quest for “perfection” can lead to a variety of health problems, including diet pill addiction, Anorexia, Skin Cancer, disfigurement from plastic surgery and an array of other health related challenges. Accepting ourselves for who we are is the first step toward optimal health. Diet and exercise are natural, proven strategies for living a longer, more enjoyable life.
Parenting. Anyone who has been subjected to the pressure stemming from parental demands of “perfection” has experiential knowledge regarding the emotional damage it can cause. As parents we want our children to do and be their best, however, the reality is that from time to time they are going to fall short of our expectations. It is up to us to teach our children that failure is an essential element of success and encourage them to embrace failure as an important part of the success process.
Self Examination. When we demand “perfection” in others it is always a good idea to examine our own motives. Why are we demanding “perfection”? Years ago, I coached high school baseball. I remember a particular parent who managed to always find something wrong with his son’s performance. One night, after a game in which his son had gone 4 for 4 and made several spectacular defensive plays, I observed the father verbally abusing his son as they walked to the car. Troubled by the incident, I called the players father and asked him why he had been so upset after the game? He explained that there had been a professional scout in attendance and that his son had gotten a late jump on an attempt to steal second base. The father went on to share that he had never been able to play college or professional baseball due to an eye injury suffered during his senior year of high school and that all he had ever wanted was for his son to have the opportunity that had alluded him. FYI… His son never played another inning of baseball after he graduated from high school. A few years ago I ran into him at a local restaurant and asked him why he had decided not to pursue college ball? (He certainly had the talent) “Coach, by the time my senior year rolled around I hated the game, no matter what I did it was never good enough for my dad and I just didn’t want to see him in the stands anymore”.
The problem with “perfection” is that it is unrealistic. I believe we should all strive to be the best at whatever we do, however, we must also realize that we are human and that we will fail and experience set backs. The pursuit of “perfection” can cause us to hold back from trying new things, meeting new people and from taking risks. Strive to be the best version of yourself and show yourself some grace.
As always, I look forward to your thoughts and feedback.
Let me begin by confessing that I am a “garage sale junkie”. I love garage sales! Recently, I found a bottle of wine that had been produced exclusively for the late actor, Dean Martin. The label bears his likeness and the wine is 35 years old. The label also stated that only 850 cases of this wine had been produced. (this could be a good or bad thing?) My cost for this very cool find was a whopping $1. But I digress, this article is not about my love of garage sales, it’s about defining our relationship with money.
Money is either a small sheet of paper or a piece of metal, WE attach the meaning to money. Depending largely on our upbringing, we either have a healthy or an unhealthy relationship with money. Many of us are frugal and hunt for bargains. Shopping this way allows us to channel the money we are saving into interest bearing accounts and investments. Over time, this money can become significant and help provide us with a secure retirement. (“garage sale millionaire”) Others find it challenging to exert any type of spending discipline. They habitually make purchases on impulse and tend to pay full retail price for everything they buy. Unfortunately, many wake up one day to find that they are in significant financial trouble due to their lack of discipline. Below are 5 tips for developing a “garage sale millionaire” mindset.
THE “GARAGE SALE MILLIONAIRE” MINDSET….
*Get in the HABIT of spending less than you earn. Let’s face it, we live in a world with a ton of cool toys. Delaying gratification can be extremely hard. The first step on the road to financial freedom is to spend LESS than we earn. You may be saying yeah, yeah, yeah, I already know that. The question is…are you practicing it? This one habit can dramatically change your financial future. Examine your monthly bank statement and determine where can you cut wasteful spending? Make the commitment to this for one year. You will be amazed by how much you save!
*Pay CASH for purchases. I employ 2 strategies that serve me well. If I can’t pay cash for it, I don’t buy it and before I make any significant purchase I ask myself if it is something I NEED or just something I want. Something I NEED will always take precedence over something I want. Paying cash and avoiding impulse buys helps curb wasteful spending. We can then invest this “impulse money” into our future.
*Look for opportunities to create new streams of income rather than new lines of credit. I carry one debit card and one credit card. I focus my energy on looking for opportunities to create new streams of income. This mindset is a proactive wealth building mindset opposed to a “credit” mindset. For example, this past year I wrote a book. My book has become a NEW stream of income in the Burton household. I have not applied for any new lines of credit this year. ***One of the best TAX strategies we can employ is to own a home based business. New stream of income, new TAX savings.
*Avoid paying retail. Turn this concept into a game. Garage sales, consignment shops and services like Craig’s list are great places to find items that are in great condition and many items are brand new. Diana and I have furnished three homes employing this strategy. We have saved thousands of dollars and routinely receive positive feedback on how nicely our home is decorated. For example, we recently purchased a desk for our mountain home. The estimated cost of this desk was $1000. We were able to purchase it for $50 dollars and the seller even threw in a high end desk chair. Our patience paid off! FYI…you are the only ones who know how much we actually paid for this gorgeous desk. Ha, Ha!
*Make financial education a priority. A person doesn’t have to make a lot of money to save a lot of money. However, we must make financial education a priority and we must design a financial strategy and maintain the discipline to see it through. Dave Ramsey and Suze Orman are best selling authors who specialize in providing their readers with great strategies for creating financial freedom. Go to the local library and check out their books. (I just saved you $50 dollars) Make an appointment with a TAX professional to develop a strategy for paying less TAX. Meet with a financial planner to help you maximize your retirement plan. Remember, burying our head in the sand or relying on the government are not proactive financial strategies.
I have been wealthy and I have been broke. I can honestly say that a life free from financial worry is a much easier one to live. If you are living paycheck to paycheck, running out of money before you run out of month or you just want the peace of mind of knowing that your retirement is secure, then I encourage you to begin developing your own “garage sale millionaire” mindset. Here’s to prosperity!
As always, I look forward to your thoughts and feedback.