I first stumbled onto the path to my money tree back in 2012, I think.
It started with me sitting, at my desk, bawling over my complete and utter state of financial “wreckedness”. Not familiar with that term? No problem; I can define it for you.
Wreckedness: (noun) rek-ed-ness. A word combining the terms “wrecked” and “wretchedness”. Indicating the remains or fragments of a thing that has been reduced to a state of ruin, such that it now finds itself in miserable, pitiable, and very unfortunate circumstances.
Yes, at that unforgettable moment, I had reached the pinnacle of financial wreckedness. I could not conceive of how I had come so educationally far to find myself so financially low. If I had been asked at that moment, I wouldn’t have been able to say which way was financial “up” for my circumstances. I only knew that I hated where I found myself, and I was willing to do just about anything to change my situation.
Fortunately (at least for my future self), at that moment, I finally became teachable. Up until that point, I had spent most of my life with preconceived uselessness filling my head regarding what it means to be well-off and financially stable. In that moment of weeping at my desk, I finally came to a point where I was 1) willing to hear out ideas that I’d never considered before and 2) willing to weigh the validity of the information presented to me in as unbiased a manner as humanly possible.
It wasn’t much, but it was a start for my money tree, which at that time, probably looked like a cross between this Joshua Tree and a dried up tumbleweed.
Thankfully, on that day, I finally realized that I needed to do the educational equivalent of watering the poor thing. So, once I finished my pity party for one, I went back to work, turned on a financial podcast, and began my journey of learning more about the management of money.
My money tree is still a work in progress, which means I still occasionally find myself on the verge of doing something that could nearly kill it. Thankfully, these events are growing fewer and farther between, and I’m gathering knowledge of how to grow my tree faster as I continue my journey.
So if you find yourself starting from scratch with a money tree and needing crib notes on how to get it to grow, feel free to have a peek at a few of mine below.
To Grow A Money Tree:
- Know that tightening your belt only gets you so far. At some point, you must also find a way to bring in more income. Evaluate what you’re good at, abilities people compliment you on, and what you enjoy doing for fun. Is there any way you can turn those skills into additional income?
- Know that growing a money tree takes a lot of work. Your first (and maybe even second) job(s) are to pay your bills. Your side hustle(s) and extra jobs are to secure your future.
- Know that you cannot get out of a financial hole by digging out of the other end. Taking out zero or low-interest loans to pay off old debt is not the same as paying off the debt. Consider stopping the bleeding by avoiding going further into debt, and then gradually put together a plan to increase your income and pay down your debts.
- Know that you will need to sacrifice now if you want to have financial abundance later. That means living below your means by spending significantly less than what you make. Always remember: The people who spend all their money on stuff – have things, but the people who don’t spend all their money on stuff – have money. Only you can decide which group you would rather belong to.
That’s all I’ve got for now. Good luck with the growing!
D’Loreyn