So I went to pick up ten more custom shirts from my tailor last night. The bill was nine grand. Now I have to admit, even for a guy with prosperity consciousness, that seemed a little steep to me.
Guess I’ll have to expand my consciousness though, because the shirts are gorgeous and fit perfect. But that raises the issue of another of the important money management skills: spending. Or more specifically, knowing when not to spend for things...
Doing this right is so easy, it’s stupid. Don’t spend more than you make. It’s so simple, yet how come it took me 40 years to learn it? And why have so many people still not learned it?
You could easily argue this whole worldwide economic meltdown was caused by overspending when people (and companies and countries) didn’t have the money they were spending.
One problem is credit is way too easy. Two, we are really spoiled and look for instant gratification for everything. I have fallen prey to this in the past myself. I was so convinced I could always increase my earnings, I would spend money before I got it. And while I was good at increasing my earnings, I was even better at increasing my spending. I had to learn restraint. And delayed gratification.
Most people do need to expand their prosperity consciousness and handle worthiness issues they have. They need to realize that it is alright to be prosperous and abundant. You are meant to be wealthy. But that is not to be confused with foolish spending by going into debt.
I want you to live a life of prosperity and abundance. But there is nothing prosperous about debt.
The average person lives on 125 to 135% of what they earn. You really should live on about 80% of what you earn. So how are you doing on that?
-RG
Prosperity TV
How am I doing it?
I am....
* imagining more - when discouraged (which I have been), it is difficult to think that the future will hold something better and so this is where it is easy to carpe momentum. Byron Katie addressed that here: http://www.thework.com/video_future.asp
An unpleasant loop to be on.....
* saying -no- more.
* Renting a smaller place
* gave my t.v. away - so less "garbage in"
* doing a deep audit on myself! : )
* de-cluttering and finishing anything that is needing completion
- it may not seem related but it is.
* and staying open to/adding more when I find something helpful.
Thank you for sharing.
Nancy : )
ok... 10 shirts for 9 grand? Yeah, I need some expanding.
Heavy duty.
Wow! Now you are the perfect shopping buddy!!L.O.L!
On the spending part, I am getting better. I got rid of all my credit cards a few years ago. I have my bank card which I can use like a credit card when needed but so far I am not accumulating anymore debt.
Thanks as usual for your great insight.
Lucinda
P.S.
A shopping spree with you either in Miami Beach or in Milan would have to be a high point for me! Shopping would have to be followed by attending the opera of course! L.O.L
Luc
Hmm another good point. I too got rid of all my credit cards a few years ago but I am still spending more than I earn, although not excessively and very rarely on myself. I guess I need to earn more and spend less. Restraint being the operative word.
We used to have about 18 credit cards with over £100,000 of credit facility until we were the victims of a scam in 2003 which left us with $106,000 owing to creditors! WE were going to lose EVERYTHING. But we sorted it, we didn't lose the house and we still have both our cars. BUT we don't have ANY credit cards. If he money is not in the bank or in our pockets we don't spend it.
It was the BEST thing that has ever happened to us!
We have NEVER felt richer or happier or more secure financially.
This whole credit crunch has been caused by people buying things they don't need with money they don't have due to irresponsible and greedy banks who ENCOURAGED us to borrow KNOWING that many would default and so they could charge exhorbitant rates of interest to the payers AND seize the proiperties of defaulters.
We all made it happen through our own profligacy and I'm sorry Randy but if you need to spend nine grand on shirts to feel good about yourself there must be something lacking in your life.
Guys and girls, .. Randy .. this is one of the greatest posts for me, thank you ! ... I have been studying millionäires for the past 17 years and each and every one spoke of working hard and then saving the money you save .. (most people save money and then spend it!) .. so saving became a big issue in my life .. and I did it .. then this whole Secret thing came along .. and prosperity consciousness .. and so on .. which confused me .. I asked myself the fundamental question if my saving was a result of fear of loss or fear of nothing new coming in soon .. a hidden lack consiousness after all, that I was not aware of .. so I experimented into changing my habits into spending like I was in an infinite flow .. yes - even beyond what I had because I invisioned more coming in soon and I refused to solve "lack problems" with "lack consciousness" thoughts like pulling the hand - break to prosperity flowing to me and doing something like "saving" .. yes, where does one solve a problem by drawing the line and where does one realise solving a problem with a shift in the set of consciousness - elements .. fact is: I had less trouble and more assuredness when I saved at least ten percent of all I made and kept myself back from spending every cent into "live now and trust it will come fresh" .. and as every millionäire - without exception - tells of this (save at least 10% of all you earn, also told of in The Richest Man in Babylon) .. there must be something in this .. yet those were all millionäire opinions from before the Secret thing came out .. I was really hungry for a standpoint from one of the millionäire guys on the subject of prosperity consciousness after the Secret, etc. .. reading your thoughts on this one Randy, you being from the prosperity - departement - really helped, thanks .. trusting in prosperity - consciousness AND paying myself (saving) is the new rule I guess .. Prosperity Concept: "AND" not "either or" right ? - Would like a short statement from your side on this, Randy and friends thanks .. (the kid from Heidelberg, Germany) Mark
I don't need to spend that money to feel good about myself. I like myself just fine. 🙂
But I love fashion and appreciate custom fit. And I earn enough money so I can afford it, so I don't mind spending it.
