Home Blog About Us Contact Click here for a FREE 15 min coaching call!

Money Lessons from Lottery Winners

Uncategorized Feb 14, 2020

Image result for funny surprise animated gifs"

Yes, I'm sure many of you are thinking, "If only I had more money my problems would be solved!", which in the short term could be true, but over time if your money habits didn't change you might be right back where you started.

Think of all the lottery winners who have gone broke.  They had lots of money, but poor financial habits, and more money can't fix that! 

This is one of the reasons why we refer to ourselves as behavior change coaches instead of financial coaches.  Performing better with your finances is mostly about changing the behaviors that may have got you in trouble in the first place.

The challenge is changing your behavior / habits related to money.  Change is difficult, but necessary because if you keep doing what you've always done, you'll get what you've always got!

Image result for funny chasing tail animated gifs"

Our prescription never starts with big radical change.  We've seen too many people make drastic changes in their finances that almost always leads to reverting back to old habits. 

It's like going on a diet and shifting from 3,000 calories a day on Sunday to 1,500 calories on Monday.  Sure, you're probably going to lose some serious weight by Friday, but drastic change is almost guaranteed to backfire.

Instead, small changes ramped up over time is a method we've seen work far better.  This is something bestselling author James Clear calls Atomic Habits.

An Atomic Habit is a tiny change that has a significant effect over time. 

Consider the graph below that shows a 1% change made daily.  Over the course of a year that small change leads to being 37 times better.

Image result for 1% change graph james clear"

We have a client that was spending $1,000 a month on eating out, which for them was far too much.  Instead of cutting their budget by some drastic amount we suggested a 1% daily reduction to ease into getting the number down to a more reasonable amount.

Reducing their daily restaurant allowance of $33 by 1% a day equated to an allowance of $24 a day at the end of the first month, or a savings of $270 per month.  They are repeating the cycle again for another month, which will lead to cutting their $1,000 monthly budget to $540.

The little shift in spending doesn't feel like such a sacrifice over 60 days, but could hurt if the reduction would be done overnight.

What 1% change can you make starting this month to improve your life?

Where are you spending too much money that could be shifted toward paying off debt or put into retirement?

What are you doing (i.e. watching reality TV, surfing the 'net, social media) that isn't helping you grow that you could do less of?

What would you like to do more of (i.e. reading non-fiction, Bible study, prayer, volunteering, family time) that would bring you more joy and provide wisdom? 

You can do this!

We've seen lots of people stuck in a bad spot financially, but once they started to make small changes over time it added up to big results.

We're here to help you live your perfect life, and if you struggle with change reach out to us and let's talk it through.  Use our calendar linked below to setup a free 15 minute Zoom call to start making small changes in your life that can lead to a lifetime of positive results!

Click here for a free 15 min consult Zoom call

Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.