Don’t Settle for Less – Aim Higher

Recently, I conducted a training session for sales persons from various Caribbean countries, where I outlined the budgeting techniques which would allow them to manage their income effectively. I also demonstrated how using a budget could help them to set and achieve their sales goals.

One participant from a smaller island explained that it was hard to stick to her budget because she often received widely fluctuating bills from a utility company in her country. She could pay as much as fifty per cent more on a bill, without actually increasing her usage of the service.

“How can you manage your money when your budgeted expenses are not consistent?” she asked.

Are consumers powerless?
Despite our best efforts, sometimes it’s hard to control our costs. External forces which we cannot adjust will influence our major bills – global increases in crude oil rates dictate the cost of petrol at the pump; the depreciating Jamaican dollar determines the price of goods in the supermarket.

In response to rising prices, most consumers will try to cut back on spending and limit their choices to only the most needed items. Unfortunately, this approach encourages scarcity-thinking, where we believe that we can never have enough money to enjoy an abundant lifestyle now or in the future.

The reality is that as prices continue their upward trajectory while our salaries refuse to follow suit, eventually there will come a time when we won’t be able to cover even our basic bills. Therefore, cutting back on spending cannot be the only solution to deal with an imbalanced budget.

Are you content or complacent?
There is a school of thought that says that we should be satisfied with what we have; wanting more of the good life may be seen as being greedy or covetous. The idea is that if you aim to live below your means, then you will always have just enough money to enjoy a comfortable existence.

The problem with this outlook is that it lets you off the hook from trying to accomplish greater things in your life. Don’t confuse contentment with complacency. While it’s good to be thankful for all that you have achieved, don’t accept that you have done your best when you really can attain more.

Champion sprinter Usain Bolt is a great example of how much a person can gain by setting lofty goals. Although he has won several gold medals and recognition as the fastest man in the world, Bolt declared that he wants to achieve legendary status. He knows that he can still do much more.

Focus on achieving more
Many people think that they can’t rise up above their current financial circumstances to create a life of abundance. Your belief about your capabilities influences how you work; so if you think that you can’t do better, then you will never carry out the activities that will allow you to create more income.

Instead of settling for a meager salary or eking out a basic existence from self-employment, resolve to develop proficiencies that will allow you to supply greater value at work. You may need to get trained in more marketable skills or utilise a business model that will generate increased revenue.

In order to expand your income horizons, ask yourself these questions: How can I fulfill my true earning potential? How can I tap into my latent talents to create value for others and get paid for it? How can I make optimal use of all the resources I have at my disposal to earn more?

Aim to create generational wealth
While you are working to improve your earning ability, don’t put limits on how far you can climb up the income ladder. I usually tell people that it takes the same amount of energy to dream big as it does to aspire for small things. You need to expand your world view when it comes to wealth.

Read about the accomplishments of business moguls such as hotelier Gordon ‘Butch’ Stewart or media giant Oprah Winfrey, who started out from humble beginnings to build massive financial empires. What success habits did they practice that you can emulate to build your own dream?

Don’t just think of your immediate desires when charting the pathway for your wealth objectives. Consider your children and their future offspring – contemplate how you can work smartly today to establish a foundation of wealth that will last for many generations to come.

Take a stand for greatness
While you may not aspire to become the next Bolt, Bob Marley or Butch Stewart, you can set loftier targets for your personal and work life. Decide that you will always strive to attain extraordinary results in whatever endeavor you attempt, and then do whatever is required to be successful.

Going back to the seminar participant’s question, my answer was straightforward: “The only way to deal with constantly rising costs is to work at creating income that is way in excess of your budgeted expenses.” If you want to have a truly secure financial future, then you have got to aim higher.

Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, August 15, 2013

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl