Earn it before you spend it. ~Author Unknown
If you want to build wealth, then developing good money habits is essential, dear reader. And if you’re a parent, then it’s a good idea to encourage your children to develop good money habits too.
In fact, if you can only give your children one piece of financial advice, then the best piece of advice is included in the quote above. Earn before you spend.
Far too many people today do the exact opposite.
People spend money they don’t have to impress people they probably don’t even like. The result is a burden of debt from which it can be very hard to escape.
Occasionally, we all want to buy those big-ticket items. A nice television; nice furniture; a nice personal computer, tablet, or smartphone; et cetera. Naturally, these are things we all want. The question is, does it make sense to incur debt in order to own these things?
My advice is to save the money first and then buy the thing you really want.
Financing arrangements are there to make other people rich. And by using finance, that almost always means you’ll pay a lot more for items acquired using credit.
The ‘buy now, pay later’ deal usually comes with a high interest rate added. So inevitably, if you go down this road, you’ll end up paying a lot more than you would otherwise.
Yes, you’ll get the item quicker; that’s true. However, you’ll enrich someone else at your own expense. In what way does that make sense?
Now be honest with yourself; there really are very few things in life we couldn’t live without if we really had to, surely?
Look after your own interests rather than lining the pockets of other people while impoverishing yourself and your family in the process. That is today’s life tip.
Financial education matters, and the sooner you get one, the better.
Polite request:
Did you find this article interesting and useful?
If so, then please share this post on social media with your friends.
When you share, everyone wins.
So go on, please share this post now. If you do, I’ll be ever so grateful, and you’ll be helping a keen blogger reach a wider audience.
Thank you for your support, dear reader.
Articles you might find interesting:
- How to love your job when you hate it
- How to get motivated and achieve big things
- How to stop worrying and start living
- How to find and do work you love, now and forever
- The advantages of work: Why you should take it seriously
- How to get motivated and achieve big things
- How to build confidence and self-esteem
- 9 essential life skills and how to master them all
- 6 top job interview questions to help you prepare
- Why is my life so bad right now?
- 11 tips for improving quality of life now
- 15 Things Poor People Do That The Rich Don’t
- What is grit and why is it important?
- How will your life be measured? Here’s what matters most
- 11 wise sayings about life lessons and what they mean
- 10 very useful tips to be successful in life
- The importance of making mistakes to achieving success
- The importance of friends to our lives
- Why you should let your child fail and make mistakes
- Why your personal philosophy for life really matters
You might like to try these free games too:
- Chess online free
- Checkers online free
- Backgammon online for free
- Word Search online free
- Sudoku free online
- Minesweeper online free
Copyright © Mann Island Media Limited 2023. All Rights Reserved.
