How many white lies do you tell yourself to justify being financially lazy? Here's a few you may not even realise you say!
When it comes to money we often make excuses (it's on sale, so I'm saving money, right?), although we know deep down we’re only fooling ourselves.
Well, I'm here to metaphorically drag you out of that Forever New and push home the fact it's better to avoid the easy way out and instead make financial decisions that will benefit you in the long run.
To kick start that journey, here are a few lies that may run through your head when it comes to money.
“I hate my job, but it pays well, so I put up with it.”
Success comes easiest to those who love what they do. Staying in a job that you despise and your heart's not in, even if it pays well, often results in an unfulfilling, short-term career.
Might I suggest you improve your skills or side hustle and do something you love rather than work a job that pays well but offers no growth or happiness. More passionate colleagues will leap ahead and you’ll be left wallowing in self-pity. It's not a good look.
Yes, change is scary, but as a boss babe you should be working on having the confidence to give anything a go anyway. If it doesn’t work out, go on to something else. No ragrets, yo.
“If I turn a blind eye my finances will work themselves out.”
Sorry, nope! This one's on you, honey. The only way to work through a financial jam is to put in the effort/restraint to do so.
Planning and setting goals around your earning potential and spending habits for a set period of time, then abiding by them (that bit's important), will keep you on track and balanced. Just make sure your figures are realistic; this is a budget, not a fad diet, ladies, the goal is to stick to it for longer than two weeks.
“I should buy a home because that’s what grown-ups do.”
I'm a property investor and educator, so I come across this one quite often.
I get it. Owning the Australian dream has been the basis of building wealth in this country for generations. However, in my opinion, renting can be a better financial option. But, and it’s a big but, only if you have the discipline to invest the difference between the rent you pay and the mortgage repayment you’d have to pay in other assets. It means working out that gap and religiously investing that amount into shares or investment property.
I once rented a property by the beach, if you've been to Perth, you'll understand why. As houses were negatively geared in that suburb, it meant that rent was cheaper than the mortgage I would have paid should I have owned it. The result, I lived where I wanted and bought properties that made better returns.
If you don’t have that discipline, then yes, buy a home and make your investment strategy 'paying down the mortgage asap'.
“If I dip into my savings now I can always make up for it later.”
Waiting to buy something you want instead of raiding your savings is far better both financially and mentally.
Leave your main savings account untouched and put extra aside for whatever it is you are wanting to splurge on. You'll actually appreciate it more given you’ve worked harder to get it.
It’s called delayed gratification, ladies, look it up. Or just stay here, because I'm bound to bring it up again. Don't even get me started on AfterPay.
“If I get approved for a higher loan amount or credit limit increase, I can afford it.”
This is probably the most dangerous of all lies. We all know someone who's had their credit card/s spiral out of control. Don't be one of the many women who spends her 30s paying off the bad financial choices she made in her 20s.
Never trust the bank’s offer in terms of increased credit limits or loan amounts. Only you really know what you can afford. Better to stick to your budget and focus on paying them down, not upping your limits.
“I’m too inexperienced to start investing.”
These are my people. If you've said this to yourself, allow me to shake you, just a little, to make sure this sinks in...
Sure, you may not know everything you need to right now, but you'll only remain that way if you choose to do nothing. Banishing this lie is as simple as educating yourself until you are comfortable enough to enter the property or share market. You will remain inexperienced until you actually start investing.
If you follow my work, you know that’s what I do through Lyons Property Mentoring. If you currently feel this way, message me or head to the website for more info. It’s no longer an excuse to plead ignorance.
“Everybody works until full retirement age.”
Which is when, exactly? They do like to keep moving that magic number. Regardless, only minority of the population retire when they had planned. The rest often have the decision made for them through redundancy, illness, disability or death.
You're better off planning and aiming for an early retirement and then treat any extra time as a bonus and, incase you forget, live a little while you're at it.
So, let’s be mindful of our finances, the earlier the better.
Realistically, money is up there with oxygen in terms of necessities. Making good financial choices requires effort and discipline, however if you sick with it, I promise these choices soon become unconscious habits. You've got this!
How many of these lies have you told yourself before? Share your experience in the comments and lets start getting your habits back on track!
Yours in balance,
Gennavieve
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