- Why it is more important to focus on what you need to stop doing then to focus on what you need to start doing
- What do you need to stop doing?
- The difficulty in starting to do something new before you stop doing the old thing
- Bad habits are tough to stop
- Quote of the lesson from Peter Drucker
A few weeks back I was reading “Eventual Millionaire” by Jamie Tardy and read upon a quote that made me pause and ponder for a few moments. The quote was from author and management consultant Peter Drucker.
“Don’t tell me what you’re doing. Tell me what you stopped doing.”
The quote blew me away and make me think about changing how I work with people when creating new financial habits.
Normally I focus primarily in four main areas
- Spending your money before the month starts with a budget
- Becoming Debt Free
- Saving Money
- Spend money on thing that you value the most
Doing those four things allows us to stop overspending, committing future income before we earn it, and stop living with no financial margins in our life.
However maybe instead of focusing on new stuff to do, we should focus more on removing negative financial habits like overspending, having no control of our money each month, living with debt, and a continual increase in lifestyle without an increase in saving and investing.
Because it is hard to develop good habits when we still have negative ones. It is hard to save money when you are still in debt and don’t know where you spend your money each month.
I think a lot of times this is why we struggle with changing our financial behavior, because we focus so much on what we should be doing instead of focusing on what we need to stop doing.
The goal of today’s lesson is to help you reflect on what are some things you need to stop doing to improve your finances
Other resources mention in today's show
- JW's Financial Coaching VIP list
- Difference between knowing and understanding your finances
- 5 Good Financial habits to start today
- 5 toughest financial habits to break
Today's quote of the lesson is brought to you by Podbean.com
“Don’t tell me what you’re doing. Tell me what you stopped doing. ” ~Peter Drucker
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