Breaking bad (behaviors)

Raising millions, while managing hundreds

Two weeks ago, I said goodbye to a job I loved. Or rather, I was let go from a failed start-up.

The outcome wasn't entirely unexpected; I'd been bracing for it since January when our anticipated funding fell through. I started moving more money from my checking account into savings, paused automatic deposits into my investment account, and dialed back spending by starting to dine out less, cook more and of course avoid avocado toast.

I knew what was coming and what I needed to do. Without an income, I had to be more mindful of managing my money. Sticking to this mission should be easy.

Or so I thought.

Despite spending three years deeply exploring our relationship with money, I still found myself falling into familiar traps.

A stressful day would lead me to take a healthy walk—only to end up splurging on a pricey snack. My generous offers to pay for coffee were undermined by neglecting to request payback through Venmo. Altering money habits is challenging, even when you're dedicated to the goal. This struggle - as they say - is real. The lack of progress, and the diminishing account balances, quickly snowball frustration into anxiety and stress.

Over 84% of Americans suffer from financial stress and anxiety. It's a more prevalent problem than obesity, drug abuse, nicotine addiction, and alcohol dependency combined. It’s a significant problem, magnified by features of our modern consumer finance ecosystem and recently exacerbated by raising inflation.

It’s an experience that has only been reinforced by my experience and that of friends and dates; aspirations, available credit and emotion often collide with harmful consequences.

There has to be a better way for us to take control of our money, change our behaviors and actually feel good about money.

I'm currently bootstrapping my new venture, focused on understanding and changing our money behaviors so we can save more and achieve our goals. That's why I started modifying my spending habits and prioritizing building up my savings; until we’re able to raise capital and start generating revenue, I won’t be earning income. The viability of this new venture is directly tied to my personal money management.

So how do we change behaviors?

Changing our money behaviors requires focusing on building better habits, one step at a time. Much like losing weight or training for a race, attempting too much too soon leads to burnout. The key is making small, incremental changes that ultimately allow us to reach our goals.

It's about identifying detrimental money habits and improving them over time. Sustaining these minor shifts can make the difference between feeling trapped in a paycheck-to-paycheck cycle and experiencing financial freedom.

So while I focus on launching a new business and raising millions, I’m also managing and changing my own money behaviors, one step at a time.