“A quick self-assessment”, I trust you weren’t expecting a lengthy article. Ofcourse you are doing well, I assure you. But we need to be sure that we are not running on a treadmill thinking we are matching on a green grass and not just matching, but accelerating towards the score line.
What Does The Term “Hustling Backwards” mean?
Hustling backwards refers to making financial decisions that end up costing you more than you should have gained.
It’s a common mistake most people succumb to when doing business or investing.
There are too many people who have a tendency of hustling backwards (e.g You and I), how? by spending so much money just to impress people on social media platforms yet we might not be even rich to afford such a lifestyle, your monthly salary is 50,000naira but you enjoy spoiling yourself in an expensive hotel every month end or having dorimé played in the club on you, you have made just a single sale of 3,000naira and have already ordered three shawarma, it’s high time you had a rethink.
With these examples below, it would be easier to understand the phrase “hustling backwards”
Below are 18 ways you could be hustling backwards:
- buying a car you can’t afford to maintain
- Trying to build a home with your first gains, at the expense of your business growth. Building a home is highly recommended but there a Lee lots of expenses such as home and life insurance, roof work, plumbing work, cleaning, etc. you don’t want to get struck in the middle of construction, with your business falling apart.
- increasing your cost of living based on the assumption that income will increase accordingly
- increasing your cost of living and paying for it with debt
- increasing your cost of living based on the income you’re getting at a job you hate, when the income on the career path you desire may be (a lot) less
- not even knowing what your cost of living is
- letting money sit in a savings account earning a measly interest rate—with inflation, you might as well be throwing money away
- quitting your job instead of using your job while seriously testing our the economic viability of your business idea
- not knowing how to make money outside of the context of a job
- undercharging for what you make or do in fear of losing low-paying price-sensitive probably-not-loyal clients
- saying you want to retire early, but not knowing your numbers—the number you need to save and the income you need to generate monthly once you retire
- taking on debt to buy a car or anything else that doesn’t involve building a business (at a higher growth rate than the loan’s interest rate)
- taking on more “good” debt to go to the university because you’re “supposed to” or don’t know what else to do and not having a clear career plan on how to get a return on your investment as soon as possible afterward
- buying or leasing a car that looks cool but does nothing positive for your asset or revenue column
- renting an overpriced apartment in an up-and-coming neighborhood when more affordable options exist or you could be owning for the same amount
- taking expensive vacations to get away from a job you hate instead of investing in a idea that will free you from the job you hate
- spending a lot of money on a one-day wedding instead of making a downpayment on a piece of property or other assets that will support your family forever
- having more than 1 TV in your home, not because the TVs cost too much, but because of how much the time you watch them costs you and your business ideas
A QUICK SELF-ASSESSMENT, are you hustling forward or hustling backwards?
The best way to deal with hustling backwards is to take it upon yourself to reduce your expenses as much as possible without sacrificing the amount of capital needed to produce work of high quality or to complete a project.
You have to make calculated moves in your decision-making process too, since that way you can avoid making errors and omissions.
In summary, it’s about going from A to B then “C” rather than moving from A to B and all of a sudden you find yourself back at your initial position, which would be “A” in this case
it makes sense, doesn’t it? Please share this great article with your loved ones 😊