Many of us have aspirations and goals that we would like to achieve, such as starting a business, funding our education, traveling the world, or, most significantly, meeting our needs. However, often these aspirations are put on hold or never achieved due to financial constraints or are hindered or limited by what I refer to as the “budget box mentality.” In its simplest form, the budget box mentality focuses on cutting costs to fund new initiatives or account for increased expenses instead of focusing on how one’s income could be supplemented to match budgetary adjustments. In its complex form, the budget box mentality is a paradigm of how we perceive ourselves and our attitude toward how we manage money, and it’s what limits our capabilities in solving problems, driven by finances or not. The budget box will forever bind us if we don’t change the traditional way we think about finances or our approach to making our dreams a reality.
A person who dwells in the budget box says things like “live within your means,” “That’s not within my budget,” “I need to save for this,” or “I won’t be able to do that.” Though some of these phrases alone are not detrimental, they are not empowering since they don’t challenge the individual to make things happen. To avoid the budget box mentality (B2M), one must “think outside of the box.” Thinking outside the box means avoiding reverting to the conventional ways we solve our financially motivated problems by cutting costs. Additionally, one must understand that supplementing their income does not merely imply finding another job, as this approach has been used by our ancestors and modern-day civilizations still running the rat race. The goal here is not to work harder to achieve your ambitions, nor is it a get-rich-quick scheme. The aim is to utilize our passion or skills to maximize and monetize our creative potential, which will help alleviate many if not all, the financial constraints that prevent us from living our most purposeful lives.
The budget box approach is effective but challenging. As the force of gravity keeps us grounded to earth, the Four Forces of the Budget Box Mentality keep an individual locked in the budget box. The Four Forces of B2M summarize internal and external factors that prevent people from shifting their B2M mindset. Breaking the barriers of these forces is very challenging but not impossible. Some of these forces are easy to identify and correct, while others are deeply rooted and require greater patience to identify and correct. As the saying goes, “You can’t teach an old dog a new trick,” so forces like Force #3 (the third most difficult) that require some change of behavior, attitude, or character will be the most challenging barriers to break.
The four forces are numbered in relation to how difficult they are to overcome. So force number one has the easiest difficulty level on a scale of one to four, making force number four the most difficult. However, the difficulty level does not apply to everyone in the same order or to the same extent due to several factors, like the scope of their motivation, upbringing, etc. For example, someone who has been told they are a failure their whole life will find it difficult to break the third force. Similarly, someone who has been pampered their entire life could find force four the most challenging amid adversities. Therefore, the diagram should be used as a guide to assist one in assessing their strengths and weaknesses to increase the impetus in breaking these barriers.
The barrier of force number one can be broken by understanding the concept of setting SMART goals. These goals should be Specific, Measurable, Attainable, Realistic, Timely, or S.M.A.R.T. For example, the goal should resemble something like, "I will increase my freelance writing income by 10% over the next six months by expanding my client base and offering additional services to earn an extra $150 per month." When a goal is SMART, it is clear, making it more likely to be achieved. The lack thereof creates the first force that bounds the individual in the box. The motivator of not creating clear goals is "wishful thinking," or the thought that one can do what they've been doing but expect a different outcome.
After identifying the goal, we need to work towards achieving it persistently. Remember that good things don’t happen overnight, so you should avoid setting goals that will lead to quick outcomes. The problems with these goals can be that they are not challenging or have mischievous objectives, which involve cutting corners, i.e., “getting rich quick.” For instance, reflecting on the previous example, do not settle for a 5% increase because it’s easier to obtain, but stick to your original goal even if it requires more effort than you thought. The lack of persistence drives the second force, preventing you from thinking outside the budget box to overcome the hurdles. Force number two is motivated by quick outcomes, which can also be considered easy targets. As former Liberian President Ellen Johnson Sirleaf puts it, “If your dreams do not scare you, they are not big enough.” If a goal seems too easy to accomplish, it’s not worth setting it as a goal. Your goals should be SMART and challenging enough to help you grow. Growth will push you to your limits and help you discover your full potential; however, to reach this peak, you must persist in achieving your goals and avoid anything that could derail you or slow you down.
As you may know, it took Thomas Edison a thousand unsuccessful attempts before he could invent the lightbulb. However, he didn’t consider the unsuccessful attempts as enough justification to quit but instead saw it as an indicator that he was approaching the desired outcome. If Thomas Edison were afraid of failure, he would’ve never made it past the first try. For example, if you can’t meet your 10% metric for the first two months, remember there are still four more months to apply the lessons learned and double your efforts to stay on course. To be successful, you cannot be afraid of failure as it is a part of life, an ongoing stage of learning, and with learning comes trial and error. The caveat is to not dwell on your mistakes but learn from them and keep pressing. Refrain from negative self-talk about your mistakes or others’ perceptions of how you’re accomplishing your goal. The last thing you want to be is your worst enemy by allowing your negative thoughts to pollute your mind and steal your positivity.
Because we are not omniscient, it is rare that we can or will account for every factor when setting our goals. For example, the current goal requires time for us to put in the extra work to write; however, if something beyond your control occurs, like, let's say, you got sick or injured, you might not have the luxury of time anymore, and that’s force number four coming into play. The lack of adaptability will create the most significant boundaries of all the forces as it seeks to play the victim role. Questions or thoughts like, “Why me?” will permeate the individual’s mind. This force is motivated by external factors (anything you do not initiate or is beyond your control). These external factors can be negative or positive. However, your reaction to these factors and your ability to timely adapt is within your control. Your preparedness to combat the prior forces will determine how quickly you react. Also, remember that even a positive external factor can adversely impact one's goal due to the weight of the event. One way to limit this force's impact is to account for the "what ifs?" Doing so can be as simple as creating a "Plan B" with corresponding reactions depending on the anticipated external factor (negative or positive).
I wrote this article because I had an epiphany about my entrepreneurial endeavors that started at nine years old. I remember the light bulb moment and feeling when I discovered that people were selling crushed rocks for profit. As a 9-year-old, this blew my mind to be able to sell what seemed like an unlimited supply of rocks in the community. Of course, the stones required demanding physical labor to be crushed into 2-inch pieces and filled in a 3-gallon container weighing about 20-30 lbs to be sold for $0.66 or 50 LRD (with an exchange rate of 75 LRD to $1). Nonetheless, none of this mattered to me. At 9, with all my needs met and then some, I couldn’t help but imagine having more recess money or buying whatever I wanted. My imagination led me to do the job simply because the opportunity to make money existed, and all I needed to apply was an effort. I thought it didn’t get easier than this.
About 17 years later, now 26 years old, I have discovered a principle I’ve been living by without comprehending the weight of its impact on me. About two months ago, while alone, I pondered, “Why do I not make plans according to what I’ve saved but instead plan it before trying to find the funding?” Then it hit me that, similarly to how I want to make money, even if I don’t have immediate use, I’m also prone to committing myself to plans without the money. The reason is quite simple: I don’t see the acquisition of money as the most challenging task, but rather my ability to imagine, commit, and execute new ideas to generate money is what could prevent me from increasing my income. For example, a trip I took to the Netherlands was not based on how much money I had when I committed to a friend to go. My decision to commit to going to the Netherlands was based on the benefits I could acquire from the trip. I decided to go by imagining all the benefits I could gain from the trip, like meeting old friends, visiting a new place, expanding my network, etc. Using my imagination allowed me to understand that the mere fact that I didn’t have the funds now was not a good enough reason to miss out on these opportunities.
