If you are feeling financially trapped in life, here are 7 money management tips to get in a better situation.
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Money has this amazing power to trap people in life and make them feel hopeless. However, regardless of how hopeless your situation feels, I believe if you set your mind to something, you can achieve it. In this video, I share 7 money management tips for anybody feeling financially trapped in life.
1. Deprive Yourself Until You Have Some Stability
The truth about many people’s situation is that the only way they can get in a better financial situation is if they spend a year or two depriving themselves and solely focus on getting in a better situation. Deprivation, however, should not be viewed as a bad thing but as tool to speed up the process to get in a better situation. If you spend 1 to 2 years going full force to get in a better financial situation, you can spend the rest of your life not held down by money.
2. Hustle Hard Until You Have Some Stability
Another truth is that if you want to get in a better financial situation, you will also have to spend 1 to 2 years hustling hard to make more money to get in a better financial situation. Just like depriving yourself, hustling should not be viewed as a bad thing, but as a tool to speed up the process. If you hustle to get in a better situation, you can spend the rest of your life not held down by money.
3. Know That These Extreme Changes Are Just Temporary
Many people choose not to make decisions that lower their quality of life because they view it as permanent changes; however, these extreme changes you make are just temporary. It is important to know that when you choose to make drastic changes to get in a better financial situation, that eventually you can go back to enjoying the things you enjoy without the financial burdens attached.
4. Sit Down And Make A Plan
Many people who are in a bad financial situation choose to not create a plan because they feel as if they are hopeless and it is a waste of time; however, it is impossible to get in a better situation unless you create a plan. When you create a plan you have a guide on how you are going to get in a better financial situation. Don’t let your bad situation be an excuse for not taking action.
5. If Your Plan Isn’t Working, Examine Your Plan
Some people create financial plans and when their plan isn’t working, they just continue on thinking that it’ll eventually get change; however, if your plan isn’t working, you should sit down and examine exactly why that is. In the video below, I explain exactly how to do that.
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6. Only Focus On The Things You Can Control
When it comes to personal finances, many people default as a victim and focus on all the things that are out of the control; however, doing that is a complete waste of time. It is important to focus on the things you can control like how much money you’re spending, how much money you’re making, and how you can get in a better situation. That is a much more productive strategy.
7. Hope Dies Last
No matter how bad your situation is, it is important to never lose hope. As long as you live with hope in life, you will eventually reach your goal and get to a better place, so never give up!
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What's a decision you need to make to get in a better financial situation?
Your video becoming my daily lecture 😎👍🙏thank you. Please keep posting, our society need you
Thanks for sharing. This saved my life. My future self are thanking you for creating this video
I always spent all the money that I had. I don’t even know why, it just seemed like it’s what everyone does so I did too.
It was painful, but I downloaded my bank statements for the last year and did an analysis. It was shocking to see how much was going to Amazon, eating out , etc. I decided to cut out recreational spending, and work hard on minimizing spending as much as possible. It’s been kind of a slow start, but I’ve been making progress on paying debts, and building a little emergency fund. Even having that little bit of extra cushion is starting to calm down my anxiety.
To be honest, buying all that stuff never even made me feel good, I thought I was “treating” myself, but it was just stressing me out. I feel more calm and centered, not deprived like I was afraid of.
I include a small discretionary budget so I can get a latte here and there, but it’s a tiny fraction of what I used to spend and I’m happy with it.
🧔😤☝️👃
This is extremely helpful. Thank you
Eh, regarding my future self thinking particular sacrifices my current self is making are worth it — well sure, that bozo isn't the one doing it! It's easy for him to sit there with 20 years or so distance from it saying, "oh yeah, totally worth it."
Mj.. "Make that change "
I really love your personality and outlook on life. I have very similar feelings about the world and money, but you can put those feelings and thoughts together so well in your videos!
Thank you Austin. You've helped bring some clarity into my situation. You've inspired me to follow through with using my CDL. As much as the massive lifestyle change terrifies me, it's temporary; and soon I can go back to enjoying the things I'm so scared to go without – debt free. I hope you're right, and that my future self with thank me and say that this is worth it; because it's for sure going to be a hustle! Pray for my safe travels around the west coast.
Good advice 👍
Ps. Your plant on the right looks like fish.
overtime is in abundance in the winter
I’ve worked three jobs for three years. First year I paid off My student loan, second year I saved to buy a house (low interest 1% mortgage to live cheaper than renting) and third year growing My savings. Not stopping yet, however I only work two jobs Now. Very much worth it. Have not had a television in 5+ years, only free streaming on a tablet few hours a week, low or no spend everything – only exception is a 7 day hiking trip in the Alps every summer and splurge on a Big family dinner once a week. Everything Can become a habit. Key is focusing on gratitude, controlling your gratification and seing it as a Challenge.
I found Dave Ramsey about 15 years ago but I was in my early 50's by then. I am proud to say I am debt free today because of him and his teaching about money. Im now in my late 60's and doing very well, but I can help but wish I had found this way of life in my youth. I can't imagine what my net worth could have been. Love your videos and your message.
It's amazing how much I want to worship your feet.
I invested in NVIDIA since 2014. Right now I'm spending my profits.
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
Thanks man! Yor video really built me up!!
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
I was In the service for 7 years and obviously wasn’t making good money..
I got out and started making 150k which was 4x the amount I was making in the service. But still felt like I was living paycheck to paycheck.
I sat down with my wife and had a real talk. We were going out to eat every week.. shopping on Amazon all the time. Just blowing money.
Then we started living way below our means. And life has changed for us. I’m obsessed with saving now and still extremely happy in life. And now I’m on track to retire for good around the age of 46-48. I’m currently 27 years old and until I’m retired I will continue to live this way. All you need is consistency
Wow! This was an epic video.
Yeah !! With the current problem around the world today I think it's best everyone invest more in digital asset than Saving in banks and real estate . Just my thoughts
Bro the end got me 😂
Thanks for these tips man. These are eye openers.
1. Deprive yourself until you have some stability. 1-2 years
2. Work hard until you have some stability
3. Extreme changes are temporary
4. Sit down and make a plan
5. Examine plan if no results
6. Only focus on the things you can control.
7. Hope dies last