Unless we’ve been living under a rock, by now most of us have heard of ways to pay off debt, save more, and become more financially secure, right? Everyone and their cousin has an opinion on how this should be accomplished. Pay this off, cut that expense out, sell this thing, invest in that stock. You get the point. But, what we don’t realize is that’s not the heart of the issue that will make us or break us financially.
You see, Nike almost got it right. But just doing it is only half the battle. Just doing it isn’t enough and alone won’t solve whatever financial issue we’re facing. Let me explain.
Picture that financial goal you dream about accomplishing. Can you see it? How often do we dream a dream and it doesn’t come true? I’m not talking about winning the lottery or becoming famous. I’m talking about specific financial goals you’d like to see come to fruition, but for whatever reason, don’t. Like that debt that keeps hanging around and it seems like you’re always making payments but there’s still no end in sight. Or that savings account that’s been collecting dust for who knows how long.
Here’s the thing. Maybe you’ve heard this before, but dreams without a plan are just that, dreams. They will forever stay in that place of “if only” and “I wish.” Do you find yourself quoting those lines in your inner dialogue? It goes something like this: “I wish I had a better paying job, so I could save more for my future,” or “If only x, y, or z hadn’t happened, I wouldn’t be in such a financial mess.” It is so easy and tempting to run these lines and stay stuck. That’s why some of us are in that place. We have the knowledge, we have the tools, we’ve heard it said time and time again how to jump through the hoops, how to save, how to spend less, how to apply some financial discipline. Yet, nothing changes. We are still stuck.
Why?
Even with our best intentions, we are quick to throw in the towel early and make up our mind about why it didn’t work this time. Sooner or later we conclude that nothing works. One failed attempt after another. Cue the vicious cycle.
But take a step back for a moment and ask yourself this: how long did the attempt last? How persistent and resilient was the attempt? Was I consistent?
The reason we’re still feeling stagnant is because we’re missing the most impactful ingredient: consistency. It’s one thing to do it, it’s an entirely different thing to do it repeatedly. If we want to see real progress financially, in whatever area that may be, we must repeat that choice again and again. For example, it’s one thing to pay the minimum balance on that consumer debt each month, but it’s an entirely different thing to decide and commit to consistently paying significantly more than the minimum. The same is true for saving or investing. Deciding and committing to consistently fund those accounts (without withdrawals) will steadily yield the results we want.
I might be stating the obvious here, but we all know success doesn’t happen overnight. And if we believe it does, we need to get our heads out of the clouds. Remember, dreams at some point must come down to ground level. We must act. This means constructing a plan and then implementing that plan. A dream becomes a goal when we have a plan. We then choose to execute that plan one small decision at a time. Day in and day out. After weeks, months, and years. We have to do it consistently in order to see results.
If you’re struggling or need to put a plan in place, check out my video here as I walk you through setting up that plan, aka your budget. You can also find my budget breakdown template here.
Those small choices that seem irrelevant to our success, are actually the very reason for it. The daily, simple, menial disciplines lead to our desired outcome. When we choose to play an active role in the plan to reach our financial goals, we’re no longer grasping at straws, hoping something will change. We are making it happen. We have to make the choice to become financially unstuck. Small choices made consistently across time lead to big successes.
“Successful people do consistently what others do occasionally.”
Craig Groeschel
Athletes consistently put in the hard work, striving tirelessly to see the gains. Likewise, those who commit to consistently adhere to their financial plan will achieve their goals. The common thread is consistency. We make a choice, act on it, and then repeat it to get the results we want. Another good name for this is a habit.
So, what are your money habits? Are you consistent? Are you resilient when financial setbacks come your way? Or do you attempt to make a change in the right direction, but give up too soon?
My challenge to you is to not quit. Don’t throw in the towel before seeing the changes yield progress. Stick around long enough to watch your dreams become your reality.