Money: the fibrous paper that causes dreams to be made and crushed; worlds destroyed and people formulated. Life revolves around it and the world spins from people’s constant pursuit of it.
How can you win if you do not chase money? We have written many articles revolved around this “chase”. Chase your passion and not chase money, but how can one steer clear of chasing money when money holds so much strength by influencing a lot of our actions? It is indeed difficult to ignore such an important part of our day-to-day lives when trying to reach our goals.
Ignoring the chase for money is very necessary if we are to succeed in the long run. A fact of the truth is that chasing money will lead you nowhere when dealing with entrepreneurship or a large project. Yet, it is also true that learning to make money is an important part of growing in a business.
There is a significant difference between chasing money and making money. Thus it is important to clearly understand the difference between the two and the impact each make on your life. Entrepreneurs often make the mistake of chasing money as the goal for their project, which causes hasty irrational actions, extremely poor judgment, and low tolerances for failure. Understand that funding and stability is required in order to be successful in creating a lasting prosperous future.
Here is how we differentiate the two and how they each make sense:
Learning to make money is all about your understanding of money in three areas: commerce, finance, and business. Most importantly, understanding of debits and credits that will only allow you to know how YOU can make money anywhere from side gigs to working for Corporate America or any possible endeavor. Learning to generate money is very important as it will determine your future and how you live. Furthermore, it will also play a significant role in your ability to focus on your project rather than the monetary gain right from the start.
Chasing money is when your project’s end goal suffers due to the constant push for a quick buck. A perfect example of that would be putting out a poor product in turn lowering your quality and standards. Sometimes for example, releasing your product too quickly in order to make money rather than slowing down production and perfecting your product prior to release. If you think about the outcomes, one makes you quick money; the other would be more money and more continuity. Chasing money means making decisions that result in monetary gains rather than long term growth for you and your business.
Think about car manufacturers as a great example of this. You can sit in a great car, one that looks incredible but for some reason feels cheap inside due to poor materials used when building it. For simply $300 more, they could have done a better job especially because as a consumer $300 on a $30,000 car probably would have not deterred you from buying the car. As a matter of fact it might have even encouraged you as the quality might have been on the same level as other brands you were looking at. The real difference is that one was built for profit while the other for driving pleasure. Both are likely to make money, but only one is likely to create a following that leads to repeat business. Understanding how to differentiate the two and mastering how you can make your money outside of just expecting your project to make money quickly is the key to long-term growth. Quality over quantity leads to more and more business in the long run.
The true problem once more is not in your ability to make money regardless of how you make money or in what capacity, but it is rather the principal that we must be able to sustain the money in our pockets once made and live within our future, not just in our present. When dealing with $1,000 earned, we must not instantly allocate this money to being spent, instead we must save more first and then spend a smaller portion of our initial earnings. Money itself is nothing more than paper; nonetheless the minds behind the making and spending of it are ours and require some greater thinking in order to overcome our dependency on it. Move to a state of growth and not survivorship.
If we know the issue, why do we continue? Are we afraid of the unknown?
When FEAR consumes almost 70% of the population from taking that leap of faith and calculated risks, one could see that more opportunities exist for those of us who are capable of overcoming this fear altogether.
The real question does remain what are we so afraid of.
There seems to be a common theme across the board as to what you do not know is ultimately what you fear the most. In the pursuit of success, many fall short and allow fear to overtake their lives simply because of their fear of failure. The fear of not knowing the outcome of being an entrepreneur and losing time to an idea that has no guarantees of making it.
In investments, people fear the potential of losing money to an unforeseen market condition or change, therefore choose to not invest into anything.
FEAR is the single challenge that ANY successful entrepreneur will tell you they have overcome in order to be successful.
Being afraid of what is behind the door that lies in front of every challenge, business, or obstacle is normal but unacceptable. Fear is simply the one reason people do not progress. If FEAR was something that you learned to overcome, then you can go through that door with the confidence that you can overcome anything behind it.
The problem most face is that a lot of individuals choose not to take action regardless of their fear; their disbelief in their own abilities to overcome the challenges ahead setting themselves up for their own demise. This insecurity is the same insecurity that keeps people from approaching others in fear of rejection or fear of failure before starting a business. This inability to overcome yourself will keep you from succeeding in many things in life. From business to your personal life, it will be flooded in fear and uncertainty, which ultimately will keep you in what I call your “safe zone”. Your “safe zone” is a place in which you are comfortable at every day. Those activities are easy to distinguish what reactions will occur from the actions becoming simple and keeping you comfortable, when in reality are costing you your life by holding you from advancing and moving your mindset forward.
It is so effortless to do what you already know how to do and go through doors which you have already gone through before. Although, it is more rewarding to discover and conquer new grounds, push your mind further, and encounter what the next frontier of success is. The only way to do this is to take that step that you fear the most. Keep in mind that survivorship is the instinct we all have in us yet growing is a skill only a few will master in their lifestyle. The unknown is changing your mindset into thinking past today and into next week, next month, and next year.
Got you thinking?
Make sure to pick up your copy of BOAL: The Cure to Limitless Spending and start learning more about the mistakes you make each and everyday with money that if not solved immediately can cost you more than you bargained for.