Today’s episode is all about setting boundaries – more importantly wealthy boundaries. First of all, setting boundaries in all areas of your is a very valuable thing, because when you set these strong, non-negotiable boundaries it naturally helps you achieve a stronger financial situation.
So how and where do you set these boundaries? First and foremost, you must remember that:
“Boundaries are set and kept, not by what you say, but by what you do.”
You can’t expect people to respect your boundaries if you don’t respect them yourself.
“It’s only a boundary if you reinforce it.”
When you’re able to follow through and actually uphold your boundaries, others respect it as well. When you only talk about it without following through, it’s just a wish, am I right?
The following are a few “Wealthy Boundaries” that are a good starting point:
- Paying yourself first. Make a commitment to put away a certain amount of money weekly or monthly to build up your savings. My tip? Set up an auto deposit so it’s done without you having to even think about it.
- Spending habits. What are you splurging on? How often? For me, I love watches and if I wanted to I could buy one whenever I wanted, but I’ve set this boundary. “I can never buy a watch unless it has a great story or accomplishment attached to it.”
- Who you take advice or coaching from. You wouldn’t take financial advice from a broke financial advisor, would you? No. Make sure the person who’s doling out the advice is a proven expert and can actually help you.
- Lending money to friends and family. This is so important, especially as you continue to create more and more wealth. It’s not saying you can’t loan money to friends and family, but be sure to create clearly defined boundaries.
- Business budgets. These boundaries are often forgotten, but so important. Set budgets and stick to them, regardless if they’re monthly, quarterly, annually or by percentage.
- Start and end of the work day. Make sure your start and end of your work day works for you and keeps you operating from a full cup. My day doesn’t officially start until 11 a.m., and while I have no “end” time, my day always ends with a non-negotiable family walk.
- Giving. It is so important to give, but make sure you’re not giving too much or too little. It’s better to continuously give 10% of $100,000 than it is to give everything that’s left over. Remember, being left with nothing promotes scarcity, which only pushes abundance away from you.
I hope these wealthy boundaries have helped give you an idea of where you’d like more boundaries in your life! Regardless if you use the above or create new ones for yourself, always remember that boundaries only work when practiced and reinforced regularly. Good luck!
Follow me on social media @ChrisWHarder on Instagram and check out www.ForTheLoveOfMoney.com