Learning to Say No to What Doesn’t Serve You Financially

I’ve said no to a lot recently.

The things I’ve turned down include:

• New investment opportunities
• New freelance clients
• A bank account that paid me to open it

I’ve said yes to a few things too.

But only if I can also answer yes to these three questions.

Will This Move Me Closer to My Goals?

I have big goals for the next few years. I want to expand my business, grow my wealth, and simplify my life. And that’s exactly why I say no to a lot of things, because not everything serves those goals. I’m particularly wary of certain things.

Investments that promise big potential but come with very high risks just aren’t for me right now. They might be right for you, of course, depending on your age, life stage, net worth, and appetite for risk. This is why it’s important to have specific goals and see if the opportunities that arise for you support those goals.

New clients are only worth it for me if they are both high paying and offering work that really fires me up. I already have a handful of excellent, reliable clients, alongside a lot of other non-work responsibilities. It’s important that I say no to anything that’s going to make my work life harder, especially if the rates and terms being offered aren’t great.

A new account that offers a bonus just for opening it sounds great, but opening and managing new accounts makes life more complicated at a time when I’m trying to simplify it.

Are the Opportunity Costs Worth It?

There are always opportunity costs when it comes to both money and time. Time spent on a new client is time you could use to pitch other, better-paying, more aligned clients. Money in an investment account could be better invested elsewhere. Even the time used to open a new account could be better used, to either make more money or do something more worthwhile to you personally.

Time is, in many ways, our most important resource alongside money of course. So don’t waste time, and don’t tie up money in ways that make it hard to take advantage of better opportunities that might present themselves.

Will I Do the Opportunity Justice?

Even a great new high-paying client may not be worth taking on if you just don’t have the time or energy right now to do the opportunity justice. As a freelancer, saying no to anything can feel like professional suicide. The feast and famine nature of the work means turning down a lucrative opportunity is always hard. And if it’s a great gig but not that well-paid? The fact that your freelance portfolio is your primary way of impressing future clients means you always want to add to it so you can better showcase your skills.

Taking on any opportunity that you can’t put your all into, however, can do more harm than good. A job not-particularly-well-done doesn’t enhance your reputation. You’re better off waiting until you can give the opportunity the time and attention it deserves, or trusting that another opportunity will come if you miss this one.

Learning to say no to what doesn’t serve you financially is a skill in itself. It’s not always investments and clients. Sometimes it’s an expensive trip or just an extravagant night out. Sometimes it’s a personal commitment that will cost you time and money.

The key to knowing when to say no is often just about having really clear goals. That lets you answer the first question above easily, and can sometimes make the other two irrelevant. So set very clear, specific financial goals, and weight every new opportunity with those in mind.

About the Author

Karen Banes is a freelance writer specializing in entrepreneurship, parenting and lifestyle. She writes articles, website content, ebooks and the occasional award winning short story. Her work has appeared in a range of publications both online and off, including The Washington Post, Life Info Magazine, Transitions Abroad, Brave New Traveler, Natural Parenting Group, and Copia Magazine. Learn More About Karen