-RG
"The Richest Man in Babylon" is a great book for developing prosperity consciousness. And you raise an important issue about saving. I don't save in a fear-based way (for emergencies or a "rainy day") but to grow my wealth. It's an important distinction.
-RG
I must make a comment on this one.
I am very happy I am not one of the rich and famous!!!
I am happy with the finer things of life which doesn't cost one penny, other than proper nutrition and good supplements to stay healthy. 🙂
Randy, Randy, Randy. Now you know there are several people reading this post that would say: "$9,000 for 10 tailored shirts
Wow I'm glad I'm not like Randy spending all that money on himself when just think of all the good that he could have done with that money had he donated it to whatever charity they think is worthy. BUT that's the lack and limitation programming coming through big time. Prosperity has 3 areas that need to be meet in order to have balance and fullfillment Physical, Mental and Spiritual. Nancy would suggest that we "downsize" to live within our means. Prosperity calls for expansion. If $9,000 shirst makes you feel comfortable that's wonderful. Genesta would suggest that physical health is all that is necessary to meet the physical aspect but I tell you there is nothing more prosperous than sitting down with the Architect and drawing up plans for your home and then watch the house being built. And now 4 years later my wife and are are saying "should we build an addition onto the home or should we start from scratch as there are now some things we'd enjoy having, a bigger library for one.
Which either way takes more money but provides physical shelter. Now I've worked for years in homeless shelters and there is nothing physically pleasing, mentally stimulating or spirtually nourishing about this kind of living. Yet it is a direct result of the attitudes and lack and limitiation programming Randy addresses so well on these posts. To quote Zig Ziglar "Money isn't everything. But it ranks right up there with oxygen!"
Create A Great Day
Fleeting thought about a real estate study that showed almost 100% of the homes that cost $300,000 or more had a library. I think that deserves some attention.
A few comments:
Randy I love your comment: But I love fashion and appreciate custom fit. And I earn enough money SO I CAN AFFORD IT [emphasis Lynn's] ...
I think this boils down to a basic concept, which Robert Kiyosaki discusses in his Rich Dad Poor Dad books: use credit to buy ASSETS and use earnings from those assets to buy the TOYS.
Asset = something that puts a NET POSITIVE MONTHLY cashflow in your hand. So building an asset such as a business does take initial financial investment and training, tools like a computer and telephone, etc., and investment for networking meetings, fees, business association dues, etc, until it generates its own profits. Use credit wisely, be creative and resourceful and disciplined as you grow the business through these initial stages. This is known as "Good Debt" because it eventually pays for itself.
Once the asset is creating NET POSITIVE MONTHLY cashflow, take part of the profits and start buying the TOYS: fancy cars, custom clothes (you go Randy!!!), exotic vacations. If you use credit to buy these things, it is known as "Bad Debt" because it will eat you alive financially.
"Your assets pay for the liabilities/toys" is the general rule here. My husband and I are building real estate and business assets this way! God Bless Robert Kiyosaki for his willingness to share his knowledge, and thank you Randy for the courage to bring these issues into the discussion. You jolt my consciousness in a helpful way!
Randy:
$9 K for 10 shirts sounds like a lot, but remember, that is only about 9 $20 Gold coins, which translates to $180 in REAL money, so you did not spend that much. Our money as we know it is not worth much.
Besides, why not look good!!! I would have no problem spending that on my wife, daughter, or myself to look as good.
Take care,
Tophat
What a great set of posts. I still have so much work to do on my own prosperity consciousness. Thanks Randy.
Peace,
Bob
Spending that "much" money on clothes means we feels good with ourselves otherwise we'd do the opposite. It's a sign of respect I beleive.
If your tailor values his time at more than $200/hr and if it takes him more than a day to skillfully craft each shirt, then you're getting a heck of a deal at $1K/shirt (not even including materials). I believe a one of a kind hand-made quality piece like this a work of art, not like the commoditized mass-produced crap they try to pawn off at the malls. Even many of the luxury brands, when mass-produced, ultimately lose their effectiveness as a luxury brand when everyone on your street can get the same one. Besides Randy, isn't that less than you paid for a flight on the Concord back in the day? When money flows to you like a magnet then why not spend it on things that matter to you. Personally, I'd enjoy a $150,000 flight to space on Virgin Galactic's SpaceShipTwo more than I would a few nice shirts but that's just me.