Albert Einstein said, “Imagination is more powerful than knowledge because knowledge is what is, and imagination is what can be.” The phrase “imagination is what can be” can also be paraphrased as “imagination is whatever the individual wants to make their reality.” As mentioned earlier and considering the four forces, especially force number one, this reality can mean starting your business, funding your education, traveling the world, or, most significantly, meeting your needs. A part of why this mindset comes easier for me is not only because of how I was wired, but it also has to do with my upbringing. I spent most of my teenage years as the sole provider for my necessities, constantly living in survival mode. This period in my life forced me to get creative to fend for myself, which meant I had to rely heavily on my imagination. However, for those who don’t possess this mentality, I know that, like many things in life, our mindset can be changed from a fixed to a growth mindset. Most people don’t approach life with a growth mindset, and the outcome can be quite obvious. People with a growth mindset approach life from the perspective that “anything is possible.” These people don’t see themselves as victims. They typically live life more fulfilling, not feeling constantly restricted by what they make or their current condition. These individuals do not limit what they can achieve financially to what they bring home monthly.
Our brains comprise 86 billion neurons or cells, meaning there are endless opportunities to be curious, imaginative, or challenged about anything. What makes our brains so creative? The main components or networks in our brains responsible for facilitating the creative process are the default mode and executive control networks. The default mode network generates spontaneous or random free-flowing thoughts, while the executive control network filters those thoughts based on their quality. The higher quality thoughts are then given preference to be further processed. Vanessa Hill from BrainCraft, a YouTube channel about neuroscience and why we act the way we do, stated that our “imagination bends what we see, breaks what we expect, and blends things with other things.” Therefore, when faced with a challenge, we must let our aspirations fuel our imagination because our brains can challenge the status quo. Doing this will let us get excited and force our brains to generate those free-flowing thoughts (possible solutions) to be sent to the executive control network for approval. Those approved thoughts allow us to devise our next great idea to break out of the box.
Let's get more practical. For instance, if you wanted to fund your education but were hindered by your finances, you should start finding possible remedies by maximizing your imagination. I know this sounds crazy, so hear me out. Start by imagining what getting that education would mean to you and your family, how it could change your career, etc. Remember, it's okay to imagine little details, like the type of office you'll get, the car you'll be driving, the respect you'll have amongst your colleagues, etc. You'll notice that once you start thinking about those things, you'll feel a sense of excitement and relief. Don't stop there; keep imagining! What you're doing is not daydreaming. You're in a state known as flow, where your anxieties about your future are reduced, your mood is boosted, and you feel energized to tackle the situation. Flow allows you to be fully absorbed in your imagination, which helps you sell your creative idea to your brain so it can commit to helping you solve the problem. According to Ashley Stahl of Forbes, "When you succeed at creating a result, no matter what it is, your brain is flooded with dopamine, that feel-good chemical that actually helps motivate you. Whether or not you're aware of your increased happiness, the hit of dopamine you get after being in flow will drive and influence you toward similar behavior."
Once you have an approved idea, recognize that this is your golden ticket to get you out of the budget box. You will use this idea and the influence you got from experiencing flow to solve whatever issue constrains you to the budget box. If you doubt your brain can find solutions to get you out of your current situation, you haven't heard what humankind has achieved. From building airplanes to landing on the moon, the only thing that prevents humanity from accomplishing just about anything is our imagination. So remember, you can only achieve what you can imagine. However, imagining is not the last bus stop. After finding your next creative idea, you must commit to making it a reality. Committing to your goals means realigning your priorities and allocating resources to help you achieve the goal. This commitment also obligates your brain to optimize creativity in achieving your desired outcome. Nonetheless, as you commit to your goals, remember the four forces of the budget box mentality because they always work against you. For instance, you might be able to avoid force number one, but after your first failure, you might not want to persist further (force number 2) due to situations you deem beyond your control (force number 4). Recognize that you won't always meet your target as intended, and that's okay, so make the necessary adjustments and apply the new lessons learned.
Many people “talk the talk but don’t walk the walk.” I believe in letting your actions speak for you. I’ve not achieved 10% of what I believe is my life’s purpose, but I know that the 9% I’ve completed thus far has been due to my dedication to living by the principles shared previously. As many financial experts would advise, obtaining financial freedom begins with a shift in one’s paradigm, specifically their perception of their capabilities. I wrote this article intending to share my theoretical approach to how our mindsets affect our handling of finances and, most importantly, the practical steps to overcome this mindset. Throughout my life thus far, I’ve discovered several creative (and legal) ways to make money. These methods range from demanding physical labor to taking unconventional risks and then waiting to harvest the fruits. Though some of these methods were influenced by the need to supplement my income, many happened because I like making money for the fun of it. Throughout my life, I’ve made some extra cash by exchanging my time, skills, goods/services for money, or a combination of all three.
