To create more success, sometimes you simply have to give up what's holding you back.

15 minute read

Everyone. I’m Laura Adams. Welcome to the money girl podcast. I am so happy to have just come back from a really terrific long weekend. Fairhope, Alabama.

I was visiting family and eight college girlfriends and the weather was amazing. It was just so beautiful and dry and sunny. We had a blast catching up. It was actually my first road trip since the pandemic started. So it was really, really nice to get out of town. If you’re new to the show, I’m a leading personal finance and small business expert and award-winning author my latest title, money smart solo preneur, a personal finance system for freelancers entrepreneurs and side hustlers is available. Everywhere books are sold. This podcast is for everyone seeking financial education guidance and very practical information. We have college students all the way up to pre retirees, listening to the show. They’re asking questions and improving their financial lives. And I hope that you will be a part of the community as well. My goal here is to empower you to live a healthy enrich life by making the most of what you have planning for the future and making smart money decisions.

Every single day, I’ve been writing and hosting money girls since 2008. And the show is an outpouring of my passion for financial literacy, wellness, and independence. If that’s what you’re interested in, that’s what we’re going to explore every episode, either as a solo cast or an interview with an expert guest. And if you haven’t been to quick and dirty tips.com, that’s where we publish the full show notes for every podcast quick and dirty tips is the network that kind of runs all of the shows in it. So if I mentioned a resource or you want to dive deeper on any financial topic, just look for the money girl section@quickanddirtytips.com to save time. I’m pulling a show from the archives for you. You probably know that there are over 680 money girl podcasts. You can listen to and today’s show eight things you must give up for more financial success is a gem.

So if you want more financial success in your life, you’re in the right place. And I hope you’ll listen to today’s episode and I’ll be back next week with a brand new show. I talk a lot about different things you need to know, and you need to do to be financially successful on this show, but sometimes succeeding. Isn’t about what you do so much as what you don’t do. I recently watched a Netflix docu series called last chance. You, uh, you’ve many of you have probably seen it. It’s about collegiate football players who are struggling for success despite being incredibly talented. And each of the young men got kicked out of division one schools for different reasons. And now they’re forced to prove themselves by playing ball at kind of a lower level than they’re used to at junior college level. They all hope to graduate and catch the attention of a recruiter so they can return to division one football and have a successful career.

And last chance, U is a really great series, not just because the boys are full of personality, but as the viewer, you know, you’re rooting for them. You can see what’s holding each of the players back and you really want them to turn it around in time. And I’ll warn you. There’s a lot of cursing in the show. So if that’s something that bothers you, you might not like it. Um, but it definitely is an interesting slice of life for these players. And the show inspired me to consider that making positive changes in your life and your finances. It’s not necessarily about doing more sometimes because these players were doing a lot and they had a lot of talent, but it may come down to what you shouldn’t do or what you should get rid of. And that was a theme that I saw for many of the players.

They really needed to get rid of some things in their, in their lives for more success. So this show is for you. If you are looking for a little more motivation to change some things, you might find one or two tips that help you eliminate some things in your life that are holding you back. And as always, you’re going to find the notes for the show and the complete archive of podcasts in the money girl section@quickanddirtytips.com. This is episode number 623, called eight things you must give up for more financial success. And since we’re talking about ways to have more success, my podcast network quick and dirty tips has tons of podcasts with quick, easy to follow advice to improve all areas of your life. So maybe you want some career advice. You can get that on the, get it done. Guy. Maybe you want to eat to make your body feel good and be healthier.

