Part 2. Self Care Is Not Selfish Care – This week we focus on WEALTH (or POYOOMF Part 2 of 4) This week’s “Coffee with Colm”​

“What would you do if you won the Lotto?” he asked.

“Add a fiver and pay all me bills.” she replied with an exasperated look on her face.

That was an actual conversation that I witnessed many moons ago when I lived in Dublin, not long after the Lotto (Ireland’s Lottery) was launched in the late ’80’s and the promise of an ordinary ‘Joe’ or ‘Jane’ transforming their lives by winning a million punts (Irish pounds – IR£) was first touted on this island.

Comical as it may seem at first, for many it is the truth, indeed for many €1m wouldn’t do it.

In this week’s “Coffee with Colm” I am exploring the second in my four-part mini-series of blogs/vlogs/podcasts discussing the four pillars of self-care which are:

  1. Health
  2. Wealth
  3. Relationships
  4. Spirit

and I am doing so under the umbrella of POYOOMF – Put On Your Own Oxygen Mask First; you know the drill in an aircraft situation – you are warned to POYOOMF – Put On Your Own Oxygen Mask First so you are capable of remaining well enough to assist others – well POYOOMF is true in every aspect of life .

Feeling wealthy is one aspect of you feeling good about yourself – would you agree? I did not say rich – you don’t have to be rich to feel good about yourself, although media of all types, from social platforms through TV and print, would suggest otherwise – living the Kardashian lifestyle is not the only way to feel good about yourself.

But feeling good about yourself does not automatically suggest you must be poor either.

You’ve got to figure out what being ‘wealthy’ means for you. In my opinion a wealthy mind is one that has a healthy respect for the balance between income and outgoings.

It’s very simple really – last week I quoted Billy Connolly when he said, … if you want to be healthy, … “Eat less, move more.” – and he might say something similar around wealth, “Spend less, earn more!”

You can’t expect to live a sedentary existence and be healthy, so by the same token you shouldn’t expect to spend willy-nilly without sufficient planning for replenishment, if you want to be wealthy.

My blog of last year, “Think And A.C.T. Rich” touched on this subject (link at the bottom). Clearly a play on the famous book, “Think And Grow Rich” my ACT wasn’t an invitation to develop a rich person’s swagger, rather an acronym with meaning; A stands for Assets – those things that put money in your pocket whether you work or not, C stands for Cash – we need currency to buy bread and milk, and T for Time, as in my world having all the money in the world but zero time (a non-renewable resource for you and me) – again, in my world true wealth comes from having all three in sync.

Want to be wealthier? Want to know where to begin? As with everything in life, success is an inside out process; it starts with you getting your head screwed on straight. 70% of lottery millionaires lose it all in the first few years. Why is that? They were millionaire on paper, not in their thinking and so the money simply disappeared – Universal truths are simply that; they are true 100% of the time so if you win a €million in a lottery you had better become a millionaire quickly or it won’t last! (I’ll leave that one just there for you to think about 🙂 )

The two ways to become wealthier are:

To find out what they are, watch the 10-min video, listen to the 10-min podcast or read on below…

The two ways to become wealthier are:

  1. Increase your income – earn more
  2. Reduce your expenses – spend less

Increase income.

You can take another job – not proposing that at all – because in doing so you trade more of your one non-renewable resource in exchange. Instead I am urging you to ‘Think And A.C.T. Rich’ with Think being the operative word here. Put the grey matter to positive use. What can you do, with your particular skills and set of experiences that would allow you create an asset portfolio over a period of time that would increase your income whether you turn up or not – the ‘www.’ has given humankind unprecedented opportunity with global reach – the web has democratized opportunity! The hard part is the Think part.

Reduce your expenses.

There are may ways you can do this but it should start with taxes – the truism we were all raised with, the only two certainties in life are death and taxes is not actually true because there are people on the planet who legitimately do not pay taxes – I am not one of them by the way – yet.

How could you reduce your tax bill? I have no idea – you have to Think about it, you have to take advice and you have to ACT. I am not an accountant but I know it to be possible for you to legally reduce (and perhaps eliminate) your tax outlay by structuring your income, the way you earn your crust, in particular ways. Saving taxes is FREE MONEY – you have already earned it; your just not giving it away – save €50 or €50k in taxes and where does it flow? Into your pocket – worth thinking about? For sure.

