How To Grow Your Bank Account? Here’s A Secret Towards Financial Freedom
A common problem high earning entrepreneurs share is the inability to control their spending, especially in events that they start to gain a lot of profits fast.
This can be a problem if they hit a certain plateau and become complacent. As a result, they stop working as hard as they used to and start incurring tons of expenses.
What’s worse is that they may never know the gravity of their overspending until they hit rock bottom.
I’m sure that you don’t want this to happen to you.
If this thought concerns you, then you have come to the right place!
For our blog today, we will be discussing how to grow your bank account and when you should spend some of your savings.
And at the end of the topic, I do hope that it helps you become a better entrepreneur by becoming better at managing your personal finances.
So without further delays, let’s begin…
Reasons Why You Spend Too Much?
I remember the feeling of pride when I worked for the first time. I’m earning my own money, and I feel independent.
I can buy just anything that I want. However, I was also unconsciously spending more than I was earning. As a result, my debt was growing as well. It’s a true story.
And I know some of you can relate, right?
In this week’s podcast of Andy, he also talked about his personal experience regarding his struggles in managing his finances.
He mentioned a common dilemma we all share, and that is our seeming incapacity to maintain a steady flow of savings.
There are periods when money is continuously coming into your bank account, but only to experience a sudden crash at some point.
You might feel lost and wonder what hit you. But deep inside you, I know that you are well aware of the problem; you’re just in denial about it.
You became over-confident with your current status and full of yourself that spend way too much on just about anything, including stuff you don’t need.
You have to bear in mind that you can’t fix the problem unless you admit it first that you have an issue to address.
So in the next section, let’s talk about the amazing solution Andy provided…
How to Grow Your Bank and Manage Your Expenses
So the solution Andy has in mind is sort of unconventional when I first heard of it, but it makes a lot of sense when he explained it further.
It was mentioned that our spending mostly occurs when we are at our happiest, and we tend to tighten our belts when the going gets rough.
In the video, he presented a solution where you reverse the situation.
Work as hard as you can during your most productive, and spend the money you earn during trying times. It kind of makes sense, right?
Have you heard of the phrase saving for the rainy days? Well, it works the same.
However, take note that the expenses that you have to make are to be used to improve your productivity or overall well-being.
If it’s going to improve yourself and how you conduct your daily business, then, by all means, do so!
You may also go to a spa, or make short travels, to sort of rejuvenating yourself and help you think of better solutions.
Now, this, I believe, is one of the best secrets in regards to the question, how you can grow your bank.
And the reason why I’m delighted is that it enlightened me of another perspective to approach the problem.
By following the above very simple step, it does not only support you in saving more money but also help you manage your stress levels.
I hope my blog has provided you enough information about helping you how to grow your bank account through managing your personal finance.
It’s not going to be easy since distractions are everywhere, and knowing that it’s extremely convenient to purchase about anything online.
But always take note of the advice in this content whenever you feel tempted, and I’m sure that it will somehow help you get through.
Well, I guess we’ve covered sufficient ground here!
Thank you for the time!
And I hope we see each other again next time!
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