You can find that over at nutrition diva, this 2020, make your new year’s resolutions, a breeze check out quick and dirty tips.com/podcasts to find some great new shows to listen to that’s quick and dirty tips.com/podcasts. All right, let’s talk about the eight things you need to give up for more financial success. Number one, give up unhealthy habits. Getting sick can not only drain your energy, but it can definitely drain your finances. It’s pretty challenging to enjoy success if you’re not physically and mentally healthy. So in my opinion, taking care of yourself by dropping unhealthy habits is really where it all starts. There’s nothing more important than this. There is no end to the benefits that come from eating high quality unprocessed foods and giving up too much, fast food, too much alcohol and too much sugar in your diet. Just on a side note this year I’ve been doing of a plant-based diet, and it’s been a really interesting new way to look at food and looking at how many different foods I can get into my diet and so far.

So good. I’m feeling great. Living longer, maintaining a healthy weight and feeling good are just a few of the upsides. I think we often forget that nutrition. What we put in our mouth affects us on a cellular level and a poor diet is the cause of many chronic illnesses getting plenty of exercise and sleeping at least eight hours a night can also work like a miracle. You’ll have more energy, feel happier, look better, and maybe even crank out better work, adding extra movement into your routine, such as just a quick 10 minute walk, taking a yoga class or playing on a sports team will clear your mind and help you stay focused on what’s most important to you. So achieving more success oftentimes can come down and making sure that your body and your mind is working at an optimal level. All right, number two, the second thing you should give up is give up perfectionism often when we have a plan that doesn’t work out perfectly, we get frustrated and we give up and that’s something that I saw a lot.

In last chance. You, it could be a budget that went off the rails, a promotion that didn’t happen. A class you didn’t pass. It’s rare not to have setbacks in any meaningful endeavor in life. You might even avoid dreaming big or reaching for a new opportunity because you’re afraid of failure. If you wait for the perfect time to take an action, you’re really just procrastinating. You’re really just wasting time. Instead, I’m going to encourage you to take small steps forward by focusing on what you can control and stay determined to overcome any challenges. All right? The third thing you need to give up is give up your excuses. Successful people know that they can’t let excuses get in the way of achieving their dreams, blaming other people for why you don’t have the career, the savings or the lifestyle you want will always hold you back.

Successful. People know that they can’t let excuses get in the way, no matter your background, your responsible for what happens in your professional and your personal life. Instead of making excuses for bad behavior or choices that you may have made in the past own it, then take control by creating a simple plan that outlines your next steps forward. Number four, give up multitasking these days, multitasking. While you’re watching TV, having a conversation or driving is too common. This is something I saw the guys in last chance you do constantly. They were just on their phones even while they were having a conversation. Successful people know that distractions keep you from being fully present. And those distractions can cause your work and your relationships to suffer. And when you’re struggling in other areas of your life, it can be challenging to stay financially healthy, just because you have the internet in your pocket, doesn’t mean you should be on email and social media constantly consider removing alerts and notifications and scheduling your online time as a reward after you accomplished something. No matter if you’re exercising or working or spending time with friends, stay dedicated to doing one thing at a time. Try not to take out your phone during meals meetings, or during peak work time, unless you’re waiting for an urgent message giving up these distractions and staying focused and engaged will lead to more success.

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When it comes to insurance, it’s nice to get it right. All right. The fifth thing that you need to give up for more success is give up short term thinking. Reaching big dreams and financial goals rarely happens quickly. Most significant achievements, such as retirement are the result of long-term planning that may have taken years or decades. If you make small continuous improvements that compound over time, you can achieve any desired outcome. It’s really the collection of your daily habits that proceed the results. For example, if you want to retire with more than a million dollars, you need to invest $300 a month starting in your twenties or 800 a month, starting in your thirties or 1200 a month, starting in your forties. The more time you have to make investments that compound the less money you need to invest to achieve your goal. So the sooner you take a long-term view, the easier it is to build a secure future or achieve any dream.

You have start now, even if you have to start small and give up, short-term thinking never six give up over spending. The only way to get ahead financially is to make sure you live within your means. And you’ve got money leftover to invest each month. Living paycheck to may take care of your immediate wants and needs, but it’s dangerous because you’re kicking a financial can down the road. A method that I recommend is to calculate the value of your time. This is a powerful way to understand what something truly costs before you buy it. So before you reach for your credit card, do some quick math. Let me give you an example. Let’s say you earn $60,000 a year. That means you earn about $30 an hour. So if you see a pair of shoes or something you want online, that costs 300, you would have to work 10 hours and that’s before taxes to pay for that item.

