Spend for the Life You Want - Finances Demystified Blog

Spend for the Life You Want

As a financial planner, I spend a lot of my time telling people how to save and how to invest. 

But, spending is a BIG part of your financial situation and how you spend your money will determine how much you can save and how much you can invest! 

Let’s face it – spending money can be fun, fun fun! I love a good Amazon spree, buying adorable baby clothes for my little one, and traveling. 

Thanks to bills, a lot of people find that by the time they pay everything and indulge in some fun spending there’s barely any cash left for saving or investing. 

I’m here to tell you that you can spend AND invest. It’s all about conscious spending and using your funds to strive towards the life you want. 

What Is Conscious Spending? 

Conscious spending is what it sounds like, being aware of the long-term effects that every single one of your daily spending choices carries. 

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A four-dollar drink three times a week becomes $624/year that could have been invested. That doesn’t mean you have to give up four-dollar drinks, but if you cut your frequency in half, that’s $312/year to be put elsewhere. 

Look For Alternatives 

One of the best ways to practice conscious spending is to look for less expensive ways to create the same results. Some ideas of alternatives could be: 

Look at your bank account and around you to see where your money goes, then figure out possible alternatives to give you the same satisfaction for less. 

Spend For Your Goals 

Sometimes spending for your future has to do with spending more, not saving. An example of that is outsourcing things to save yourself time. The time that you can spend on yourself, your side hustle, your business, your family, your hobbies, or your education. 

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There’s something magically life-changing about outsourcing things like cleaning your house. If you can earn more than you pay someone by hiring help then do that! 

Continuing education is another area where spending can equal more money in the long run. Practically all of my Wealth Transfer students make their tuition back within weeks of starting to become knowledgeable investors, making the initial payment a wise spend towards lifelong financial stability. 

Avoid Debt 

If you don’t have the money to buy something, don’t put it on a credit card. Unless it’s an emergency, most purchases are not worth going into debt for in the long-run. To utilize conscious spending in your life you have to know where your money is going and that you are making more than you are spending. 

Staying mindful that the immediate reward of most impulse purchases is rarely worth the long-term effects.

Diversify Your Income Streams 

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“Side hustle” has become an everyday term with 1 in 3 Americans working some kind of side hustle. You can take on a side hustle, even if it’s just temporary to pay off your credit cards, build an emergency fund or save to fulfill a dream purchase. 

My favorite side hustle doesn’t involve working for money though. It involves making your money work for you. Yep, I’m talking about investing! 

Obviously, it’s my passion and my favorite way to generate wealth-building income! I built The Wealth Transfer Course to teach anyone who wanted to learn how investing could. No need to go to business school or work on Wall Street. You can earn serious money from your couch, in your pajamas, or from Bali, anywhere with an internet connection. 

If you want to learn more about investing, check out my free masterclass on how you can build a diversified, money-making stock portfolio with just $1,000. Click here to watch the masterclass on demand! 

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