Rendering our time in exchange for a paycheck is the traditional and go-to way to supplement one’s income. Like most people, exchanging my time for money means working hourly or for a salary. This began in 2011, as early as 14 years old, when I worked for commission selling beans in the street after being sent back to Liberia. People made fun of me because no one expected the “kid from America” to be the one volunteering to sell beans. All I saw was an opportunity to earn extra cash. Another way I made money was by providing services as an internet cafe attendant at 14. I worked treacherous hours during the summer months and after school during the school year to make ends meet. This job was one of the most passionate and fulfilling jobs I have done, as I was part of the group that pioneered the digital and social revolutions in Liberia due to the rapid expansion of the internet and social media. Today though we still face significant challenges like expanding our internet infrastructure, the percentage of digitally illiterate people in the nation has been significantly reduced.
Similarly mid-2018, I acquired a 1998 Dodge Ram and thought I needed to use it to do “truck stuff.” So I placed an ad on Craiglist informing people I could help them move or mow their lawns. I did all this when I was assigned to my first duty station in Florida, and there was no real need for the extra cash. However, I never hesitated to jump on the opportunity because I had the resources to make extra money. As a result, I made roughly $1,200 every month. One uncommon way you can supplement your income is by selling surplus resources. For example, these can include selling excess clothing you don’t wear, electronic gadgets you can live without, equipment you no longer use, etc. The list of things you could sell goes on, but one thing to note is that you’re selling things you don’t use or won’t notice been gone. The benefit of getting rid of old or unused items isn’t just to get some extra cash, but doing it could also help you create space, help the environment as things are not being wasted, and help others buy more affordably. I have exercised this on several occasions throughout my adult life. For instance, when my last two cars (a Toyota Corolla & Honda Civic) broke down within months of each other, and I could no longer drive them, my next move was to turn this unfortunate event into some profit. I sold each car for roughly $350 and used the extra cash to provide financial flexibility in my budget.
In June 2020, I purchased my first home after several doubts from people asking why I needed a house as a single man. What they didn’t know was I had a vision, both a short-term and a long-term vision for the property. In the short term, my goal was to rent the additional rooms in the house, and in the long term, I planned on selling the house after my contract ends with the military, so I could use the proceeds for whatever the next stage of my life was. When I bought the home, I rented out the additional rooms to make roughly $1,500 monthly. The additional funds helped me paid off all my credit card debt, amongst other benefits. After two years of ownership, the nationwide housing market boomed due to the coronavirus, so I decided to sell the property as planned. I used the proceeds from the sale to secure several real estate transactions in Liberia, including acquiring beachside land. Over the years, combining all these entrepreneurial experiences has made me the man I am today. Now, I’ve worked towards obtaining my Real Estate license, and now I practice as Realtor in Southern California while still serving on active duty in the Air Force. As mentioned previously, what I have achieved thus far is only 10% of what God has set out for me, but to complete the remaining 90%, I know I must consciously reflect on and intentionally practice the principles of the budget box mentality.
Overcoming the budget box mentality is a transformative journey that requires introspection, courage, and a willingness to challenge conventional thinking. By understanding the four forces that contribute to this mindset, including lack of clear goals, lack of persistence, fear of failure, and lack of adaptability, individuals can begin to break free from its constraints. Embracing the power of imagination and committing to your goals are critical steps toward financial success and personal growth. Through these efforts, we can unleash our creative potential, explore new possibilities, and discover innovative solutions to overcome financial limitations. By embracing a growth mindset, experimenting with new approaches, and continuously learning, we can rise above the budget box mentality and pave the way for a more abundant and fulfilling financial future. Remember, the only limits that truly exist are the ones we impose upon ourselves. Let go of the budget box mentality and embrace the boundless potential that awaits you.
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