So if you want to figure an after-tax ballpark take about 20% or 25% off your hourly rate for this example, that would leave you with approximately $23 an hour as your net earnings. And that means you really have to work more than 13 hours to pay for a $300 item. If you wouldn’t happily trade 13 hours of work for that item, forget about it. The trade off for spending all of your paycheck today is a future with no financial security. If you want to be comfortable later on, you may need to feel slightly uncomfortable today. So evaluate your priorities carefully and give up any unnecessary spending. That’s holding you back from achieving more. Number seven, give up people who don’t support you. The people you spend the most time with influence you the most, hanging out with people who don’t support you or who don’t take responsibility for their own lives can decrease your likelihood of success.

And this is something I saw a lot in last chance. You sometimes we associate with toxic people because they’re part of our family. But at other times we keep them in our lives because we just want to be liked. Likewise, spending time with people who support your goals, who want the best for you, who allow you to absorb all of their good intentions are going to work in your favor. So it’s time to give up or minimize time that you spend with toxic people. Instead find better friends, relationships, and mentors who boost your opportunities for personal and financial success. And lastly, number eight, give up wasted time. We only have one life to achieve the success we want. If you’re spending too much time playing video games, which is something I saw a lot on last chance you serving the web, you’re watching TV be clear about the fact that those activities are probably not moving you any closer to your goals.

Sometimes you just need to say no to invitations from friends, work colleagues, and even to opportunities that stand in the way of what you truly want to achieve. Yes, scheduling time for recreation is important, but don’t let it be an escape from accomplishing. What’s truly important to you doing the same things you’ve always done. We’ll give you the same results. You’ve always gotten. In other words, repeating the same bad choices and habits is going to give you the same problems. Your success comes from your choices, such as spending your nights and weekends, improving yourself or wasting them on meaningless activities. Also consider how you spend your downtime at work. If you’ve got a day job, maybe with a lunch break, use that lunch hour to do something productive, like read, study, build your professional network, or even start a small business. Successful people generally are not smarter or luckier than everyone else, but they do use their time more efficiently and often make better choices than the average person.

You owe it to yourself to give up wasted time and make the most of the precious 24 hours in a day. Me courageous this year and forge your own path to personal and financial success. I promise you will be glad that you did well. I hope this has given you a little bit of motivation for some things you need to give up. And if you’re looking to give up debt this year and you want some special help and guidance, I want to help you. Don’t miss a best-selling online class I created it’s called get out of debt fast, a proven plan to stay debt-free forever. As I always say, you’re not going to get different results, especially with your debt. If you don’t take different actions. So my challenge to you is to take control of your finances. If you can join this super affordable class, I promise you’re going to come away with a clear debt reduction plan.

It will help you eliminate credit cards, student loans, medical bills, mortgages, or any debt that you owe. Even if you don’t have extra money to pay those debts off faster, you’re going to learn some really smart strategies to find out more. Just text the phrase debt course it’s D E B T C O U R S E with no space. Text that to the number 3, 3, 4, 4, 4. And I’m going to send you an email that gives listeners a special 75% off discount for a limited time. This is kind of like my new year’s offer. Uh, so check it out before the offer expires and you can also learn more@lauradadams.com. If you don’t text, check it out. And I hope to see you in class money. Girl is produced by the audio wizard, Steve Ricky Berg with editorial support from Biana Santura. If you’ve been enjoying the podcast, take a moment to rate and review it on apple podcasts or wherever you listen. That’s an easy way to give back, show your support and help new listeners.

