Personal Discipline Helps Build Financial Power
It’s easy to give up on your finances however with self-discipline you can easily crush your goals.
There are many ways to improve self-discipline which I will discuss with you today and how they affected our finances.
As I began saving money delivering newspapers it was hard for me not to spend the money.
I would see other kids with the latest gadgets, games and toys that I could have easily spend my money on.
However, my parents lived a minimalist life where we bought second-hand for just about everything.
My mother was a single mom for a while after I was born and her self-discipline rubbed off on me.
It wasn’t easy for her having to care of two kids and keep a roof over our heads.
I’m not sure about anyone else but seeing the financial struggles and exhaustion in her eyes motivated me.
Perhaps it may be strange but I was determined to become rich and successful.
Nobody dreams of being poor or living pay to pay and I didn’t want to go through that.
I was a kid and being rich came with little notion of how incredibly difficult that road would be.
Changing The Way We Approach Life
For many children who do experience their parents living on social assistance or seeing their parents struggle it can be life-changing.
But it’s not only them, it’s everyone.
A family could live in the nicest of houses and get the coolest stuff but financially strapped for cash.
My self-discipline when it came to money was in part how my mum struggled and won the battle.
When my new dad came into the picture things were looking up but they were still frugal.
Any money they earned was managed wisely and invested mostly in real-estate ventures.
Even into retirement my parents still worked looking after houses of the rich while they were off on vacation.
No kidding, but it became to much for them so they are now retired.
So my parents already owned houses that they paid off and rented to earn extra income.
My parents budgeted and were conscious of how money was spent and continue to do so.
Financial Self-Discipline Can Free You
Today my parents are happily mortgage and debt-free since retiring last year.
What more could you ask for? And this was all on my dad’s income and the extra income they earned on the side.
However, by having a second income stream it felt like back-up retirement savings.
Passive income is one of the most challenging but doable things you can give yourself.
It’s comparable to giving yourself a gift but you work your butt off for it, no matter what.
That my friends is self-discipline and something I’ve built on over the years.
Stop Dreaming And Start Doing
There must be more to life than the walls around the house and I dreamt about it.
Like my parents, I also saved money from working, bought my first house at 21 and travelled.
I’ve been to India, Nepal, Portugal, Thailand and many other destinations while living in the UK.
Back then it was cheap to travel but I still went out of my way to be frugal so I could see more of the world.
I was a kid and being rich came with little notion of how incredibly difficult that road would be.
There was also the discovery that not everyone could do what I was doing for various reasons.
Feeling confident I taught myself how to save money, earn more money and increase my wealth.
It wasn’t because I was making a 6-figure income either.
Besides self-discipline with the income I was earning I became the king of my kingdom.
I’m thankful for the lessons I’ve learned but also the efforts to love myself along the way.
Becoming successful or reaching your goals to increase wealth came with 6 simple habits.
I’m not saying these habits will make you rich, successful and aid in crossing off items on your bucket list.
What I will say is that even if you spend time becoming self-aware that you can work on saving money.
How To Create Financial Wins Through Self-Discipline
With Covid-19 and many people not working it’s tough to even save a dollar.
I get it but now is the time to work on you.
Some of the top motivators in the world have or still go through learning about themselves.
Let’s look at what habits can impact your financial journey.
You probably don’t know this but I get up every morning at 4:30 am to blog and start my day.
I’ve managed the last 9 years to balance family life, career and Canadian Budget Binder.
It’s amazes me how working two full-time jobs got me into the career I am today, but I did it.
I’ve also made it possible to blog on Canadian Budget Binder helping others to fight debt.
This blog that started as a train is now a jet soaring into a small 5-figure income earning asset.
I couldn’t have done this without the support of my family, amazing subscribers and self-discipline.
Who wants to get up at 4:30 in the morning 4 to 5 days a week?
Not me but I’ve conditioned myself so I can reach my daily goals which included blog posts.
Some of these blog posts that I write take me 8 hours or more to complete but well worth it.
