Practicing Success Vs Purposefully Saving

[HG123]

Which philosophy do you ascribe to?

I've noticed that these are two of the prevailing paradigms being passed on within the massive wealth generation circles for beginners. I find it interesting because they are dichotomous to a degree.

1.) Practicing Success - Want to one day afford Savile Row suits, dine in Michelin Star restaurants and drive a Lambo? Become that person now and get in that environment. In other words buy expensive suits and dress for success, quit your cheap gym for a more expensive one which attracts successful people, dine at a Michelin Star restaurant once a month and spend time in a Lambo dealership.

2.) Purposefully Saving - Cutting back on the "nice to haves". Making your coffee at home instead of getting a Starbucks every morning, driving a bet-up car/ use the bus instead of a Mercedes. With the overall objective of reinvesting saved funds into the CENTS machine.

#1 seems particularly important for reprogramming you mind and visualizing through making your dream life tangible.
#2 is quite practical in helping you channel funds towards building your dream life now.

Depending on what your dream life is you will probably need to have less of one to have more of the other.

I'm Interested in what your view is?

I personally operate mostly on #2. Although I will be putting more of my finances towards #1 moving forward as I see considerable merit in it.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Jeff Noel]

I think it's more important to have the right mindset than chilling with Lamborghini salesmen or not. If you spend capital on expensive suits and restaurants early on, that's critical capital that could be invested in your business.

Am I wrong ?

 

[Greg R]

Both are just tools.

I've taken my wife to a few Michelin Star restaurants.

There have also been times where I needed to cut back.

Sometimes I will fly somewhere instead of taking a train or driving to save time.

I know a forum member that belongs to a country club for the access to higher net worth indivduals.

What tools are you going to use for your situation???

 

[Matt Hunt]

I think #1 can be dangerous, and for me material stuff like that isn't my motivation anyway. Freedom of my time is my motivation, so it makes far more sense for me to take that money and invest it rather than blow it on unnecessary luxuries. Perhaps a little bit of #1 can help fuel some motivation, like eating at a fancy steakhouse once a month (I think Robert Kiyosaki recommended something like that?), but don't let it be something that takes away from investments or business capital that could help you get further faster.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MHP368]

#1 is just consumerism shined up with neew age woowoo to make it seem productive


If your buying things you cant afford with money you dont have to look rich "fake it til you make it" you aren't ever going to make it , except maybe as an instagram shill.


Pretending to be rich with exterior shallow bs is not going to lead to a change in your character that will align you with the goal of wealth. Youll just eat sushi every day for a few months(or whatever) on credit cards and file bankruptcy because of it down the road.


Name one rich person who "turned it all around" using that method.

Now tty to think of all the rich and succesful people biographies where they lived like paupers while actually doing things that create wealth.


Yeh.

 

[Kade]

I've noticed that these are two of the prevailing paradigms being passed on within the massive wealth generation circles for beginners. I find it interesting because they are dichotomous to a degree.

Two things.

First, are you sure people who preach this, also practice it ?

Second, there might not be a contradiction here.
(1) and (2) both seem to be about investing in yourself.
How is purposeful spending different from purposeful saving ?

 

[MJ DeMarco]

1.) Practicing Success - Want to one day afford Savile Row suits, dine in Michelin Star restaurants and drive a Lambo? Become that person now and get in that environment. In other words buy expensive suits and dress for success, quit your cheap gym for a more expensive one which attracts successful people, dine at a Michelin Star restaurant once a month and spend time in a Lambo dealership.

2.) Purposefully Saving - Cutting back on the "nice to haves". Making your coffee at home instead of getting a Starbucks every morning, driving a bet-up car/ use the bus instead of a Mercedes. With the overall objective of reinvesting saved funds into the CENTS machine.

#1 (as you describe it) seems fake.

#2 is a part of a mission, and a purpose.

#2 can lead you toward the finer things in life, #1 sounds like someone shallow who I wouldn't want to be friends with. He/she is simply trying to hard to be something he isn't.

That said, you can splurge on the finer things in life and STILL be a purposed saver.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Tourmaline]

I have this debate currently. It was put into my head by Dan Lok.

'Experience what it is you want your life to be like' per se.

So I don't care for much luxury stuff except for cars. There are two cars that viscerally excite me when I see them. If I were to buy one of them, them being the Lexus LC and Aston Martin Vantage, I would probably finance it for around $1000/mo. No other car makes me feel the way these do when I see them, it really isn't about the price tag or technology even, it's just the design and beauty of them. Being human is weird.

Of course that's $1000/mo I can no longer spend on ads/investment for my business.

Yet having that extra financial burden would make me feel greater necessity to make more money through either getting a better job/promotion and/or growing my business more. It would also help me reprogram my mentality of buying cheap cars and driving them into the dirt.

Circles.

It seems like the wise thing to do is perhaps test drive these vehicles a few times to understand what it's like to have them, invest that $1000/mo into my business, and when my business is making much more money then use the profits of my business to pay for financing the vehicle of my choice.