Don’t put ‘yoga pants’ on your finances
The mind is a powerful. We can convince ourselves of just about anything and create habits that take our life in a direction far different then we intended. While childhood experiences, role models and life’s twists and turns influence our life, a decision followed by action is all it takes to change our circumstances and create the life we desire.
Kyle Idelman in his book “Don’t Give Up” discusses good intentions and how intention alone will not get you your desired results — only action will. Yet, people often convince themselves they are making progress simply because of their good intentions. Consider fitness or weight loss. Having an intention to go to the gym does not create a healthier you, only the actions of exercise and healthy eating produce the desired result.
Kyle discusses the billiondollar industry of “athleisure” clothing, such as yoga pants and other athletic apparel. People wear “athleisure” clothing daily but may never exercise — they simply get dressed! This isn’t to criticize anyone’s wardrobe choices; I think everyone has experienced the new “business-casual” consisting of a dress-shirt and sweatpants while on a video-conference for work during the quarantine. This observation is simply to bring awareness that our intentions, if not followed by action, will NOT help us reach our desired outcome.
In regards to finances, most people have good intentions to payoff debt, save for their kid’s college and of course invest for retirement. However, how many people are taking actionable steps to make good on those intentions? Surprisingly, very few. It is our daily decisions and disciplines that determine our destiny.
The action of packing a lunch and investing $10 per day in a 401(k) rather than ordering the No. 6 in the drive-thru seems trivial at the time, but the long-term impact is huge. The action of watching Netflix and paying $20 towards debt rather than going to the movie theater can save you hundreds or more on interest. Big results and our desired lifestyle come from these daily decisions and disciplines.
We all have good intentions; we just need to take action by taking the first step.
Take time to make a list of your financial intentions. What do you want to accomplish? How will you feel when you achieve your goals? Who else will benefit? What are you willing to give up in the short-term to reach those goals?
Do you feel confused or lack confidence in your finances? Take a night off from Netflix and watch a free “Simple Steps” webinar at www.rfinances.com/ steps to learn the three decisions and three Simple Steps to take control of your finances. Remember, it’s OK to wear yoga pants, but it’s time to take the first Simple Step and make good on your intentions and take action — you deserve it!
Ryan Daniels is an independent financial coach. He is a U.S. Army Veteran who enjoys continuing to serve, “Supporting communities by building financially strong families.”