Find us. I’d also like the backlist episodes and show notes that are always available@quickanddirtytips.com. That’s all for now. I’ll talk to you next week until then here’s to living a richer life.

We talk a lot about what you need to do to be financially successful. But sometimes succeeding isn’t about what you do so much as what you don’t.

I recently watched Last Chance U, a Netflix docuseries about collegiate football players who are struggling for success despite being incredibly talented athletes. Each of the young men got kicked out of Division I schools for different reasons. Now, they’re forced to prove themselves by playing ball at the junior college level. They hope to graduate and catch the attention of a recruiter so they can return to Division I football.

Last Chance U is a great series, and not just because the boys are full of personality. As a viewer, it’s easy to see what’s holding the players back, and you’re rooting for each one to turn it around while there’s still time.

The show inspired me to consider that making positive changes in your life and finances isn’t necessarily about doing more but instead may come down to what you should get rid of. Let’s talk about eight things you must give up to have more success, no matter how you define it. 

1. Give up unhealthy habits

Getting sick can not only drain your energy, but it can drain your finances. It’s challenging to enjoy success when you’re not physically and mentally healthy. Taking care of yourself by dropping unhealthy habits is where it all starts.

There’s no end to the benefits that come from eating high-quality, unprocessed foods, and giving up too much fast food, alcohol, and sugar in your diet. Living longer, maintaining a healthy weight, and feeling good are just a few of the upsides. We often forget that nutrition affects us on a cellular level, and a poor diet is the cause of many chronic illnesses.

Getting plenty of exercise and sleeping at least eight hours a night can work like a miracle. You’ll have more energy, feel happier, look better, and crank out better work. Adding extra movement into your routine—such as a quick 10-minute walk, taking a yoga class, or playing on a sports team—will clear your mind and help you stay focused on what’s most important to you.

2. Give up perfectionism

Often, when we have a plan that doesn’t work out perfectly, we get frustrated and give up. It could be a budget that went off the rails, a promotion that didn’t happen, or a class you didn’t pass. It’s rare not to have setbacks in any meaningful endeavor.

You might even avoid dreaming big or reaching for a new opportunity because you’re afraid of failure. If you wait for the perfect time to take action, you’re just procrastinating and wasting time. Instead, take small steps forward by focusing on what you can control.

To avoid financial slip-ups, consider automating your savings goals. You might enroll in a workplace retirement account or ask your employer to split your payroll deposit into one or more separate accounts. This allows you to build savings without having to think about it.

3. Give up your excuses

Successful people know that they can’t let excuses get in the way of achieving their dreams. Blaming others for why you don’t have the career, savings, or lifestyle you want will always hold you back.

No matter your background, you’re responsible for what happens in your professional and personal life. Instead of making excuses for bad financial behavior or choices you made in the past, own it. Then take control by creating a simple plan that outlines your next steps.

4. Give up multi-tasking

These days, multi-tasking while you’re watching TV, having a conversation, or driving, is too common. Successful people know that distractions keep you from being fully present and can cause your work and relationships to suffer. When you’re struggling in other areas of your life, it can be challenging to stay financially healthy.

Just because you have the internet in your pocket doesn’t mean you should be on email and social media constantly. Consider removing most alerts and notifications and scheduling your online time as a reward.

No matter if you’re exercising, working, or spending time with friends, stay dedicated to one thing at a time. Try not to take out your phone during meals, meetings, or peak work time unless you’re waiting on an urgent message. Giving up distractions and staying focused and engaged will lead to more success.

5. Give up short-term thinking

Reaching big dreams and financial goals rarely happens quickly. Most significant achievements, such as retirement, are the result of long-term planning that may have taken years or decades. If you make small, continuous improvements that compound over time, you can achieve any desired outcome. It’s the collection of daily habits that precede the results.

For example, if you want to retire with more than a million dollars, you need to invest $300 a month starting in your 20s, $800 a month starting in your 30s, or $1,200 a month starting in your 40s. The more time you have to make investments that compound, the less money you need to invest to achieve your goal.

