Saving Money vs Making Money: Which is Better? | Quick Money Mondays

Video Thumbnail

Is it better to spend your time, energy and focus on saving money or making money? Which will ultimately give you the better outcome?

0:00 – Welcome to this new series Quick Money Mondays
0:39 – I love discussing finances
1:28 – Our mind is powerful, but extremely limited. What we focus on will grow
3:07 – What if you could achieve perfection in saving money?
4:18 – Saving money you have a finite amount of improvement, making money you have a nearly infinite amount of improvement
5:02 – Giving your mind the right problems to solve…making as much money as possible

Transcription:

Hi and welcome to a new segment called quick money Mondays where we’re going to be looking over a new concept around money every single Monday to help challenge you, help get you thinking about things differently and just have a bit of fun as well around this concept of money. Hi, I’m Ryan from on-property dot com dot a U. and in today’s episode we’re going to talk about saving money versus making more money. And where should you spend your time, energy, effort, attention. Should you focus more on saving money, budgeting and that sort of thing, or should you focus on making more money? I want to do these quick money Mondays because I love discussing finances. I love discussing business. I love discussing personal finance. I love discussing investing and not many people do. Most people don’t like talking about money to bu topic. I used to get in trouble as a kid asking my mom and asking other people and adults, how much money do you make?

And I’m still, I’m still doing it today. People tell me about their job or their business. And I, I, uh, I go a bit too intense and too many details because I just find the topic extremely fascinating. So I hope you’ll join me for this new segment. I hope that you’ll like it and if it’s a hit then we’ll keep it going. So in today’s episode we want to talk about the concept of saving money versus investing money and they just set a framework around this with the fact that our human mind is extremely powerful, but it’s also extremely limited and whatever we focus on, we can achieve great things in and whatever we neglect, we can achieve great things in. So if you’re focusing on your business or your career and ignoring your relationships completely will then those relationships aren’t going to flourish. But as soon as you focus on those relationships, they will flourish.

But being able to focus on multiple things at the same time is extremely difficult. And there’s a story in Rich Dad, poor dad or one of the Robert Kiyosaki books where his rich dad talks about how he does the same thing as rich as Robert Kiyosaki’s poor dad or some poor person. Okay. I’m butchering this story, but just stick with me here. The idea was he was talking about people who cut coupons and people who spend their day and they spend their energy looking for great deals at the supermarket and then buying things in bulk and Richard was saying I do exactly the same thing, but rather than doing it with coupons and saving sense on whatever it is on buying or maybe saving a dollar I do with investments and investment properties, I look for great deals. I spend my time focusing on that and then I invest and purchase those great deals and if I can, I buy them in bulk.

So both people are doing the same thing. Hunting for good deals. One person is saving fifty cents, one person is making thousands of dollars. So as you can say, the same activity is kind of delivering an extremely different results financially. Now when it comes to saving money, this concept is really interesting because let’s say that you can achieve perfection in saving money. So let’s say you’re earning $100,000 per year. You can achieve perfection in saving money and save everything to the point where you’re spending absolutely nothing. Well, the maximum that you could be making is 100,000 dollars per year. Now, let’s say you’re earning $100,000 per year and you don’t focus on saving, but instead you focus on earning more money. Well, if you can own 200,000, if you can earn 300,000, if you can earn 500,000, then all of a sudden focusing on saving money becomes less relevant because you’re making so much money that you have excess money, so if you focus on saving, you only have so much improvement that you can do because there’s a finite amount of money that you can save before you just can’t save any more.

But if you focus on making money, then there’s almost infinite possibilities of how much money that you can make. So that’s one thing to keep in mind. Saving money. You have a finite amount of improvement. Making money, you have an infinite amount of improvement. Now obviously making money is probably more difficult than saving money. I think it makes sense to start learning how to budget, getting that under wraps so you can spend less than what you earn, but then shifting your focus and shifting your attention towards how can I make more money and most people get fixed in the fact that they have a job. This is the money that they earn and that’s it. When they don’t realize the whole world is out there in terms of employment, in terms of career paths, but also in terms of businesses or side hustles or opportunities where you can make more money.

You know when you’re trying or when you’re thinking about purchasing a new car and all of a sudden you start seeing that car everywhere on the road. That’s a little example of how amazing your mind is when you give it instructions, when you give it things to look for, it will naturally look for those things and find those things. So if you’re focusing on saving money, it will naturally look for ways to save money. But if you flip that around and focus on how can I make money, you make that your conscious focus than sub your subconscious picks up on that as well and you will see opportunities all around your life for different ways to make money. I know I can see so many opportunities in my life for ways to make money. It’s not funny and I have to say no constantly to opportunities to make money in order to stay focused on what I want to do.

But if you start thinking about how can I make more money, start putting your efforts that putting your attention, start putting your discipline, start learning in that area, then the possibilities are endless. So when it comes to saving money versus making money, obviously in an ideal world we’ll do both, but realistically you can only focus on certain amount of things. And for me, I would always choose to focus on making more money and then automate my saving money. So I try and set things up. So saving money and spending less is automated. And then I can focus my life and focus my attention on how can I make more money so the saving money becomes less relevant. So that’s just a concept to challenge you with today because I know a lot of people out there are only focused on saving more money than not focused on how can I make more money in my life, so become more abundant. Look for ways to make more money. Look for ways to add more value to the world and wish you the best out there. Hope you enjoyed this little episode of Quick Money Mondays and until next time, stay positive.

 

"This property investment strategy is so simple it actually works"

Want to achieve baseline financial freedom and security through investing in property? Want a low risk, straightforward way to do it? Join more than 20,000 investors who have transformed the way they invest in property."