For the Love of Money, this popular O’Jays’ song hit it right on the head. Even though it is a song, it has real life written into it.
We all want the money!
We may need the money!
We can’t wait to get the money!
But the questions are is: What do you do when you get it? Do you spend it? Is it gone before it hits your hand? Do you save it? …invest it? …catch up on life and bills with it?
Before you do any of these things, you have to learn to respect money. If you are not already financially free or knowledgeable in the area, your first step is to learn how money works and how to make it work for you. Money is not like people, the money is not going to call you, the money is not going tell you to slow down, the money is not going to make you invest it, but it will leave you like people will when it runs out without a care in the world. Then, you will be stressed and depressed without it. Start saying no, implement systems that will help you achieve goals with your money, then work daily towards them. Instead of waiting for your money to come, plan for it now. If you cannot manage money before you get it, you really are going to have a continued struggle and you will mismanage it at a higher rate when it comes. Having more money doesn’t make you a better steward of it. It can just make you a fool with a lot of money. The overall goal is make the money we have work for us, no matter the amount.
As entrepreneurs, business income has its ups and downs. Sometimes it is all good and sometimes the contract you were depending on for needed revenue falls through. It happens to the best of us. So before things start happening with finances, start respecting the money now:
R– Research how to build a wealth
E– Educate yourself in money management basics
S– Start paying down debt
P– Put back money to save for an emergency fund and targeted money goals
E– Execute what you have learned about making money work for you
C– Cancel all unnecessary expenses
T– Take it one day at a time and don’t give up!
Acquiring wealth seems hard to people that do not have it yet. But in actuality, there is an easy formula to acquire it. It is a process like almost anything else, it simply seems hard for most to discipline themselves to follow the formula consistently. You respect your family and friends, your business, your work, your house and car, your boss, your church, so add to the list to respect your money. Go by the R.E.S.P.E.C.T. acronym and you will win with your money every single time. You will have the best relationship with money and you will have good money habits that can last for a lifetime. So let’s get to R.E.S.P.E.C.T. -ing the money.
RESPECT… Find out what money means to me!