Why Building Wealth is Like Losing Weight: The Power of Incremental Change

I embarked on a journey to lose weight a few years ago. It was a daunting task at first, with the scale showing a number I wasn't proud of. I felt overwhelmed by the amount of work that needed to be done, and there were moments when I felt discouraged. But as I progressed on this journey, I realized that the secret to successful weight loss was not about making drastic changes overnight but about making small, incremental changes that I could stick with.

This personal experience got me thinking about the parallels between losing weight and improving one's financial situation. As with weight loss, improving your financial health can initially seem overwhelming. You might feel daunted by your debt or the size of the nest egg you think you need to retire comfortably. But what if I told you that the secret to financial success is similar to successful weight loss? It's all about small, incremental changes. Just as losing weight doesn't require a complete lifestyle overhaul overnight, neither does achieving financial health. It's about making small, manageable changes that, over time, lead to significant results.?

In this article, I want to share with you some of the lessons I learned from my weight loss journey and how they can be applied to improve your financial health.

Rounding Up: The Financial Equivalent of Cutting Out Soda

Imagine you're trying to lose weight and decide to cut out soda from your diet. It's a small change but can lead to significant weight loss over time. Similarly, rounding up your debt payments can profoundly impact your financial health. If your car payment is $416 a month, consider rounding it up to $420 or even $500. Over time, this small change can help you pay off your debt faster, just like cutting out soda can help you shed pounds. It's a simple strategy but requires discipline and consistency, just like a diet.

Extra Mortgage Payments: The Financial Workout

Making an extra mortgage payment twice a year is like adding an extra workout to your weekly routine. It might be tough at first, but the long-term benefits are worth it. You can pay off your mortgage between seven and ten years faster by making extra payments. However, just like with any workout routine, it's important to be mindful of your limits. With the current interest rates for mortgages in the sixes and sevens, it's crucial to consider whether this strategy is right for you.?

Making the Most of Extra Paychecks: The Financial Cheat Day

For those who get paid weekly or bi-weekly, there are usually a couple of months in a year when they receive an extra paycheck. This is like having a cheat day on your diet - a little boost can make a big difference. Instead of spending this "almost free money," consider putting it towards your financial goals. It's a small change that can lead to significant financial progress.

Starting a Christmas Club: The Financial Diet Plan

Starting a Christmas club or a similar savings plan is like going on a diet. It's about making a commitment to put away a small amount of money every week. Over time, this money can add up and be used to pay off debt or fund something you want to do. It's a simple strategy, but it requires discipline and consistency, just like sticking to a diet.

Avoiding Excuses for Bad Behavior: The Financial Junk Food

Just as it's easy to justify eating junk food when you're on a diet, it's also easy to justify bad financial behavior when you're trying to improve your finances. For example, you might think it's okay to buy a new TV or go on a vacation just because you're making positive changes in other areas. However, avoiding these pitfalls and staying focused on your financial goals is important.

The Impact of Small Changes: The Financial Weight Loss

Making small changes that you can live with is the key to successful weight loss and financial improvement. Instead of trying to make drastic changes all at once, consider making one small change a month. Over time, these changes can lead to improved finances without feeling overwhelmed, just like small changes in your diet can lead to significant weight loss over time.

The Power of Consistency: The Financial Fitness Regime

Just as consistent exercise is key to maintaining physical fitness,

consistency in your financial habits is crucial for financial health. It's not about making one big change and expecting instant results. It's about making small changes consistently over time. This could mean consistently saving a small portion of your income, consistently avoiding unnecessary expenses, or consistently investing in your retirement fund. Over time, these small, consistent actions can lead to significant financial progress.

Conclusion: The Financial Weight Loss Success

Just as losing weight requires consistent effort and small changes, so does improving your financial situation. You can make significant progress toward your financial goals by rounding up your debt payments, making extra mortgage payments, utilizing extra paychecks, and starting a Christmas club. Remember, it's not about making drastic changes all at once but about making small, consistent changes that add up over time.

In the end, the journey to financial health is a lot like a weight loss journey. It's not always easy, and there will be challenges along the way. But by making small, consistent changes, you can achieve your goals and enjoy financial health benefits. Just like shedding pounds, shedding financial burdens takes time, patience, and consistency. But the end result is worth it.

So, are you ready to start your financial weight loss journey? Remember, it's not about the size of the change but the commitment to making a change that matters. Whether it's rounding up your debt payments, making extra mortgage payments, utilizing extra paychecks, or starting a Christmas club, every small step brings you closer to your financial goals.

Just as you wouldn't expect to lose weight overnight, don't expect to achieve financial success overnight. But with consistent effort and small changes, you can make significant progress. So, start today. Make one small change, and then another, and another. Before you know it, you'll be on your way to financial health.

Remember, the journey of a thousand miles begins with a single step. So, take that first step today. Your financial future is waiting. And remember, just like in a weight loss journey, every pound shed brings you closer to your goal. So, start shedding those financial pounds today. Your wallet will thank you.

Looking for More?

I’ve spent the past 30 years helping telecom employees maximize their company-specific benefits packages for situations including early retirement, buyout offers, career changes and more.

If that sounds like something you’re interested in, then?let’s connect here on LinkedIn.

You can also?listen to my “Your Telecom Retirement” podcast

or?grab my free eBook on “Retirement Built Right!”

Looking forward to connecting with you soon!