Do you know what is just as important as putting in the hard work? Enjoying the spoils of your victories! Day in and day out you are giving your best to get to where you want to go and if you finally get there, you have to enjoy the moment and compensate yourself for the effort. If you don’t, then it will likely be harder to renew your motivation and your drive. It is important to embrace to joy and the rush you get from your achievements. We must all be grateful for what we are able to achieve and with such gratefulness comes the just reward!
The rewards for those who persevere far exceed the pain that must precede the victory. – Ted Engstrom
In terms of your hard earned money, I say spend it and reward yourself – your deserve it. Sitting on a pile of cash doesn’t give you any more satisfaction in my opinion. Staring at your bank statement is a hollow victory! Its like climbing to the top of a mountain and then just going back down without even looking around, enjoying the view or snapping a picture. It makes no sense.
For them to perceive the advantage of defeating the enemy, they must also have their rewards. – Sun Tzu
With this suggestions however, I’m not endorsing recklessness. Spend it but do it wisely. For myself I have always applied a rule that would give me the freedom to enjoy my victories but also to create safety for my family and myself. The rule is simple. Take the money you make and pay your bills first and foremost. You look at what’s left and set aside 80% of it (for investments or simply a rainy day). The remaining 20% shall become your funny money!!
Let’s take a simple example. You make $5000 on a deal, you need to pay $1500 in bills. So you are left with $3500, which means that you should set aside $2800 and blow $700 on something fun. With this formula, you will achieve everything that you need to: being responsible, looking to the future and living in the now. This becomes even more fun when you’ve already paid your bills with a previous deal! I hope it makes sense to you!
In your business you should take a similar approach when it comes to your employees because a viable reward system will ensure that everyone has the right motivation to take your company further all the time. I’m not a big fan of bonuses at the end of the year because a long time goes by without additional rewards and the suspense of a potential bonus isn’t helping either. A clear, monthly or quarterly and result-based reward structure is far better.
I’ve written about generosity and I stand by my opinion. The more you share, the more you will harvest. On the flip side you have to make sure that you are not spoiling people in your organisation, driving them to expect high rewards when it is you who is taking most of the risk. You need to put an equitable balance in place so that everybody is happy, including yourself. You can look at industry standards and position yourself slightly above it.
In essence I think that it is very important to enjoy your victories and to have a system in place to allocate the spoils with discipline. I wouldn’t want you to buy a car and not be able to put gas in it after a week because you blew all your money. I firmly believe that you need tangible rewards that remind you of your achievements and that will motivate you; I mean all those things that will give you joy of life and that make up your quality of living. Never neglect those things…