Knowledge is not Enough

Good Day Everyone,

Lately I’ve been writing more about things like investing and stock picks, but today I’ll bring it back to the foundation of personal finance.

One of the reasons why my logo is a weightlifter is because I find there are so many parallels between managing your money and getting in shape.

Allow me to explain…

If you’re finances are in the dumps, the most important thing you need to do to improve your situation is build a strong support network around you. Anyone reading this blog who aren’t struggling financially is probably thinking “Just spend less” or ‘Just make a budget, it’s not hard” Well that’s no different than telling someone who is overweight to just eat less and exercise.

Many bloggers, authors, and “experts” on TV go with the approach that people are in debt due to lack of education. If you’re a new immigrant or a high school student earning your first paycheck and don’t know how the system works, then sure I’ll buy that. However, if you’ve been making money for a while and have credit cards and mortgages, lack of education is definitely not a good excuse. There are infinite amounts of free and paid resources for budgeting tools, mortgage calculators, retirement calculators etc. just like there are tonnes of resources on eating healthy and exercising. If education was the solution then we’d all be fitness models and millionaires.

Anyone whose had success with managing their finances or maintaining a healthy body knows that consistency is the most important thing. This is why having a strong support network is so important. If you’re constantly hanging out with friends at expensive restaurants and bars, it doesn’t matter how well built your budget is because it isn’t realistic to your current lifestyle.  If you’re having trouble getting a grip on your finances, talking about it with your closest friends and family is a very important step in getting on track. If they support you, they’ll be understanding when you tell them you can’t go to that restaurant or you can’t afford to give gifts at Christmas, but if that’s met with anger and hostility, then those aren’t people you want to associate with any ways. Many people have trouble talking about money, but nobody ever said this was going to be easy.

Bottom Line: “Consume less calories than you expend” “Spend less than you make” both obvious and common phrases you hear as it relates to health and wealth. The concepts are simple, but if you don’t surround yourself with people who will enable you to get there, it’ll never happen.

Have a Great Day!


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