Money: do you need it or do you want it?
Money as a need
Basic thing, I don't need to say: food, house, clothes all up to standard of living, all need money.
The pursuit of happiness, if that is the goal of life, is tied up too much to money.
Travel, gadgets, diamond ring, paint brushes, guitars, cars, better house, better clothes, better food, you list them out, most of them need money. Don't actually need me to say that.
It's always so annoying when I don't want to put too much emphasis on money and live the moment blissfully, the need for money hinders in doing so. This thought always comes out, especially when financial security is inexistent or has been there but it's always the main concern.
If money is what I need, what I want is this: having to be able to feel comfortable in spending, or having not to worry about money anymore.
Money as a desire/goal
But there are times that not even financial security suffices. We can talk about goal, pride, legacy, expectations imposed upon us, recognition, and self satisfaction.
what I'm talking about is: being too comfortable with your current income, provided if you are climbing the corporate ladder or pursuing any other career with decent pay, we might overlook this desire or goal from living blissfully out of the financial comfort.
This is another level when a sense of achievement is what you need. Or when instead of what you need, money is what you want.
Just like the basic: Maslow's hierarchy of need, Money as a need, as described above, will contribute much more to the lower part your pyramid, and as a goal, it will constitute as the top.
Right now, of course, some us (including me) haven't even gotten a proper job yet, it is now a need. If I don't find something else as my goal, money will be it. Plenty of it.
The time is running out
Life is pretty damn short and unpredictable. We should be prepared for the worst as soon as possible. If financial security is what you want, just in case anything undesirable happens and nothing you have can cover your expenditures for that unexpected occurrence, your insurance policy can. You should buy insurance if you can, it's a great way to save and prepare for those things, though compromised with your asset's liquidity. I'm not asking you to buy, I'm just encouraging. Hahaha
Back to the topic, so yes, the more we procrastinate, the sum of time that we have to achieve financial freedom or even the plenty of money as a goal decreases. The more we hesitate, more people come in and score jackpot ideas on their business and the less the opportunities will become. The later we start the more opportunity cost in terms of money and experience is also wasted.
The correct mindset
Somehow Teddy was trying to imply this to me and I believe it's very true. Probably let me revise with my own words to the context of relevance to thins post.
The correct mindset is to start a business is this:
see money as a goal, not as a need
Yes, probably the argument is before we fulfill it as a need we can see that as a goal yet.
The pursuit of happiness, if that is the goal of life, is tied up too much to money.
Travel, gadgets, diamond ring, paint brushes, guitars, cars, better house, better clothes, better food, you list them out, most of them need money. Don't actually need me to say that.
It's always so annoying when I don't want to put too much emphasis on money and live the moment blissfully, the need for money hinders in doing so. This thought always comes out, especially when financial security is inexistent or has been there but it's always the main concern.
If money is what I need, what I want is this: having to be able to feel comfortable in spending, or having not to worry about money anymore.
Money as a desire/goal
But there are times that not even financial security suffices. We can talk about goal, pride, legacy, expectations imposed upon us, recognition, and self satisfaction.
what I'm talking about is: being too comfortable with your current income, provided if you are climbing the corporate ladder or pursuing any other career with decent pay, we might overlook this desire or goal from living blissfully out of the financial comfort.
This is another level when a sense of achievement is what you need. Or when instead of what you need, money is what you want.
Just like the basic: Maslow's hierarchy of need, Money as a need, as described above, will contribute much more to the lower part your pyramid, and as a goal, it will constitute as the top.
Right now, of course, some us (including me) haven't even gotten a proper job yet, it is now a need. If I don't find something else as my goal, money will be it. Plenty of it.
The time is running out
Life is pretty damn short and unpredictable. We should be prepared for the worst as soon as possible. If financial security is what you want, just in case anything undesirable happens and nothing you have can cover your expenditures for that unexpected occurrence, your insurance policy can. You should buy insurance if you can, it's a great way to save and prepare for those things, though compromised with your asset's liquidity. I'm not asking you to buy, I'm just encouraging. Hahaha
Back to the topic, so yes, the more we procrastinate, the sum of time that we have to achieve financial freedom or even the plenty of money as a goal decreases. The more we hesitate, more people come in and score jackpot ideas on their business and the less the opportunities will become. The later we start the more opportunity cost in terms of money and experience is also wasted.
The correct mindset
Somehow Teddy was trying to imply this to me and I believe it's very true. Probably let me revise with my own words to the context of relevance to thins post.
The correct mindset is to start a business is this:
see money as a goal, not as a need
The right mindset that we ought to put, unless you don't want money as a goal, is that we gotta dream big. I know it's cliché but yes, dream and desire is the driving force for us to reach that goal. True enough, even by dreaming big, putting your best effort into it, things might not work out the way we want it to be and we might not achieve what we want to achieve. Pardon me for sounding so pessimistic, but see from this way. If we don't even dream big at all nor wanting to put effort for it, what good will it do?
Let me quote Teddy again. His example can be simply explained this way: If you are starting a restaurant/FnB business, let the goal be as big as having franchises around the world. So instead of being comfortable with an established restaurant with proper management and decent passive income, we should dream of at least having 10 of those in Singapore and then expand it to different parts of the world. So thing's like that.
I'm not saying that you can't do well if you just keep thinking of money just as a need, but I believe everyone will do better if the dream of having a lot of money because they want it not because they need it.
Unless you want have jobs with different values like doctor, social worker, a teacher, etc or your goal is to be an recognized person like: Einstein, Picasso, Beethoven, etc, whose self-esteem and actualization is not upon money, then don't dream big to earn money, dream to be like them or even surpass them, respectively to your own interests.
True, we have our own risk-appetite and margin of safety for our own budgets to start a business. We are just fresh graduates are we are still young, financial security is still a concern and we can't simply risk what we have right now like because we haven't even gotten a stable income yet. Let me take the best of two sides, talking about playing safe, Yeah, we wait until we've gotten a jackpot idea or an idea so well thought, discussed, developed and matured that we know that it definitely is going to bring us money.
We haven't had it yet, but keep in mind the goal that you ought to put into reality. I believe having that big goal or wanting to earn more money will decrease your risk-aversion, will give you more experience to undergo, will dare you to explore more.
Right now yes, I as well have my own risk-appetite, If I screw up or If I'm too greedy, that might be the end of me. I am not engineer or someone with really special skill (ok maybe only sketching, and it's really not that special) and I don't want to go into construction field (the most relevant industry to my major), so if I lose everything, that might be the end of me. I can always go back and ask for money from my parents again but, nope, it's time that we take charge of our own lives and we'll plan really nicely, slowly but carefully, and I will also start from finding a job first.
Yes, probably the argument is before we fulfill it as a need we can see that as a goal yet.
Anyways, before you think you've finished reading, I shall remind you again, I you are one of the few people I always nagged and jio for the "E" word, everytime we get a spark of potentially good idea, let's jot it down so that we don't lose it.
Think of the SWOT analyses.Try to explore.
Then the next one, although this apply only mostly to me, We shall avoid being too extravagant (hope I can do it)
Change the mindset if yours is different from the one I proposed.
I hope I see a new business for us in the next 3-5 years!!
1 comment:
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