These small wins help us to build our retirement portfolio and keep us debt-free.
You don’t have to exhaust yourself doing it all, just organize your time wisely.
Self-esteem was always tough for me as I was the geeky computer kid growing up.
Oddly, I found out after I graduated from University that I had little interest in computers.
I didn’t know what I wanted to do with my life and that killed my self-esteem.
Eventually I found my groove years after working in a factory and married my wife.
I started out somewhat shy in Canada and have since become a huge part of our huge facility.
Learning to come out of my shell allowed me to network about finance and build our retirement portfolio.
It was all about building rapport with people which in part helped me become who I am.
The crazy part is that when I moved here I had no idea how much Canadian money was worth.
I was unable to tell what a quarter, nickel or dime was but I learned quickly.
Too many people forget about self-care and it’s so important.
Getting out of the house to go for a walk to clear your mind is an excellent self-care activity.
If you enjoy working out, hanging out with friends, reading or looking after your health then fit it into your routine.
Meditation is another great way to clear your mind and allow you to be minful of your surroundings.
The better you feel about yourself the happier you will be even if it’s only small wins.
Working overtime, finding extra work, blog and earn an income are a few ways you can boost your finances when you feel good about yourself.
Your mind is clear and instead of self-loathing you are self-aware and that portrays motivation.
Be the best you can be and love yourself.
Self-efficacy is about believing in yourself.
Often times I get emails from my readers who tell me they can’t budget or keep giving up.
My advice is to battle through the rough parts and eventually the budget will take shape.
A great way to look at this is when you start a diet and can’t see the results right away.
SOme people just give up and think they will never be able to lose the weight.
The problem with this is you have to wait and keeping giving it your all to see results.
For example, if you are in debt it’s critical to come up with a plan to pay it off.
If you don’t believe that you can fulfil the task, you never will.
Challenges are a great way to approach finances if you want to get out of debt once and for all.
On CBB we have a monthly budget challenge which seems to help motivate and keep us all on track.
One other fun approach that we started this year is a 52 week save a Loonie challenge.
Self-Actualization is very important as it helped me not worry about what others thought of the man I had become.
It also assisted me to enjoy life and accept others as they are.
Often times it’s easy to criticize ourselves for not having the best career as our friends or family.
Self-fulfilment or actualization is a way to accept where you’re at and if you want more don’t let anything get in the way.
Another example, after moving to Canada the only job I could find was minimum wage which was $10 at that time.
Going back to school at the age of 30 was never part of the plan but I did it.
We were newly married living in a cave under someone else’s roof and we wanted out.
There was no way that we could afford a house at the time but eventually found one.
The cool part was that we based our mortgage on one income only, thankfully as my wife lost her job.
These days my learning potential is more than I had ever dreamed of.
As well, this career boost allowed us to pay our mortgage off in 5 years.
Not a moment goes by that I regret returning to school because you’re never too old to go back.
Pay Attention And Listen
When your focus gets lost work on bringing it back to the subject at hand.
For example if you are talking with someone and you talk more than they do.
Breathe and let the other person have their say, listen and then offer your part.
Looking someone in the eyes when you talk to them or if they are talking to you is a bonus.
There’s something magical that happens with a solid connection like that and people adore it.
You never know how much you are missing when you don’t pay attention to what matters most.
Self-Discipline Training Is A Gift
We often don’t give ourselves enough credit for the things we do so we push motivation aside.
If you can master self-discipline anything is possible.
I know that life can get hectic but investing in yourself is the best gift you’ll ever receive.
Don’t let anything stop you from reaching your goals even if you have to go about it a different way.
Success is a journey but so is managing your money to live for today and in your golden years.
Start by creating a goal list. I like to set long-term and short-term goals almost like a snowball effect.
When I conquer one task then I move to the next or perhaps I work on many at once.
Be mindful of your distractions and go for it.
Self-discipline is not something that comes easy but you can’t imagine how important of a building block it is to reach your financial goals.
Discussion: What aspects of your life do you feel needs self-discipline and how do you plan to attack it?
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