#4LESSONS Number 1
Your relationship with money matters and is one of your most important relationships.
This seems like a no-brainer but it's something I messed up in my life and I think a lot of us do. Wether it's because of your family of origin, or you're stubborn, you might just not know how to handle the dough. When I was dead broke, I remember thinking, “If I could just get like, $2000,I'll be straight”. But honestly, I didn't know what to do with $20 so $2000 would be just another mistake times 10.
Generally, we tend to have 1 of 2 issues. We either spend too much or don't earn enough. So, are you making $60k a year and spending $61k? Or are you making $60k and really need $65k to survive? It all obvious stuff but let's be real, we're not rich. Why?
Well, for one, rich people do things with their money that most of us don't even know exist. They know things and they teach their kids. The “poor” just don't know ,so they don't teach their kids. Here's the truth: All the info the rich have is available to all of us. You just have to find it. You have to ask. You have to read books and study and take a genuine, vested interest in your success around money. You're definitely on the right track if you made it to this paragraph. Hahaha.
I tell all my barbers, especially the young ones, “You're going to make money. A good amount. More than all your friends. So you need to know what to do with it.” I set them up with a financial advisor. What they do with the opportunity is 100% up to them, but I'm always driving this point home: the way they handle money now, is the way they'll handle money for the next 3-5 years.
Let me break that down a little more: It takes at least 1 yr to form good habits around spending, paying bills on time and saving “extra” money. It takes another 1-3 years to pay off debt. And then another year to setup and pay into a real retirement. So the decisions you made today about that extra $400, will stay with you for a while! It matters! Everything matters.