Living more with less, living lean, or simple living is not necessarily an extreme action. It is not living a life of deprivation, but I view it as living a life full of more meaningful things. I recently ran across an article about Detroit Loins wide receiver Ryan Broyles. Broyles, who signed a contract worth $3,678,500 over four years, lives on just $60,000 of his salary per year. This may not sound like living more with less initially, especially if you’d welcome a $60,000 per year salary. However, we’re discussing the landscape of sports where many athletes retire with massive debt (see ESPN’s 30 for 30: Broke). The same principles used by Broyles, can be used by everyone in an effort to live more with less.
- Talk to a financial coach and set a budget. A budget is nothing more than a plan or a blueprint to our daily finances. You shouldn’t build a house without a blueprint and you shouldn’t build your financial house without one either. Contact a Prosperity Connection Financial Coach and set up a FREE one-on-one coaching session.
- Define your personal riches. My personal riches start with my wife and my family. Riches do not have to equate to money or things. Sadly enough, many people get trapped by ‘Keeping Up with the Joneses.’
- Look at your long-term goals. What you do today impacts tomorrow. Those extra, unplanned expenses can prevent you from traveling the world, getting your dream house, or riding in your dream car. Temporary happiness is just that . . . temporary. Try to find things that complement your long term goals.
- Don’t put all your eggs in one basket. Have a plan ‘A’, ‘B’, and ‘C.’ What are you going to do when ‘life’ happens?…When the job is over?…When the unexpected hits? Saving is key. Make sure that you have a plan of action for emergencies, personal needs, and retirement.
When you tackle your finances, having a plan to work from will take your results to new levels. While living on $60,000 per year, Broyles and his family will never have to worry about working after his football career is over. Making SMART (Specific, Measurable, Adjustable, Realistic, and Time Oriented) financial decisions, like saving and investing, can create a positive chain reaction. A small sacrifice today can impact your family for many years to come. CNN tells us that most Americans can’t afford a $1,000 emergency expense. 53% of Americans have less than $25,000 in retirement savings. We have to develop power over the urge to constantly purchase and be content while living within our means.
What’s more to me? Family time, family security, family fun, and a family free from financial worry. Challenge yourself to discover what is ‘more to you’. Then, work to make a plan of action so that you can live a fulfilled life with the non-monetary things that matter most to you and your loved ones. That’s living more, with less.
By: Jaison K.D. McCall