“Can You Be Trusted With the Test of Money?”

The “Slight Edge” of ECONOMICS says to earn more money than we spend. Something else to keep in mind about money, or revenues is that it is both a test and a trust. Money is sometimes referred to as currency. That is to say it is a current, it flows. And when we disrupt the flow, we limit the flow of revenues to us. It’s a test because we have so many choices of what to do with our money. Forgetting to save some of it and/or use some of it for debt reduction is a failure of the test.
Money is a test because we are being asked to do the right thing with our money. Save it, invest it, use some to reduce debt or pay bills that keep our lives functioning, like rent or mortgage.
When we use our income to buy vacations, buy new cars, buy too many nights out on the town, or live beyond our means, we fail the test.
Money is a trust because what we do with our money impacts so many other people, our lifestyle and our goals. When we fail the put our income into a 401k plan we violate the trust of our future. When we fail to reduce our debt we offend the trust of living within our means.
The best advice I can give to strengthen your ECONOMIC muscle is to keep a money log. For one week out of every quarter, if you feel it’s too difficult to do it every day like me, track every penny. This is not a big deal, it’s easier now than ever. Just pay with a debit card and look at your statement. Or keep all of your receipts. And, of course, there’s an app for that.
I’m continually surprised by the feedback I get from followers who take up this task. I hear things like, “I never knew how much I spent on lunch.” Or, “I was surprised by how much of my money goes to Starbucks.”
Remember money is BOTH a test and a trust.
Mark
Mark Isaac
Owner/Trainer/Author
Gorman Business Consultants
mark@gormanbusinessconsultants.com