Updated: Feb 18, 2019
There are some circumstances in life where it is ok to “fake it til you make it”.
For example, if you're in a “funk”, life seems to be getting the best of you, and negative thoughts have clouded your entire perception of the world; then my friend, to activate the laws of attraction, it's ok to fake it til you make it, by consciously choosing a positive outlook even when you don’t feel like it.
I’m sure there are also other times in your life where faking it til you made it served you well, as it allowed you to at least feel like you were in control of bypassing a tough or uncomfortable time.
Do you know when it’s NOT ok to fake it til you make it though?
Of course by now, you’ve aligned yourself with what it means to be FIIT, and you know I’m about to warn you against “faking” like you have the financial means to live in a way that you just simply can’t afford. Not only is this counterproductive to building the necessary discipline to take full control of your spending habits, it also can get you in a lot of financial trouble.
It’s not so much what you spend your money on that can be problematic, but more so how you spend, and whether or not your basic needs have been covered or not yet.
Let’s use gambling as an example. Regardless of how “lucky” you think you are, the odds are more often than not stacked against you, and spending money that should be prioritized for bills, in hopes of multiplying what you started with, can leave you wishing that you would have just paid the electricity bill after the lights have been shut off.
Had you just exercised a bit more discipline, you could have been Netflix and chilling, instead of pleading with a representative in the customer service department of your energy company. This isn’t to say that you shouldn’t enjoy yourself gambling if that’s something that you get your thrills from, but doing it responsibly is the key.
Credit card spending is another potential pitfall. Credit cards are the Kings and Queens of urging people to fake it til they make it. Keeping it simple here, the best piece of advice to avoid the trap of insane interest compounding on credit card bills that you couldn’t afford to keep up with, is to simply not spend on a credit card what you don’t have in cash to cover your purchases with.
Of course there are mitigating circumstances, like emergencies when utilizing a credit card is inevitable, but those cases should be far and few in between (see FIIT tip about emergency savings).
At the end of the day, just be cautious about your spending, and if you are aware of any spending habits that you have, which aren't benefiting your financial FIITness, then please consider consulting with us so that we can get you together!