“He who would accomplish little must sacrifice little; he who would achieve much must sacrifice much.” – James Allen
In my entrepreneurial journey, one of the most important choices I’ve made is to wholeheartedly embrace sacrifice.
Sacrifice is what has allowed me, and millions of other successful entrepreneurs, to reach our full potential. It’s helped me see what I am truly capable of as a business owner, man, husband, and father.
If you’re in the personal development and wealth-building space like me, you have definitely heard the phrase “compound interest.” In the world of finance, compound interest occurs when the interest earned on an investment is reinvested, so in the next period, you earn interest not just on your original investment but also on the accumulated interest. This leads to exponential growth over time.
Compound interest in the context of business and wealth building is the idea that small, consistent sacrifices and efforts can accumulate and multiply over time, leading to exponential growth and success.
This blog post is about how I have made small sacrifices over the years that have led to me having the success and freedom I have now.
If you’re like many people I speak with on a consistent basis about this very subject, you probably don’t know where to start. Investing in your future with small sacrifices may sound daunting but I can promise you, it’s worth it.
Here are three practical ways you can start investing in your future today:
Time Management and Prioritization
Sacrifice: Reducing Leisure or Unproductive Time
There’s absolutely no shame in kicking back and enjoying some form of entertainment. I love watching sports, especially with my two boys. But taking a step back and really seeing how much time you spend on entertainment and less on personal growth may be eye-opening. I know it was for me when I took inventory.
This change doesn’t have to be drastic. Just start taking 30 minutes a day to learn a new skill, read something that isn’t the latest ESPN article, or work on a personal project. This small improvement has the power to compound into something incredible if you stick with it.
Financial Discipline and Saving
Sacrifice: Cutting Non-Essential Spending
If you truly want to be exceptional, you MUST get your finances in order. You’ll be in the top 1% in no time. (And maybe you start by cutting out Starbucks)
Sacrificing non-essential spending is simply taking a look at your finances, seeing where all your money is going on a monthly basis, creating a budget, and cutting out expenditures that don’t bring you closer to your goals.
Haven’t used your Netflix account in a few months? Maybe it’s time to cut ties. Eating out multiple times a week? Might be a good idea to bring that down to 1 or 2 times a week.
Simple cuts to your weekly/monthly expenses can make a big difference. You can also replace these expenses with other payments that go towards things that benefit your personal growth like paid communities, conferences, and a Kindle subscription.
One of my ten laws that govern money is that you have to pay yourself 10% FIRST. In order to do this, you may need to sacrifice by cutting out some luxuries.
Continuous Learning and Personal Development
Sacrifice: Comfort and Immediate Gratification
“The only thing that is stopping you from where you are to where you want to go is your comfort zone.” – Dhaval Gaudier
Sacrifice isn’t easy, It was never meant to be.
Choosing to invest in your future by compounding small sacrifices over time will challenge you and help you break away from your comfort zone. Your comfort zone is what will keep you from making the necessary, small sacrifices to build wealth, build a successful business, and excel as a husband and father.
Always be learning something new. Look for opportunities to challenge yourself. Be honest with yourself about the things that hold you back from achieving your goals. Choose to eliminate or limit these things from your life.
If you’re able to do all of these things consistently, you will see your progress and momentum towards your goals start to accelerate. And as you build your momentum, your desire to do more will also increase.
This, my friends, is how you can change your life and build incredible wealth and success for you and your family.
Get it done!
If you need help, feel free to reach out anytime. I’m happy to be a resource.