Yes, I reduced my monthly bills by $7,000.
First, I realize that number may seem high, or not possible to reduce expenses by that much. I am counting personal, household and business expenses. So, all together, the reductions added up to 7k.
QUICK NOTE: I think that far too many people waste money on trinkets, things that depreciate, and items that don’t improve the value of your life. We should invest in things that appreciate over time, educate us, give us peak experiences and make us self-reliant.
HOW DID I DO IT?
For my personal life:
I asked myself…..
- What matters most in my life?
- What no longer serves a purpose?
- Do I still use this?
- Does this make me happy?
For my home:
I asked myself…..
- What has gone up in value?
- What is outdated?
- What service provider can be eliminated/exchanged?
- Do I still use this?
- Does this make me happy?
For my business:
I asked myself…..
- Is this still viable?
- Does this still drive revenue?
- Is this still what people want?
- Is there a better way?
- Does this make me happy?
If I got an answer that didn’t serve me, that item got removed or modified.
WHY DID I DO IT?
The quick answer is that I don’t want to pay for something that doesn’t add value to any aspect of my life. Also, having less “stuff” gives you clarity for what matters most.
HOW DID I DETERMINE WHAT TO KEEP, WHAT HAD VALUE, and WHAT TO BUY MORE OF IN THE FUTURE?
This is very simple:
Does it educate me?
I keep it and will invest more.
Does it go up in value?
I keep it and will invest more.
Does it provide a tax benefit?
I keep it and will invest more.
Does it give me a peak experience?
I keep it and will invest more.
Does it move me closer to my goal?
I keep it and will invest more.
Does it put me in the company of great people?
I keep it and will invest more.
Now, it’s your turn.
Once you reduce expenses and eliminate “the crap,” and there is no better way to describe it, invest those savings in something that makes you a better version of yourself.
Thanks for reading,
JSE
www.johnspencerellis.com