Are You Playing The Mannequin Challenge With Your Money?

Are You Playing The Mannequin Challenge With Your Money?

The Mannequin Challenge – everyone is doing it.

The White House staff, actors, professional sports teams, CEO’s of companies, doctors, nurses, college students, a packed stadium at a Tony Robins conference (that one was really cool), and most of your Facebook friends.

Unfortunately, too many people’s bank accoun1aec87fa-69ee-4747-8dfb-17c7809ef41a-nba_1_1280x720ts are also participating in this challenge and there’s nothing fun about watching your money stand still.

Look, we all know the numerous obstacles out here fighting our ability to grow our dough so I’ll spare you the book version in this blog.  Instead I’ll give you three easy to fix but very crucial habits that I’ve noticed have kept a lot of people financially stuck.

1. NOT HAVING STRONG PRIORITIES. In my seminars and classes I’ve asked thousands of people over the years what’s the first thing they would do if I gave them a thousand dollars. The answers are numerous and some even hilarious. “Go shopping. Help relatives. Update electronics.  Party with friends. Go to a Comic-Con Conference (you may need to look this up). Buy af5564d3515aba744065b44b196ea6e3a_xl dog.  Get Beyonce concert tickets.” etc… 

While none of these are inherently bad, I’m often surprised how most don’t make themselves a priority. We’ve all heard of the term pay yourself first but I’m still shocked at how many ignore this advice. You must make YOU a priority each month if you want to build your bank account and accumulate wealth.

2. CARRYING LARGE CREDIT CARD BALANCES. I recently wrote a separate blog just on this one bad habit but it’s  worth mentioning again. Let’s imagine that you make seven percent in your investments (not bad) but you pay fifth-teen percent interest on your credit card balances (industry average), then guess what, that’s a formula for failure!

In my book, The Consumption Trap, I talk about how nine everyday consumption items (which all start with the letter C) can easily eat away at your wealth without you even realizing it. This particular C of Consumption is the number one reason why most people do not see their wealth expand. It’s practically impossible to consistently invest well enough to offset credit card interest. The system is simply working against you.

3. ALLOWING THE SMALL STUFF TO GET OUT OF CONTROL. 

A lot of people that I help just can’t figure out why they debt-out-of-controlseem to be swimming upstream. It seems like the mystery of, “where does it all go?” haunts them every month. That’s because they don’t realize how much the small stuff is hurting their bottom line.

As mentioned, I call these unnoticeable leaks the C’s of Consumption. It’s the stuff that doesn’t look like a problem but it’s killing you financially. Things like the cost of cable, cell phones, car expenses, catering cost (eating out), college loans, child care, conveniences, etc.. pile up the expenses slowly but effectively. Remember, just because it’s small doesn’t mean it’s not creating a big void. Small leaks can sink big ships.

There’s no secret that accumulating wealth takes time, discipline and commitment so it’s important to do everything you can that works in your favor. Do the opposite of these three simple habits and I have no doubt that you will see your bank account and wealth move in the direction you want it to go!

 

Shawn Dorrough

Financial Coach/Consultant 

 

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