Recently I came across a Youtube video from Tidal the music streaming service. They have a series called Side Hustle where they profile artists doing business outside of the music industry. Their first episode featured rapper Rick Ross and he said something I found interesting.
(see video here: Rick Ross on Tidal Side Hustle)
When the host asked what advice he would give people who didn’t have money like him he said that it isn’t about having a Rick Ross-sized bank account. He said:
It’s all about respecting your shoebox…
Respect Your Shoebox
That phrase stood out to me. By “shoebox” he meant where-ever you stash your money like a savings account or a literal shoebox that you might throw cash in.
…and regardless of how much paper you got if you not respecting it regardless of how much it is you’ll never get to where you trying to be.
This is to drive home that if you don’t respect what little money you do have then you can’t expect it to grow. Also, if you don’t respect it, it will definitely go to someone who does.
And you have to respect it by not cashing it out every time you want to buy something. Remember that your “shoebox” should have a specific purpose and shouldn’t be touched for anything other than that purpose.
It’s not about how much you make, it’s about how much you keep. Remember, NOT spending is the skill, spending is not the skill.
Get your “shoebox” started right away
So if you don’t have one, start one today…
You must get a separate account to save money in and the sooner the better.
One major key to wealth building is giving your money time to grow. It takes time for compound interest to gain momentum. It takes time to increase your income and stack it. So get started immediately.
You might see people online saying that “savers are losers” meaning that you won’t make any money parking it in a savings account. This is true but you have to get in the habit of saving before you can get into investing.
The sooner the better.
Don’t despise small beginnings
…and every time you run across something regardless of how small put something to the side and respect it
Every single time a dollar crosses your palm try to put a dime to the side. This will get you into the habit and make your savings muscle strong.
You’ll see your savings add up a lot quicker than you might think.
Don’t ever think that because you don’t have much now then it makes no sense to try.
Don’t get down on yourself if you only have pennies to get your “shoebox” started. Put those pennies to the side. Ever notice that banks never act like pennies don’t matter? They’ll overdraft your account if you’re a penny short on a transaction.
Don’t worry about people acting like your baby money isn’t significant. Giant oak trees come from small seeds.
You should also set aside lump sums of money when you come across them. Save bonuses, part of any raises and tax refunds.
Putting it all together
Get your savings started today. Don’t worry if you only have pocket change to spare. Put it to the side and respect it for what it is and what it can be.
Come join us in the Todd Capital investment club so we can build our collective “shoebox” and make major things happen.
Regardless of whether you’re going to save for an emergency fund, invest in the stock market or to buy a business or a house, comment below to let us know what you’re going to start your “shoebox” for today!