Financial Freedom Friday – Resources vs Resourcefulness

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Understanding the difference between ‘your resources’ and ‘your resourcefulness’ can take your finances to a whole new level.

I believe that one of the reasons so many small businesses fail within their first few years is due to their focus on acquiring resources rather than learning to become resourceful.

Learning to be resourceful rather than acquiring resources is useful for financial freedom in your personal life too.

Resources are the things you own and feel that you need to possess in order to succeed

Resourcefulness is the ability to utilise these same things without having to possess them yourself

Whether in business or in your personal life these concepts work the same way.

Items as resources

Whenever you want to buy yourself something ask yourself the following questions. Quite often you will end up buying the item and that is okay. (The point is to become more conscious of your spending habits, not to deny yourself of the things you need.)

 Do I need to own this item or is there somebody I could borrow it from?

What can I do for somebody else in order to borrow this item?

Would it make more sense to rent a product if I am only going to use it a couple of times?

What resources  do I possess that I can swap with somebody? Barter or trade?

Do I already own something that I could use?

Knowledge as a resource

You don’t need to know all of the answers before you start.

We can often think that  something can’t be started until we have all of the answers and all of the knowledge required. Instead of having all of the answers it is far more important to learn how to find the answers. You can never know everything, but being able to find the information you need is being ‘resourceful’

The internet has everything you need to know. Whatever you want to do there is somebody out there that has done it before. Find ways of contacting people who have done the same thing for advice and answers.

Time, money and energy

How you prioritise your resources determines the level of your resourcefulness.

Time is the most valuable resource. It is limited and so it is important to utilise it as best we can.

Start looking for places in your life that you can value your time and energy higher than money.

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Spending $10 a week to have your shopping home delivered may free up time to work on important projects. It may give you the time you have been looking for to start that new hobby, get some rest or just spend some quality time with your family.

This short term investment will have far greater long term value.

 You probably already have what you need right in front of you.

We can often spend a lot of time and money trying to find what we think will make us happy when it is already right in front of us. Using what we already have is being resourceful.

Let us know in the comments below how you could become more resourceful.

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