Change is all around us. My father in law recently took his computer in for repairs and they asked how old his computer was. He responded, “about 5 years old.” The computer guy’s response “Man, that is ancient.” Our cell phones become obsolete in 24 months. We have to have the latest gadget. Even when it comes to our work there is change all around us. The average worker spends 3.2 years at there place of employment before leaving.How do you navigate through all this change? You live by the principles that are changeless.
3 Money Habits That Will Never Fail You
While there are always new investment methods, new financial products, and new ideas on handling your money, there are still timeless truths about money that will never change. They worked for our Grandparents and they will work for us.
1. The Value of Saving – Saving has had a bad rap over the last decade until recently. The financial markets were so good everyone was telling you to invest all your money into the 401k, stocks, and bonds. Besides, we have credit cards for the other purchases and loans available for our cars. Instant gratification became a way of life for us. Instead, choose to be different save up your money and buy your next car. Decide that you will save up the money to buy your new furniture instead of falling into the 16 months no payment no interest. Saving your money is one of the changeless money tips that will never fail you.
2. The Value of Patience – This might seem the same as the first, but it is a bit different. Patience is the opposite of spending. We can be trained impulse buyers. We naturally are looking for the “quick fix.” We are bombarded everywhere today on the latest thing we have to buy. I learned this lesson as a young child. My Grandfather had a hardware store and he let me work all day one Saturday. At the end of the day, he paid me $10.00. That was a bunch of money for a 10 year old.
What is the first thing I wanted to do? Spend it. I went down one of his aisles in the store and picked out exactly what I wanted. My Grandfather told me “Let’s wait till tomorrow. If you come back tomorrow to the store and still want it then I will let you buy it.” The strange thing is the next day I didn’t really want it. I wanted to wait patiently and make sure that I made the right choice. There is no reason to be in a hurry when it comes to spending your money.
3. The Value of Investing - The current economy is in a state of flux as I write this. Many have lost a substantial amount of earnings in the stock market or 401k. At the same time, those that understand how money works see a huge potential in investing right now. Houses can be bought by investors for half the value and so on. Investing will always have a certain amount of risk associated with it. Still, doing nothing is always far riskier. Burying money in your backyard is not a good strategy. The value of investing is so much broader than just something you do with extra cash. Starting a blog and contributing to it on a regular basis is a form of investing. Starting a business and trying to get it off the ground is an investment. When you get a wider spectrum and view about investing, then you will understand that it is a changeless principle.
Question: When it comes to money, what changeless principles do you like to cling to?
- How to Change Your Life for the Better (simplelifehabits.com)
- #5: Blaming Failures on Lack of Motivation (simplelifehabits.com)
- #4 Trying to Stop Old Behaviors Instead of Creating New Ones (simplelifehabits.com)
- Should I Pull Money From My 401k? (turbotax.intuit.com)
- Can’t Save, Won’t Save (moneyexpert.com)
- Five Reasons You Should Budget (turbotax.intuit.com)