After taxes start reducing your debts.

Most of us, by reducing our indebtedness could probably get by on very modest means and feel wealthy – what’s it like for you? Could you be working from 9am on Monday until 3pm on Friday, just to pay taxes and bills? Are the last two hours of the entire work-week, your actual personal income-producing hours? I can already hear some of you sigh and say, “3pm would be great! I work to quarter to five before I start accumulating!”

Too many people get up every morning and jump on the hamster wheel they call life and run and run and run – never taking a breather to ask, not could it be better – we know it could – but HOW could it be better? This is the thrust of my mini-series – this is what POYOOMF is all about – it may be time for your to Put On Your Own Oxygen Mask First when it comes to your wealth.

When asked, most people say the ‘just want to be happy’. So what does a wealthy mindset mean to you? How much is enough? If you were to cut all the waste, seriously how much is enough? I’d wager a lot less than you think.

That said I am not proposing you live the life of a pauper. Why not choose to live a life of affluence? The Universe will deliver either – just get your head screwed on straight in terms of the relationship between income and outgoings. Think and A.C.T. Rich.

Where is the imbalance for you at this moment in time?

I am often asked, “Is debt good or bad?” The answer? “Both.”

There is good debt – debt taken on willingly and under guidance the sole purpose of which is to build an asset portfolio, such as building a business or buying some rental property. The sole purpose of this type of debt is to increase your income. And the debt associated with it is clearly, demonstrably and easily covered by the activity it is borrowed for. This is good debt.

Bad debt is consumer debt. Too many people buy things they don’t want or need with money they don’t have to impress people they don’t even like! It’s time to stop. If the brown material were to collide with the electric air-rotation device, would they step in to pay your mortgage? No? Really? Ok, their opinion is invalid!

The purpose of this week’s “Coffee with Colm” is to get you questioning your relationship around wealth. What’s your relationship around income and how you create inflow? What’s your relationship around taxes? And debt?

POYOOMF – time to Put On Your Own Oxygen Mask First around money perhaps?

Ok. Homework. Two questions.

  1. What is the Big Rock around wealth for you? Which area requires your attention most? Increase income? Or reduce expenses? Please Think before you reply – increasing income may be just covering over the real issue that is around spending too much. What is your Big Rock around wealth? Write it down.
  2. What’s your One Thing? What ONE THING can you do this week that would have the biggest positive impact on the Big Rock? And write that down

Do your homework , then come back next week and we’ll share another coffee together as we explore the third pillar of four. Next week we’ll be talking about Relationships as a necessary pillar of POYOOMF!

See you then.

Have a good one.


Thank you for thinking with me, as ever I wish you well

Ps. More on the Big Rocks Theory? Click here. To access the Think and A.C.T. Rich Blog/Vlog/Podcast, click here.

Yours truly,


Watch | Listen | Read | Think

MORE. Did you enjoy that? Fancy a sip of some of my recent “Coffee with Colm” Blog posts:

  • Self Care Is Not Selfish Care – This week we focus on HEALTH (or POYOOMF Part 1 of 4) – click here.
  • In Pursuit Of Happiness. Happiness is derived from Contribution (or the link between Contribution and Self-Care) – click here.
  • What’s Your Purpose? What’s Your 2020 Vision for Your Life? (Or why are you doing what you are doing?) – click here.

HIRE ME TO SPEAK. Consider me speaking at your event, launch, awards, or as your after-dinner keynote. Find out more here.

WORK WITH ME OR THE COBM | SOUNDING BOARD TEAM. Need help with your business? Check out the areas I and The Sounding Board of trusted experts can assist with. Find out more here.

FREE AUDIO BOOK. If would like a complimentary copy of my book “Feeding Johnny – How to Build a Business Despite the Roadblocks” in audio, narrated by yours truly so you get all the nuances, feel free to grab one here.

DEEP DIVE. If you would like to go deeper in your own personal journey, you can review the first step in my “12 Steps to Create the Life You Really Want” for FREE. Check it out here.

LinkedIn. Perhaps the thing to do right now is simply to hook up professionally on LinkedIn – if that’s of interest, click here.

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