Hell, if you can afford to spend 9g's on some shirts specifically made for you, with all the right quality. Go for it!!!! I know I would, or design my own and make someone else make it. As far as how I manage my money.... I learned by watching both of my parents fall into debt, that credit cards were nothing but problems. I will admit that I had a few non-major credit cards when I turned 18. But I spent it all, and when it was time to pay it back I had no more money left on the credit card. All the fun was gone, and I was left with a bill for what I spent (money I never had to begin with) + interest. It's a modern day slavery, once you take the bait thats it, if you don't let go fast then you will most likely end up owing them for life. So now for the past 10 years I have had no credit cards (do student loans count... grrrr) I spend pretty much 97% of what I make. I would not have been so bad percentage wise, if it were not for my student loans.... which by the way I was paying literally $2.86 interest per day for 11 months to bring the loans out of default. Hmm I guess student loans are just as bad, if not, worse than credit card debt.
Anyway.... If you got it, enjoy it.... Show us some pics Randy =)
"The Richest Man in Babylon" has got to be one of the top five books I've ever read! Thanks for posting it on your blog for all to see, proving once again that you are a genius.
Now I need to start working towards those custom
shirts!
What we say and what we think about other people it's a reflexion on us(our beliefs,our limitations) it has nothing to do with the person standing in front of us.
What other people say it is merely their OPINION....Confident people will not make others Opinion their Reality.... and luckily you gave it to someone who will take it for that...an Opinion.
Because everyone s got ONE....
If you were qualified to talk about Randy's Self Image you would choose your words more carefully.
Our Opinion defines US and now-one else...
Lorena Heletea
"Dress for Success" Package yourself for where you are going instead of where you have been-Mike Murdock
The 20% Rule:
If you have loose credit card debts etc.:
Use 10% of ALL the money you are making to pay it off.
Use 10% of ALL the money you are making to put into a savings account (long term with high interest).
Then when its paid:
Use 10% of ALL the money you are making to pay off extra on bigger/fixed loans.
Use 10% of ALL the money you are making to put into a savings account (long term with high interest).
Then when you are debt free:
Use 10% of ALL the money you are making to HAVE FUN
Use at least 10% of ALL the money you are making to put into a savings account (long term with high interest).
Oh God - your comments about Randy make me laugh...What a joke! While I think there's always things lacking in everyones life - no matter how rich we are... I couldn't help but laugh. Randy buying his way into happiness? Randy BUYING stuff to feel good, and compensate for lacking? I don't think so. I could be wrong... but I trying don't see it.
Ahhh - not in anything I've seen yet in maybe a decade of learning from him. Ever. He's always shinng in his goodness... and challenging his lack.
He's a mentor for truly appreciating fine value, for relishing in good quality, for acting out of self-worth, for having the self-esteem and belief to by things that honour his strength, connetion and prosperity...
I have to ask... coud it be projection/transference on your part? Do you find you buy things to make up for what's lacking in your life? Or do you have isues that people shouldn't send that much on a shirt?
Randy... one day... you going come with me shopping in London to get some tailor made, self-designed sexy shirts for me?
xox
The amount of money we spend on different items depends on what we consider "normal" and "ok". A friend of mine spend 10 grand on a bar mitzva and felt like she was showing the world how financially stable she was while another spent over 30 grand yet still complaint that the affair was not all it could've been because they didn't have enough money.... so, the question is to Randy. Why do you think that 9 grand is a steep amount of money to spend on shirts. And if it is steep, why are you spending it?
When I first read the Twitter teaser... I thought you spent $9000 on one shirt. 10 shirts, well...
I remember grumbling about the price of something many years ago and my one of my mentors whispered to me:
"It not that it is too expensive, it's just that you don't earn enough."
Ouch. And accurate.
It's all a matter of perspective.
A while back I was in St. Tropez, France for a few weeks. I went into a clothing store with my friend Orjan to ask when the lady across the street with the photo store would be back.
There was an 18 year old girl behind the counter. As I looked at the shirts, I noticed the price tags:
3000, 4000, 5000 Euros... per shirt!
One after another, after another. I asked the girl if she sold any shirts that week... and she said, "This week? Sold several this morning!"
Did I buy a shirt. No. I'm not earning enough yet. LOL.
But it did put things in perspective. If you earn a million a month, or per week (like most of the people who frequent that store do), then 5000 Euros for that shirt is not bad. It would be the same as someone who makes $1000 a week buying a $50 shirt.
The more I travel, the more perspective I gain and the less I judge.
Great dialog in the comments! Truly enjoying this thread!
And as always, Randy...thanks for always helping us all become better critical thinkers!