Hi there, Scott Fitgerald here.
Its a beautiful summers day out and we are told to stay in due to lock down, so I thought I would write another article.
So I get a lot of clients that come to see me about having money worries and concerns. They have dreams of owning their own home but are unable to afford it. They work full time but have not got the money for their own home.
(The cheapest 1 bed flat you can get where I live is around £120k as of time of writing this)
So they work full time and get a decent wage but cannot afford their own home. Usually I here the blame game come in...
Its the goverment's fault, they wont help us younger generation
My parents won't give me the money
I don't have rich parents
My boss won't pay me enough
and on and on and on the excuses come in...
This is when I ask how much out of 10 do you want to own your own home? Anything less than 10 you're not going to do it. Some people do kid themselves to say 10 but I know that's a lie and they are only lying to themselves.
Now to own your own home (besides getting a lottery win or some other big money gain) requires single minded focus, if you want something bad enough you can get it.
There are 2 main factors you can do are -
Earn more money
Spend less money
Earning more money
You can be cheeky and ask your boss for a raise (He can only say no right?)
You can do overtime at work
Changing your job to a better paid and/or has more hours
You can get a 2nd job on the side
A close friend of myn wanted his own house, he had a really cushy job but it didnt pay very well, there was no overtime and it was split shifts.
He changed his job to one that I could only describe as bloody hard work. The job paid £10 an hour (the same as his cushy job was). I thought he was crazy at the time when he took that job. But he was able to do as much overtime as he liked. He was constantly working for 6 months, only stopping for sleep. He was taking home over £4000 a month. Within 6 months he was able to put a deposit down on his own home. I have to respect the amount of time and effort he put into earning that much money.
Spending less money
What do you spend your money on? or rather what do you spend it on that you can live without?
Smoking
Going out drinking with your mates
Takeaways
Gym memberships
Any club membership that requires a direct debit
Meals out
Overpriced mobile phone contracts
Tv or internet subscriptions
If you want your own house you need to pack all these things in. They are huge vacuums to your bank balance that will only hinder you saving money.
If you're reading that list and are thinking that you can't give up one or more of them, well you have not got 10 out of 10 motivation to own your own house.
Have you ever heard of the Stanford marsh mellow experiment?
The Stanford marshmallow experiment was a study on delayed gratification in 1972 led by psychologist Walter Mischel, a professor at Stanford University. In the study a child was offered a choice between one marsh mellow reward they could eat immediately, or two marsh mellow rewards if they waited for a period of time. During this time, the researcher left the room for about 15 minutes and then returned. The reward was either a marshmallow or pretzel stick, depending which the child chose. In follow-up studies, the researchers found that children who were able to wait longer for the preferred rewards tended to have better life outcomes, as measured by SAT scores, educational attainment,body mass index (BMI) and other life measures.
See giving up your gym membership and Netflix is not a permanent thing, its just a delayed gratification. As soon as you got your mortgage you can have them back (as I am sure your mortgage payments will be less than your rent).
If you would like my help in motivation and guidance in owning your own home then call Scott at Oakley hypnotherapy on 07525851033 for a free initial consultation.
