Harnessing Your Will Power

If only I had the willpower, I’d________. What? Stop making impulse purchases, stick to my budget, set up that financial software to help manage my finances better. Take your pick and fill in the blank. We’ve all said it and most of us have even followed through with action at one time or another. The fact is, everyone has willpower. You just need to learn to consciously tap into it when you need it.

WHAT IS WILLPOWER?

Webster’s dictionary provides one of the most succinct and powerful definitions of willpower I’ve come across. It states that will power is the “ability and strength of mind to carry out one’s decisions.” Two things stand out in this definition: (1) strength of mind and (2) decision. I will focus on strength of mind since you can review last month’s WMI article (“The Power of a Conscious Decision”) to understand why a decision is necessary to tap into and use willpower.

STRENGTH OF MIND

Strength of mind is the mental power to oppose attacks to your values and beliefs and support your goals. In terms of supporting your goals, strength of mind comes from knowing the true purpose of a goal, having a thorough understanding of why the purpose is important, and believing that the goal is necessary to achieve the purpose.

Your strength of mind to support a particular goal can be greatly enhanced by developing a written action plan to periodically (1) affirm the possibility of achieving of the goal, (2) reinforce the goal’s importance, (3) deal with setbacks, and (4) reward yourself.

- Affirm The Possibility Of Your Goal
Believing that a goal is possible to achieve is a critical part of your decision to put your full efforts toward achieving it. One of the best ways to affirm the possibility of achieving a goal is to tackle the goal in small increments. For example, if you’re trying to save $20,000 for a down payment on a home, divide your goal into small increments – $250, $500, $750, $1,000 and so on. I recommend that you keep a chart (like the ones used for fundraisers) in a prominent spot in your home on which you can mark your progress.

- Reinforce The Goal’s Importance
Sometimes, you’ll need to remind yourself of the reasons why you’re trying to achieve the goal. To continue with the prior example, you can write your responses to the exercise mentioned earlier directly on your chart. That way, you can remind yourself daily about your reasons for saving for a down payment.

- Deal With Setbacks
Setbacks are a natural part of life. No matter how hard you try, things won’t always go the way you want. Having a plan for dealing with setbacks helps you get back on track as soon as possible. For example, having an emergency fund to pay for unexpected expenses can prevent or offset the need to take money out of your savings. Review Step 11 in Wealth Mentality for more thoughts on dealing with setbacks.

- Reward Yourself
Acknowledge and reward each achievement, no matter how small. Plan your reward for each achievement in advance. To continue with the previous example, you can have something like “$250 gets my favorite dessert and $500 gets a dinner out with the family” and so on.

Willpower can be an effective weapon in your wealth building arsenal. Even though it may seem to fade at times, stick with your action plan. You’ll find that you can give your willpower a boost and reach your goals with greater ease.


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