Saving Money and Growing Wealth
“I’m too poor to buy cheap.” - Tom Lekushoff (wise words from my father)
Save money and grow your wealth - two of the most important actions in life, yet they require very different skill sets to execute successfully. Below are some thoughts on both.
Saving Money
Wealth = Income - Ego
Don’t keep up with the Joneses...or the Kardashians.
Status games are for people who lose sight of what's important.
Spend on the things you need and the things you care about - the total number is smaller than you think.
Buying for prestige and respect is expensive - financially and emotionally.
Books, board games and subscriptions can be shared.
Most things lose value to us over time - financially and emotionally.
Plan ahead. Last-minute purchases usually cost more.
Convenience and comfort come at a price.
Know the difference between cheap and good value. One comes with a cost, the other a benefit.
Not everything is cheaper at Walmart or No Frills.
Don’t pay more when you can pay less for the same thing.
Everything has an opportunity cost. Know the costs before you pay it.
Never pay interest on your credit card, if you can help it.
Plan like tomorrow will soon be today. It will be before you know it.
Today’s savings are tomorrow’s wealth.
Choosing less sometimes feels like more.
Be accountable. No one should care about your situation more than you.
The easiest way to increase your wealth is to reduce your spending.
Be content with less. It’s the easiest way to become wealthy.
Saving isn’t just about having more money. It’s about options and flexibility.
The purpose of saving isn’t to restrict. It’s to enable.
Growing Wealth
Start early.
Pay yourself first.
Auto save.
The best investments are long-term.
Know what you don’t know.
Be aggressive, but not too aggressive.
Diversify.
Rebalance regularly.
“Be fearful when others are greedy, and greedy when others are fearful.”
Nothing lasts forever.
Compound growth is a miracle. Don’t stop the miracle unless you have to.
And lastly, remember: “Accept what you can’t change, have the courage to change what you can, and the wisdom to know the difference.”