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When coaching with clients who have dug themselves a deep financial hole, one of the first things I recommend is the need to make financial sacrifices to get yourself above water. Usually though, that is harder said than done, but why? Why is it hard to give up short-term pleasure for long-term gain?
I believe the reason is because we feel like sacrificing is a permanent thing rather than a temporary measure. For those of us who are struggling financially, the need to get away from the “sacrifices are permanent” mentality is key.
Selling your car with its big payment each month and driving a beater car does not mean you are going to be driving it for the rest of your life. Foregoing the annual family vacation, which you really can not afford, so that you can pay off your credit cards and build an emergency fund does not mean you will be doing that every year. Instead you will turn your financial future around and be able to go anywhere you want on vacation the following years. Same thing with eating out, postponing retirement, or getting a second job. It is temporary sacrifice to win.
Temporary sacrifices are meant for you to win in the long-term, not the short-term. No one likes to sacrifice just to sacrifice. But by sacrificing with the end in sight, you can get over the short-term pain and look forward to the long-term gain that you will achieve. So next time you think about sacrificing, remember to look at it in the short-term, rather than as a permanent loss.
So how have you sacrificed to win?