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How to be rich and successful without saving pennies

“How to make money fast?” “How to be rich and successful?”

I bet you’ve searched for that at least once in your life! How ever clearly you know that the only way to make money fast is probably trying to do a garage sale, that doesn’t deter you from searching for alternative ways… and I hear you!

Money- whether we like it or not, we can’t ignore how useful money is as a tool in our lives. It’s something we all aspire to make more of. It often dictates our career and life choices, It’s topic, a topic that unites all of us, a topic that interests all of us, and a topic that actually creates quite a lot of divisiveness among us.

I thought I would talk to you about money because recently, in my Aligned Careers Bootcamp, I was talking about money, and I thought I would cover money in just one session!

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Boy, was I mistaken! We ended up talking about money in each and every session (there were six!). And when I was looking through the feedback that I received for the programme, everyone wanted to talk more about money. So I thought, I would open this up to this community.

Of course, I love talking about money, because money takes me back to my Economist roots. And as a career consultant, and as a professional, the majority of my career has been spent in financial services and banking. And not just in financial operations or strategy work, but doing very, very banking heavy work, understanding credit risk.

So I am quite passionate when I talk about money. But money also takes me to the other end of the spectrum of abundance, because ultimately, what I see is that people think money is limited in life. That’s the script we have been brought up with- “money is hard to come by”.

However, I have observed that actually, when you step into abundance, money becomes unlimited.

But let's stop there for a second. And talk about the practicalities of this, because all of this is good to read but you need to be super hands-on and implement. I would hope that you try and do the work that I suggest you do. And hopefully, just on the back of doing that work, you will get a lot of benefits. Because ultimately the difference between the average person and the rich and successful is how far they are willing to go and work on themselves. Everyone wants to be wealthy but very few will actually work on getting there. But since you’re here, I know you are not the average person!

So let’s start getting into the rich people mindset. Because I’ve seen far too many people earning a lot of money but living like a pauper because either they didn’t save any or they saved it all. Both are equally terrible choices, something that the rich and successful don’t do.

They talk about money, what it buys, retirement and how to make more money- openly among their family and friends. But they don’t divulge this to the random stranger. Hence we as a society feel like we shouldn’t talk about money. But we will talk… and I promised you that I will not talk about saving pennies. But there's one thing I need you to do- plan and act.

Let’s start with talking about retirement

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The first question I want to ask even before I talk about money is- when do you want to retire? And what does retirement mean?

Because when we talk about money and retirement, we have to mention the FIRE movement and community- the financially independent and retired early. Amongst the FIRE folks, there are all sorts of FIRE- lean FIRE, fat, FIRE and everything in between. There are some people who want to be retiring early, and they save 70% of what they earn, just because they want to retire.

There are other folks who want to be leaving a fat FIRE life, which means they want that enormous cushion of savings when they do retire. But eventually, retirement is the goal.

Now, what I would ask you to do is actually figure out what is it that you want out of your retirement and when do you want to retire? That will help you establish how much money you need to be retiring.

The easiest way to do this is to put all of those numbers in a financial calculator, get an estimate of how much you can realistically save. There's a camp that wants to save 70% of earnings. But, to me, if I saved 70% of my income, I wouldn't feel very fulfilled, because there are things I want to spend money on unapologetically. And I don't want to be earning money to live a frugal life. That is not the point of my life.

It could be for you. But if you are here, it's probably not you. Typically this community likes to enjoy their lives and live a whole life. So, I want you to consider how much money you want to be saving, how much money you want to be actually making to enable you to save that much. Remember, your savings is capped. You can only save 100% of your earnings, but your income that has no caps, no boundaries!

Your income is totally dependent on you. And that is extremely empowering. If you step into abundance, your income is literally unlimited. I teach my students how to get 50-60% raises, and when they get those raises, they are completely different people!

Forget the money, the money comes. But they know how to do that the next time, the next time, the next to next to next time, and their financial situation really becomes uncapped.