It’s common to think that when someone achieves a certain level of wealth in their life, such as millionaire status, they will stop budgeting. But I recently learned that that is indeed incorrect.
Emily Vavra
James Patrick
I was dazzled by millionaire entrepreneur and business owner Emily Vavra, and we had a candid conversation about wealth and managing money.
A single mom of three kids raised Emily, so Emily learned that money was scarce at a young age. She saw how hard her mom worked to provide a good life for her three kids and saw how her mom budgeted her money tightly to offer her kids the extras in life.
Having achieved millionaire status by 26, Emily had some soul-searching to do around money and figure out who she was. Emily quickly realized that money meant nothing to her if she wasn’t happy. There were only so many bags she could buy, and that wasn’t what truly made her happy.
Being out in California and surrounded by material things and the pressure to keep up with the Joneses, Emily had to do some work on her money mindset issues. Coming to terms with the fact that it was ok to make money, and a lot of it, helped her through her identity crisis.
Having money allows Emily to do good things, such as offering funds for schools and helping employees out who have challenging circumstances. Emily sees a lot of good that she can do with money and finds joy in helping others.
And to continue doing good for her community, Emily also realizes that she needs to maintain her wealth. Emily knows her numbers in her business and personal finances. She knows how to save her money and keep her money working for her to maintain and grow her wealth.
Emily knows that leading by example gives others an opportunity to do the same and shares these excellent money management strategies:
Maintain a budget
Both in business and for your personal finances, it is essential to track your money regardless of your income. It is in how you manage your money that will build your wealth. If you are spending what you are bringing in and not investing your money in assets that will grow your wealth, you’ll never build your wealth.
Don’t be an emotional spender
Keeping up with others to make sure you have what they have or more is filling an emotional need related to money. It didn’t take long for Emily to see that she could shop all she wanted, but those were not the things that fulfilled her life when she looked at her closet. She had to look deeper within herself to know what made her happy, and it wasn’t shopping.
Be intentional with your finances
Knowing that you can afford something versus deciding not to spend your money on something is the key. For example, Emily can afford a smoothie at the gym after a workout. However, she insists on bringing her water bottle and not spend the extra $14 on an after-workout treat. She knows this is saving her money, which she is very intentional about.
Decrease your spending
Spending money and not watching where it goes is a fast way to going broke. If you are spending more money than you are bringing in, you cannot sustain that lifestyle for long.
Don’t apologize for making a lot of money
Women can often feel uncomfortable about having a lot of money, but remember, you can do a lot of good with money. It’s great to make money, and it’s great to put that money you make to do good in the world.
Use your vision board
Emily encourages everyone to have a vision board, and she displays her vision board proudly in her office. The vision board keeps her grounded and focussed on the goals she wants to achieve for the year. Emily is continually striving and moving forward towards her goals.
The bottom line is achieving wealth is fantastic, but it’s also just as great to manage your money to ensure that you will have it for years to come. Emily showcases in her “ItsEmily Method” blueprint on how to succeed as this because with increased wealth comes an inflationary lifestyle. Your expenses increase regardless of your income level, so you always need to monitor your spending.
