If you were to ask anyone on the street that question, odds are the majority would answer, “very much.” However, these same people will easily turn around and drop a small fortune on something without a second thought as to how it would return to them. Before you get started with investing, managing your money or leveraging debt, you have to ask yourself, how much does your money matter to you?
This has nothing to do with greed or the desire to live a certain lifestyle. This is more about how you feel about money, how much you appreciate it, and whether or not you respect it. There are a few questions that will help you come to an answer about where you stand with your money, and provide you with clues as to how to rewrite your financial future before it is too late.
1. What do you do with your paycheck the day you get it?
Whether you spend it all immediately, pay your bills, blow it on frivolities, or carefully save half, the way you treat your paycheck mirrors the entire way that you handle your finances. You can learn a lot about how much your money matters to you simply by paying attention to this one item.
2. How often do you buy frivolous items?
These are the little add-ons at the grocery store, the magazines you never read, the stuff you never use. How many different things do you have in your house right now that were used once, put away and forgotten? If you constantly spend your money on little things, you’ll never have enough when it comes to buying the big things. Pay attention to what you buy and ask yourself, will I still be using this in six months? If not, put it back. That’s not to say that treating yourself every once in awhile is a crime, but pay attention to just how much you spend on the little things. It may surprise you.
3. What is your immediate reaction when a friend asks you for money?
Do you immediately tense up and make excuses as to why you can’t, or do you instantly dole out however much is needed? There is nothing wrong with not lending to friends, just as there is nothing wrong with lending to them. The key is learning how to gauge that risk. If a friend is in a desperate emergency and you turn your back on them, money may actually mean too much to you. Conversely, if you hand it out for silly things, money may not mean anything. The key is to find the middle ground there, where you respect money but also manage to retain your compassion.
Money matters, whether we like it or not. You can’t really survive without out, and if you don’t have a healthy respect for it, you may end up regretting your financial decisions. Try to find that balance between frivolity and tight fisted-ness and in this middle ground, you may just find your financial freedom.
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Originally posted 2008-10-09 05:29:19. Republished by Old Post Promoter
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1 comment so far ↓
As everyone knows, it is very difficult to save money for future years-retirement etc. An old adage says pay yourself first. From each paycheck you receive, take 10 percent and invest it in an account that will increase in value (like a mutual fund). At year end the amount invested will be a tax deduction, and increases in fund value will be tax free. Over time, the money invested can certainly be significant.
Some companies will automatically deduct the money (percentage) for you, making it a much more viable savings option. Once you have established a regular savings plan, see mutualfundwealth.com for investment strategies that work and more….
Remember, no matter how bad the financial market place is at any given time, there are always sectors of the market that do well. The challenge is being invested in those areas.
Doug T……..The fund guy
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