JW’s Financial Coaching Podcast Lesson #121-It’s not what you start to do, it’s what you stop doing that matters

Play
  • Why it is more important to focus on what you need to stop doing then to focus on what you need to start doing
  • What do you need to stop doing?
  • The difficulty in starting to do something new before you stop doing the old thing
  • Bad habits are tough to stop
  • Quote of the lesson from Peter Drucker

the-jws-financial-coaching-podcast_121

A few weeks back I was reading “Eventual Millionaire” by Jamie Tardy and read upon a quote that made me pause and ponder for a few moments. The quote was from author and management consultant Peter Drucker.

“Don’t tell me what you’re doing. Tell me what you stopped doing.”

The quote blew me away and make me think about changing how I work with people when creating new financial habits.

Normally I focus primarily in four main areas

  1. Spending your money before the month starts with a budget
  2. Becoming Debt Free
  3. Saving Money
  4. Spend money on thing that you value the most

Doing those four things allows us to stop overspending, committing future income before we earn it, and stop living with no financial margins in our life.

However maybe instead of focusing on new stuff to do, we should focus more on removing negative financial habits like overspending, having no control of our money each month, living with debt, and a continual increase in lifestyle without an increase in saving and investing.

Because it is hard to develop good habits when we still have negative ones. It is hard to save money when you are still in debt and don’t know where you spend your money each month.

I think a lot of times this is why we struggle with changing our financial behavior, because we focus so much on what we should be doing instead of focusing on what we need to stop doing.

The goal of today’s lesson is to help you reflect on what are some things you need to stop doing to improve your finances

Other resources mention in today’s show

Today’s quote of the lesson is brought to you by Podbean.com

“Don’t tell me what you’re doing. Tell me what you stopped doing. ” ~Peter Drucker

Enjoyed this lesson? If so, please consider taking a few minutes to leave a review of the show either in Stitcher SmartRadio, or iTunes. For a step by step video of how that works, please watch this video on how to leave a review in iTunes.

You can subscribe to future podcasts through Stitcher SmartRadio or iTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW’s Financial Coaching Facebook Fan page.

Want to learn more about my views on money?
Get a free copy of "The JW Manifesto on Money"
We respect your privacy.
This entry was posted in Personal Accountability, Personal Finance, Personal Story, Podcast and tagged . Bookmark the permalink.