In case you missed it, we recently released a survey on our Instagram account (@confidentcapital) that asked if you believe in splurging on the finer things in life, or if that money is wasted and should be saved. We had a lot of responses and something interesting happened. It was a close 50/50 split.
We are firm believers in saving your money and using that money to invest to bring you more money. That being said, on this issue we may be on the other side of the coin. When setting goals we believe it is important to reward yourself after achieving those goals. Why? Picture this, you make a bet with a friend of yours that you can climb to the top of a mountain. If you do, you get $100 if you don't you have to pay $100. Let's say you do it, you climb to the top of the mountain and your friend refuses to pay you $100. Does this give you incentive to bet again? Or ever climb another mountain? No, you worked so hard and climbed that mountain so you would get the reward aaaand nothing.
I know what you're thinking. This doesn't make sense, when you set a goal your reward is reaching your goal right? Well what happens when your reward becomes your goal? When rewarding yourself, it will subconsciously train you to push harder to reach your goals. Let me put this example into context. Your friends $100 is your expectation after reaching your goal and you almost never get it. When achieving a goal, it ends there. The goal is met, and the game is over. No surprises, you set a goal, you reached it, and that's that. You probably had an unrealistic expectation of what the feeling would be like when you achieved it. All you can do now is go on to the next one.
When you achieve a large goal of yours. Go out and reward yourself, celebrate the big wins. Celebrate yourself. You deserve it, don't feel guilty about it. We often get caught up in saving and forget to stop and smell the roses. What's the point of saving and investing and collecting money if you're never going to use it to enhance your life? As Connor McGregor said "People bash me for buying expensive things, they say you should spend money on experiences. Every day I get in my Rolls Royce it's an experience". So now, when you reach your goal, stop and take a minute to celebrate it. Go to dinner, buy something you've been wanting. Enjoy the end result like you should. Don't just mindlessly set goals without deep intention. Now go reach your goals!!
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