What are Whys? Whys are the reasons you want to do something. It is important to remember your Whys because they will help to keep you motivated. It is not always easy to start a business especially if you are working a full-time job, have family responsibilities and little ‘extra’ money to work with.
Your Why could be that you want to give your family more than you are able to with just your day job. Your Why could be that you know you are capable of doing more than you are doing now and you enjoy the feeling of gratification or satisfaction when you accomplish more. So both of those sound ‘optional’ or would be categorized as ‘it would be nice’.
Then there may be a Why that is just a driving wish like a new fancy car, a new house or a luxury vacation. These can certainly represent strong Whys but again, they are optional. It all depends on how much you really want something to say how much it will help to motivate you to go that extra mile to achieve it.
However your Why may be more critical such as you cannot meet your commitments and responsibilities unless you have a second income – or a first income if you have lost your job. Or you may have some special need from an emergency that involves medical or other insurance co-pays. You just can’t cover anything extra with your current income.
In some situations you may have no choice but to get a loan of some kind because you need the money right now. Using any kind of credit or loans in a big way is never a good idea and should always be avoided. It is hard to win when you have an albatross around your neck like a huge financial obligation.
…But then you can still develop a way to pay the debt back as fast as possible to minimize the interest going forward. In any case, even if none of these Whys are yours, here is one Why that can cover the whole gamut: Your Why can be that you realize the importance of having savings that you can fall back on in case of an emergency or special need.
This doesn’t have to be endless and you can maybe set benchmarks that you will work hard to save so much and when you reach that point you can spend a little on something nice and ‘optional’. You do deserve a reward for your discipline and hard work. Then go back and start saving again looking forward to the next time you have earned something special!