Reflection: Entrepreneurial Journal - Measuring the Cost

As I reflect on the "Attitude On Money" article from the W11 Study: Measuring the Cost activity, I find that my attitude toward money has evolved over time. Growing up, I viewed money as a means to achieve security and comfort. I associated financial success with freedom, independence, and a sense of accomplishment. However, as I’ve matured and had the opportunity to reflect on my goals and values more deeply, I’ve come to understand that while money plays an important role in achieving personal and professional goals, it should not be the sole focus of my life. I now see money as a tool rather than the end goal itself.

One of the most impactful concepts I’ve encountered in the readings is the idea that our view of money can directly influence the way we live. If I prioritize wealth above all else, it might lead to a life focused on accumulating more without considering the consequences on my relationships, personal well-being, or fulfillment. If money is the main goal, I could easily lose sight of what truly matters—building meaningful relationships, pursuing passions, and maintaining a healthy work-life balance. On the other hand, if I view money as a tool that supports my values—such as family, growth, and community—it can guide me toward making choices that align with my long-term happiness. This shift in perspective has already begun to change the way I approach both work and personal decisions.

In the article, several rules for prospering were recommended, and I found these particularly valuable. One rule that resonated with me is the principle of "live below your means." This rule encourages intentional living, where spending is purposeful and aligned with one’s values. It suggests that in order to build wealth and financial stability, one must not overspend on things that don’t contribute to personal happiness or long-term goals. This rule has inspired me to reflect on how I can better manage my resources, ensuring that my spending aligns with my priorities and doesn’t drain my energy on things that don’t matter.

Another important rule from the article is the concept of investing in experiences rather than material possessions. This resonates deeply with me, as I value memories and the time spent with loved ones much more than accumulating material goods. Focusing on experiences that enrich my life, such as travel, learning, and personal development, rather than accumulating things, aligns with my values of creating meaningful connections and personal growth.

Furthermore, the article emphasized the importance of financial discipline, which I recognize as a cornerstone of long-term financial success. By developing habits such as budgeting, saving, and avoiding debt, I can ensure that I remain in control of my finances rather than letting money control me. Practicing financial discipline also involves setting aside money for future goals, whether it’s for investing in a business, saving for a home, or ensuring long-term financial security for my family.

Reflecting on this week’s materials has reminded me that money, when managed wisely, can serve as a tool for personal and family growth. It can empower me to achieve the freedom and independence that I value but should not come at the expense of my relationships or personal well-being. This reflection has solidified my commitment to pursuing a balanced approach to money—recognizing its importance while maintaining a focus on the things that matter most in life.

Looking forward, I’m excited to continue learning about how financial planning can support my long-term goals and how I can balance work, life, and money. This week’s readings have given me useful insights into the role of money in both entrepreneurial ventures and personal life, and I look forward to integrating these lessons into my personal and professional decisions. As I progress in my studies and work toward building a career, I know that maintaining a healthy perspective on money will be essential to achieving both financial and personal success.