Spend Below Your Income

Spending below your income simply means whatever comes in by way of income, do not spend everything. Routinely keep some aside for savings and investment. According to a Yoruba proverb – do not eat with ten fingers. Come to think of it, while eating with hands, only one hand goes to the mouth (maximum of five fingers), not two (the whole ten fingers). You do not put both hands into the mouth in the name of eating. The same should also apply to your finances!

As I mentioned in an earlier post – do not live below your means, my grouse is the choice of words – ‘live below’ – which connotes a lack mentality. You need an abundance mindset if you want to achieve financial freedom. Even if you don’t achieve financial freedom, you will exceed the level of financial independence, whereby you earn more than enough outside your wages, hence you can decide to stop working if you so choose.

Everything in life boils down to choice at the end of the day. There is nothing wrong with having a lack mentality, so far as you know what you are in for, and that is what you really want. I have no right to tell you what you should want. One of the beautiful things about life is diversity and the freedom to choose. Whatever you do makes sense or does not make sense in the context of your goals. That is why it is crucial one has a goal so that it gives context to your actions – is it in line with your goals or out of alignment?

Most people aspire to wealth and greatness, wealth not so much in material possessions only but the ability to contribute on a significant scale. If you are not working for a global charity organization, you want to have your own resources to live life the way you want it and make a difference at the level you desire.

Whether you work for a grocery store or you are an ‘A List’ movie superstar, you have to spend below your income, or you will go broke the moment your income does not come in as expected. You need to make your money work hard for you, and for that to happen, you need to leave it alone to do the job. If you take everything and give it to others, you are living from hand to mouth no matter the level of your income. Put your money to work, so that you do not have to work so hard for money.

When you get to the point where your money brings enough income, depending on what you call enough, you now have the choice to work for love, passion, contribution, happiness, etc rather than go to work wishing you were doing something else. Life is too short and you do not really want to do the whole of your working life.