The sooner you take a long-term view, the easier it is to build a secure future or achieve any dream you have. Start now, even if you start small and give up short-term thinking.

6. Give up overspending

The only way to get ahead financially is to make sure you live within your means and have money left over to invest each month. Living paycheck to paycheck may take care of your immediate wants and needs, but it’s dangerous because you’re kicking a financial can down the road.

Calculating the value of your time is a powerful way to understand what something truly costs. Before you reach for your credit card, do some quick math.

For example, if you earn $60,000 a year, you earn about $30 an hour. If you see a pair of shoes or something you want online that costs $300, you’d have to work 10 hours before taxes to pay for it. To figure an after-tax ballpark, take about 20% to 25% off your hourly rate. That leaves you with approximately $23 an hour and means you really have to work more than 13 hours to pay for a $300 item. If you wouldn’t happily trade 13 hours of work for the item, forget about it!

The trade-off for spending all of your paycheck today is a future with no financial security. To be comfortable later on, you may need to feel slightly uncomfortable today. So, evaluate your priorities carefully and give up unnecessary spending that’s holding you back from achieving more.

7. Give up people who don’t support you

The people you spend the most time with are the ones who influence you the most. Hanging out with people who encourage you to overspend, want to borrow money, or don’t support your financial goals when you’re on a budget, can decrease your likelihood of success. Likewise, spending time with people who support your goals and want the best for your financial future allows you to stay on the right path.

It’s time to give up or minimize time spent with toxic people. Instead, find better friends, relationships, and mentors who boost your opportunities for personal and financial success.

8. Give up wasted time

We only have one life to achieve the success we want. If you’re spending too much time playing video games, surfing the web, or watching TV, be clear about the fact that those activities probably aren’t moving you any closer to your goals.

Sometimes you need to say “no” to invitations from friends, work colleagues, and opportunities that stand in the way of what you truly want to achieve. Yes, scheduling time for recreation is important, but don’t let it be an escape from accomplishing what’s truly important to you.

Doing the same things you’ve always done will give you the same results that you’ve always gotten. In other words, repeating the same bad choices gives you the same problems. Your success comes from your choices—will you spend your nights and weekends improving yourself or waste them on meaningless activities? I gave up TV for many months so I could go to bed earlier and then get up early to write my first book before commuting an hour to a full-time job. That sacrifice ultimately led to many other opportunities and financial rewards.

Also, consider how you spend your downtime at work. Use your lunch hour to read, study, build your professional network, or start a small business. Successful people generally aren’t smarter or luckier than every else. But they do use their time more efficiently and make better choices more often than the average person.

You owe it to yourself to give up wasted time and make the most of the precious 24 hours in a day. Be courageous and forge your path to personal and financial success. You’ll be glad you did!

This article originally appeared on Quick and Dirty Tips.

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About the Author

Laura Adams, Quick and Dirty Tips

Laura Adams, Quick and Dirty Tips

Laura Adams is an award-winning author of multiple books, including Money Girl’s Smart Moves to Grow Rich. Her newest title, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, is an Amazon No. 1 New Release. Laura’s been the writer and host of the popular Money Girl Podcast, a top weekly audio show in Apple Podcasts, since 2008. She’s a frequent source for the national media and has been featured on most major news outlets including NBC, CBS, ABC FOX, Bloomberg, NPR, The New York Times, The Wall Street Journal, The Washington Post, Money, Time, Kiplinger’s, USA Today, U.S News, Huffington Post, Marketplace, Forbes, Fortune, Consumer Reports, MSN, and many other radio, print, and online publications. Millions of readers and listeners benefit from her practical financial advice. Her mission is to empower consumers to live richer lives through her podcasting, speaking, spokesperson, teaching, and advocacy work. Laura received an MBA from the University of Florida. Visit LauraDAdams.com to learn more and connect with her.

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