Why Can’t I Hang On To Money?

This week's question from my portal “The Neagle Code: Directions for Life” comes from someone who wishes to remain anonymous. 

Neagle Code Question

Hi David,

I’ve recently raised my prices and made almost $24,000. People are coming to me and asking to work with me, which is great. However, I’m having an interesting scenario where money’s coming in unexpectedly—and then in the same day, more of it goes out.

Bills are getting paid, and I’m happy to pay them. However, it feels like I’m chasing a dangling carrot. Stuff is coming in one day, only to be gone again the next day. It’s bizarre. I’m feeling anger and resentment about it, and find it hard to be in gratitude. Can you give me some guidance?

Neagle Code Answer

Do this quick little exercise. Hold your breath…and keep holding it. Don’t let it go. Just keep holding it.

Keep holding it…

Keep holding it…

Keep holding it…

If you’re like “David, I can’t do that,” then realize; you can’t do that with money either.

Just like you need to exhale and breathe in again, money needs to be spent (i.e., circulated) and brought back in again. That’s part of its nature.

Money wasn’t meant to come into our bank account and just stay in there. It’s meant to come in, and then go back out. Whether it’s for paying bills, being invested, donated, paying for things…

It’s meant to be in circulation.

The whole reason you bring it in, is so that you can send it back out again. It’s doing what it’s supposed to do. If bills are getting paid, and you’re making the money to pay them, that sounds like a good scenario to me. I’m not seeing a negative here.

My question to you would be: Are you paying yourself first?

This is the biggest mistake I see entrepreneurs make. They pay everyone else first and then resent the fact that there’s nothing left over for them.

This requires discipline.

If you want to generate wealth, I recommend setting aside 10% of your income and only using it toward things that appreciate. Do this religiously and without exception.

Once this becomes a habit you will see how easy it is to make enough to pay yourself AND everyone else.

You’ve got to take responsibility for your own situation.

You have to manage your money, and if you’re not good at it, hire someone to do it for you.

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