Most times a mindset shift is required when transitioning from a state of financial instability to one of savings and security. For tattoo artists unfamiliar with consistent savings, the transition from a cash-only mindset to comprehensive financial planning can be daunting. A significant percentage of tattooers have never saved consistently in their life before, maybe you’re one of them?
The hurdle lies not only in understanding financial instruments like IRAs or HYS Accounts but also in developing sustainable saving habits. This highlights the mental freedom that accompanies financial preparedness, enabling artists and tattooers to focus on seizing opportunities rather than constantly worrying about financial constraints.
I’d like to offer a tip for artists to make saving a seamless habit. Sweeping money into a separate “invisible” or out-of-sight online savings account called an HYS (High-Yield Savings). This detaches your money from your regular bank, coupled with making it challenging to withdraw, forms a disciplined approach. This tactic discourages impulsive spending and promotes a habit of accumulating savings.
It’s a simple way to allocate a small amount of money weekly, bi-weekly, or monthly out of your main account and into the HYS without having to really think much about it. Maybe $50 to 100 to start, something that you won’t really notice. It also adds an amount of friction because the money goes into an online account that isn’t directly visible or tied to your general spending account. This is where you add friction and make it difficult to withdraw or use the money because it takes multiple days for the money to come back into your main checking making it usable again. It also sits in that account and accrues interest the longer it stays there so you passively increase your funds making money on your savings.
This approach promotes responsible financial behavior, preventing impulsive spending while allowing for strategic fund allocation. Setting up a financial structure with the right amount of friction encourages individuals to design systems where accessing money is feasible but not excessively easy. The importance of friction and accessibility underscores the need to make money management easy in certain areas while creating obstacles where necessary. This thoughtful balance helps individuals stay in control of their finances without feeling overly restricted.
Ryan shares his journey of not just focusing on growing his income but prioritizing savings, drawing inspiration from timeless financial principles outlined in books like "The Richest Man in Babylon" by George S. Clason. Jake and Ryan sheds light on the essential concepts of commitment, courage, capability, and confidence, which are integral to achieving financial growth and success.
By prioritizing savings, leveraging timeless financial principles, and embracing a mindset focused on continuous growth, individuals can navigate the complexities of financial success. The Four Cs—Commitment, Courage, Capability, and Confidence—serve as a roadmap for those seeking to transform their financial lives and achieve lasting prosperity.
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