What happened to hard work and determination to be great by dedicating yourself to what you believe in? There once was a time when people believed in achieving their destiny instead of wishing for it. The Bible says a man that doesn’t work doesn’t eat. Well, I guess in today’s time, there’s more starving people than ever.
Everyone has some kind of get rich quick scheme, dreams of hitting the lottery or getting a lofty inheritance from a deceased relative. All of this is possible, but just know that they’re highly unlikely. No, everyone won’t be a millionaire. But with a few subtle changes, you can manage your finances and live a very comfortable life.
There’s a saying: The more you make, the more you spend.
Most Americans want the finer things in life, so we tend to spend our money on things that show stature. So, we buy fancy cars, big houses, expensive clothes and a ton of other things that depreciate in value. So honestly, money will never be the answer if you don’t have self-discipline. With that being said, I’m going to give you a few tips to help change your mindset and spending habits. These things won’t make you a millionaire, but they won’t leave you broke either.
#1. CHANGE YOUR SPENDING HABITS. This is the simplest but hardest thing to do. It requires the most discipline. Not buying shoes that you don’t need or going shopping because you have a free check, can save you a lot of money in the long run.
#2. SAVE ‘TIL IT HURTS. This is a very effective way of saving. Say your goal is to save $20 per week. Then, you should try saving 300 dollars per week. For a majority of people, this isn’t possible, but that’s the point of saving ‘til it hurts. So, let’s say you have to use some of the money for food, a bill or an unexpected emergency. That’s cool. At the end of the week, you saved $100 and you ended up saving five times more than you originally planned. At this rate, you’ll be stacking chips in no time.😉
#3. HAVE SEVERAL STREAMS OF INCOME. This is a good way to save because you can save a vast majority of this money. Side hustles like landscaping, car washing, barbering or craft making - these are great, because there is a minimal investment and you get to make a nice profit. Some people have turned these into lucrative businesses.
#4 WHEN YOU SPEND A DOLLAR MAKE SURE YOU CAN MAKE IT BACK. This can also go with number one and three. I heard Dr. Lynn Richardson say this, and to me it made complete sense. “Too often, we spend our money as if it comes as fast as we spend it.” To a person who is already financially challenged, why would you spend $100 frivolously without a way to replace it? In the long run, all this does is create a high debt-to-income ratio.
#5. INVEST IN STOCK. This is a little tricky. Now, I’m not saying invest your life savings, but set an amount that you are comfortable risking. Always remember that the stock market is a gamble and can be very hit or miss. If you are looking to make a good return on your investment, I would suggest you choose things that normally keep steady growth. Meaning, it may take a while, but in the long run it will pay off for you.
Some people get lucky with buy today and trade today options, but that’s short sighted. If you’re still in a hurry, then play the lottery. There’s four major drawings per week between the Powerball and Mega Millions. If you play one draw each time with the power option, that’s $12 per week. That’s $624 per year. Over a ten year period, that’s $6,240 you could have saved. Hey! That’s a nice amount of money to have laying around for a rainy day.
As I stated earlier, these things won't make you rich but they can help put a little more money in your bank account. God bless everyone, and always remember: HEALTH IS WEALTH.