Getting off the treadmill, part IV – Sacrifice continued

Okay, last time we talked about sacrificing relationships that aren’t helpful to getting to your vision. Today, let’s talk about sacrificing in that wallet.

Now remember, the goal is to get to your vision.  For some of us, getting to our vision requires us to save up some money before we can take that training course, or get back into college, or get that license.  And saving, for some of us, means you need to get a new job just so you can have some money to save.  But truth be told, for most of us, we really just need to be wiser about what we spend our money on.

A pastor-homie of mine says it this way:

“You don’t need a miracle, you need discipline.”

Here’s the facts: poor folks spend a higher percentage of their income on entertainment and fashion than middle-class and rich folk. Compare how Jeff Bezos, Bill Gates, or Mark Cuban dress to how the entertainers you know dress. Ignore the differences in style. Just look at the numbers. I am willing to bet money the entertainers have on more in jewelry than the entire outfits of the three billionaires I just named combined.

There is something fundamentally different in their thinking.  The entertainers see value in appearing rich.  The billionaires see no need to put on that type of front.

So why do you think more like the entertainer than the billionaire?

No matter how you dress, no one in your neighborhood is confused.  No one thinks you are rich simply because Man-man has on baby Jordan’s.  No one thinks you own property simply because your sneaker collection is crazy. No one confuses you for Oprah simply because you always sit front row at Summer Jam.  The real question, then, is why the show?  Why not spend your time actually being rich?  Or at least trying to get there.

Once you start thinking this way, you will find that you are less interested in appearing rich, even once you are.

So how do we get there?

Make a list of everything you have spent money on in the last month

Got your list ready? Okay let’s cut it up a bit.

First, think back to first grade when you learned about needs versus wants.

Your needs are food, water, clothing, shelter, heat, electricity.  Wants, though, are fast food, Ives Saint Laurent, bottle service, and cable.  See the difference?

Okay, cut out the fast food, the ordering out, the clothes shopping, the going out, the drinking (and weed smoking…I know, crazy right?), the eBaying, the Amazoning… ALL THE WANTS.  All you should have left is necessities. (Don’t worry, this isn’t forever)

Next, look at each of the necessities and figure out how you can make them cheaper.

You may not be able to touch the rent but consider whether your house is bigger than you need right now.  Shrink your food costs by buying value brands, looking for sales and shopping around.  With your other monthly bills, you can also save tons of money.  You can shrink your phone bill by calling and asking to speak to a customer relations specialist (not customer service) and complaining that a competitor has a better price.  Threaten to leave, and ask them to beat the competitors.  They will.  You can run this hustle on car insurance, cable, credit cards, all that.  I have gotten credit card companies to lower my interest rates, car insurance companies to cut my insurance costs in half and give me free renter’s insurance, cell phone companies to cut my bill dramatically, and so on.  Alternatively, you may want to actually call competitors to see if they can give you a better price.  That works too.

The hard part of all of this is staying disciplined.

You have to stick with it.  You will be tempted to let your hair down and ball out one day.  You will want to get lazy and forget to bring lunch to work and have to buy fast food.  You will want to get drunk, get fresh, and go clubbing.  DON’T.  You need to stay strong until you save up enough money to reach the next step towards your vision.

Warning: you will mess up.  You will be at wit’s end and need to go out and blow off some steam.  It will happen.  It may even be healthy.  But the key is to make sure you don’t abandon the whole plan simply because you messed up.  Just get right back to it.

Tip: build in a small (very small) discretionary budget.  What that means is set a small amount of “slip up” money to the side just in case you want to get a hair cut or a slice of pizza.  You will thank me later for this.

Good news: You have already done the groundwork for keeping yourself focused with this.  Know how?  You only have relationships with friends who are moving towards their own visions.  These people are not as interested in spending money or going out all the time.  That’s why you kept these relationships.  They will help you stay focused.  They will give you the inspiration and encouragement that you need to stay on track.  Remember, the people you keep around you, affect you.  If you have surrounded yourself with people who are disciplined, it will make you more disciplined.  And when you slip and fall, their discipline will be there as a lighted path to help point you back to where you need to be.

Also, you can always send us an email at blog@bishopsmith.org for advice.  We would be happy to help.  We need you to get this money thing down because there is more sacrificing to do and our whole community needs you to reach your vision.

Next time we will talk about sacrificing your time.  That will suck, too.

Until then, keep your head down and keep praying.

Let’s break bread and eat.

Written by Ivory L. Bishop, Jr.