People hear “budget” and think “restrictions.” Therefore, their expenses never really decrease, and they continue the never ending hamster wheel of income coming in, income going out, and never getting ahead. This is not the way you become financially independent. In fact, it is how you continue to be a slave to the system that wants you in debt and living paycheck to paycheck!
To become financially independent, you MUST get your expenses under control. Not only your personal expenses, but your BUSINESS expenses as well! You can never have a profitable practice unless you can decrease your expenses. Less expenses = MORE PROFIT! More profit = more money to invest into your life to help you break free.
Instead of feeling like a budget is a restriction, I want you to prioritize your expenses instead. Prioritizing your expenses helps you focus on what is important and what isn’t. If you are just spending money to spend money, then you are not prioritizing how your money is spent. Instead, you are purchasing personal and business products/services on IMPULSE. If you want to grow your wealth, you must stop impulse buying and instead prioritize your purchases based off NEED and REAL DESIRE.
Before you purchase something in your life or business, just ask yourself:
“Will I care about this in 2 weeks? 4 weeks? 2 months? 6 months?”
Chances are, you won’t care about it in 1-2 months.
Chances are that your business will be JUST FINE if you skipped that new fancy $1,000 refrigerator to store your meds in or the $5,000 waiting room furniture.
Chances are that very little in your personal life would change if you skipped out on the purchase of junk consumer goods.
Don’t deprive yourself though! I recently purchased a $3,000 camera because I wanted to and I could. You still need to treat yourself because what the hell is the point of doing all this if you can’t?
With that said, if your life will IMPROVE if you purchase a particular service or product, then it is worthwhile to consider purchasing it. So, do a logical assessment and ask yourself “How will my life improve after purchasing this?”
For example, if your car is on its last leg, then buying a new vehicle would be valuable to your life.
If your business is stagnant and you want to learn a new service or buy a new piece of equipment to enhance the business, then that is a worthwhile expense.
The main point here is this: You need to prioritize your spending if you want to have a profitable business and a life where you live on YOUR TERMS. You will never have “F.U.” money if you cannot prioritize your spending.
So, if you want to continue on the hamster wheel, then don’ budget or prioritize your spending. But if you want to break free and live a life very few of your nursing sisters and brothers could only dream of, then prioritize your spending. Telemedicine from Costa Rica or St. Lucia would have been IMPOSSIBLE to do if I hadn’t prioritized my spending, just FYI!