The Dangers of Living by the “Make More” Mantra
As a young writer, I thought I had it all figured out when I landed my first book deal. The advance was substantial, and I couldn’t wait to treat myself after months of hard work. I took my friends out for a lavish dinner, splurged on a designer handbag, and lived it up in Paris. But when I sat down with a successful friend who had made a fortune in startups and real estate, he gave me some advice that would shape my financial mindset for years to come: focus on making more money, rather than saving what you have.
The False Sense of Security
At the time, it seemed like sound advice. After all, I had a job with unlimited earning potential, and I could always make more money to cover my expenses. But looking back, I realize how misguided this approach was. By focusing solely on increasing my income, I neglected to build a safety net for myself. I justified lavish spending as “investing in my future” and measured my self-worth by my ability to earn more.
The Reality Check
When I started The Financial Diet, I was forced to reevaluate my priorities. As a business owner, I was responsible for more than just myself, and I needed to have both personal and business emergency funds in place. But it wasn’t until I faced a series of unexpected expenses that I realized the flaws in my “make more” mentality. No matter how hard I hustled, I couldn’t earn money fast enough to cover my bills on time.
The Limits of Hustle Culture
The startup bros may tout the benefits of growth hacking and working 80+ hours a week, but it’s simply unsustainable. Eventually, something has to give, and burnout becomes a real risk. Relying on your own ability to be scrappy is one thing, but grossly overstating your ability to work is another.
The Myth of Overnight Success
We’ve all been guilty of dreaming big, hoping that our professional lives will take off and bring us wealth and comfort. But counting on hitting the work lottery is a dangerous game. While it’s important to dream big, it’s equally important to be realistic about our chances of success.
Finding a Balance
I’ve learned the hard way that saving is not just a necessity, but a habit that needs to be cultivated. I still dream big about my earning potential, but I know that true success will be sweeter when I’m not desperately depending on it. By finding a balance between earning more and saving wisely, I’m building a more secure future for myself – one that’s not based on false promises or unrealistic expectations.
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