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Mini-Lesson #4: “But I Don’t Earn Enough!” (And Other Excuses)

Have you ever stopped to think about excuses that are limiting your financial success?

We all make them:

  • “I don’t earn enough money to save for retirement/pay off my debt/create a financial plan”
  • “I’m not a numbers person; I’d be no good at investing.”
  • “I can’t do what I really want because I’m in debt/I need my job/I’m afraid.”

And yet, if we were to stop and break any of these apart, we would see just how SILLY and LIMITING they are. For example, if you’ve ever thought: “I don’t earn enough money to put some aside for savings…”

  1. What you’re really saying is that you don’t want to sacrifice some spending in order to save part of what you make.
  2. If you really want to, you CAN earn more money.

An Exercise in Excuse-Busting

Today, I want you to write down five excuses you repeatedly make to yourself (they don’t have to be about money, but chances are there’ll be some financial connection somewhere).

Here are mine:

  • I’ve had a long day; I’m too tired to exercise.
  • My weeks are too busy to plan and prepare healthier lunches.
  • My day job is more secure than my self-employment, so I should keep it.
  • So many other bloggers have already gotten huge audiences, book deals, etc., I’ve missed the boat.
  • The additional attention and scrutiny that comes with additional success would be uncomfortable, so I should just keep on “getting by”.

So, in my five excuses, you can see a couple of themes: 1) I need to work out more and stop getting junky lunches out and 2) despite how far I’ve come, there are excuses getting in the way of breaking through to a new level as a blogger.

Of course, some of these also indirectly affect my finances. For one, I could be saving money on lunches out. But on a grander scale, I’m probably hugely limiting my own income by making excuses that prevent me from taking bigger risks and putting myself out there more as a blogger and online entrepreneur.

So, what are the five biggest excuses you tell yourself? Write them down now.

Now, ask yourself:

  • How would your finances change if you could stop using just one of these excuses?
  • What about all five?
  • What can you do today to start getting rid of these excuses?

That’s all for now. I hope it’s been a useful exercise.

‘Til next time,

David