Financial Freedom: Don’t Step Over Dollars to Chase Pennies

– There is one huge mistake
that way too many people make when they start moving from this position of spending all their
money to wanting to get on this financial trajectory towards building time and money freedom. And I’ve seen it way too often. And it’s this scarcity shrinking thinking that has you tripping over dollars in pursuit of picking up pennies. What do I mean by that? Well, all too often,
we can get in this idea that well, if I just cut back enough today then I will spend less money
and I’ll finally be able to create this buffer or
this gap of cash flows or have more to save and
honestly this plagues us in business and in our personal life. In business, this could
mean somebody who is looking at saying, I can’t afford
an administrative assistant, I can’t afford to have somebody do marketing consulting for me, I can’t afford to hand off this to an accountant or hire a CPA. And what ends up happening is you end up doing all the stuff yourself. You’re just working through your, you’re going through all emotions, you’re handling everything yourself and you’re spending a
lot of time and energy trying to cut back or not spend money when instead you could be really focused on how you can expand and
grow your income instead. So here’s the reason why it doesn’t work. Now number one is that wherever
you focus your attention you absolutely will get results. If you focus on cutting back
and spending less money, you’ll absolutely spend less money. The end result of that though is that even if you could go 100%, and I know this is a ridiculous example but if you could go to zero and spend nothing at all with
your current income level, could you build financial freedom? Maybe, but probably not
because with that mindset you’re just gonna always
be thinking of cutting back and feeling like there’s
not enough money today, you’re gonna get to the future, even if you do have a pile of cash and you’re gonna say, well,
I don’t have enough money to make sure that it’s gonna last for me. So it’s that mindset of scarcity. Instead, if you focus your time and energy on production and expansion
and really being as open and growing as possible, you will multiply and
expand your potential. Think about this. If you focus on reading the right books and expanding your mindset and
being in a position of peace so that you can be most creative, you’re gonna then end
up serving more people, you’re gonna find ways to
expand into new markets, you’re going to figure out
new things with marketing so that you can get in
front of the right people, you’re gonna increase your prices, you’re gonna increase your profits. And by doing that you are
doing more good in the world. You’re actually making
the world a better place because you’re putting
more of yourself out there and you’re reaping more in return. Now, you don’t increase income by focusing all your time
and energy on cutting back. It’s a conflict of interest really because if you’re focusing on all on one side of the equation and cutting back your expenses, you’re not gonna have any
time left over in that balance to focus your attention on
really growing and expanding. Please don’t misunderstand me. I’m not saying that you
should just spend today and be happy-go-lucky and frivolous and live whatever you feel like today and figure out how to
cover it in the future because you’ll make more money tomorrow, that’s not what I’m saying. What I am saying is that being a steward is more than what most people think. Being a steward is not being
a manager of these resources that someone else has produced. Instead you are a producer,
you are a creator, you are being a steward of the production and the management side of your life. And your resources are much
more than just your finances. They’re your time, you’re energy, your attention, your effort. And when you put all of
that into just managing the finite pile of your current income, you’re not focused on how you
can expand that for others. So we wanna focus on how
do you steward your time and your attention and your energy to do the most good and
create the greatest impact and make the most income that you can because that is where you
truly have the capability to build time and money freedom. Because then the sky is the limit. Your income is limitless and then you have as much money as possible, more
than you could possibly need to be able to direct
into things that cashflow to produce that passive income or those streams of income from assets. So what you really wanna be doing is focusing your time and
energy on the production side. This also falls in line
with what we talked about, using your unique ability. Because let’s face it, if
you’re a business owner, your unique ability is
not administrative work, it is not the accounting, it is not mowing your own lawn. If you’re spending your time
on those more menial tasks and saying, well, I
can’t afford to hire out for, I don’t know, $100 an hour, how are you using your
time for those tasks that could earn you $5000 an hour. So it’s really not looking
at the trade-off and saying, where can I best put my ability to work so that I can earn the most. And that allows you to do the most good in your own life and in your business. So that’s why we say stop
tripping over dollars, stop foregoing the production side and the expansion side of your life by focusing on picking up pennies and saving five cents and ten cents here. Don’t look just for
the cheapest suppliers. That’s probably not gonna
produce the most quality work. Don’t focus on having the
lowest rock-bottom prices. Chances are your customers
are also not wanting just the lowest quality
and the lowest price. If that’s your competitive advantage, they’re gonna leave you
as soon as someone else finds a way to do that better than you. You instead wanna focus on
what is you unique advantage. What is the way that you
are unique and different that’s really providing a
tremendous value to that client, and find a way to maximize that. Because really, you want to
expand in every way possible. So that’s the way to build
towards time and money freedom. This is the way to think
about your cashflow awareness because yes, you wanna build
those habits of saving first and putting that money to where
you’re paying yourself first and you’re building that
foundational habit of saving. But don’t do it by looking to
cut back and scrimp and save. Look at it, instead, by
saying, how can I afford this? How can I expansively grow my income so that I have more to work with and then I’m creating a
higher quality of life for myself and the people that I love. Hey, I hope you liked this video. If you did, click the link
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