When you earn money or you are given free money, what is the first thing that comes to your mind?
Well, yesterday I sold some SBD and immediately the money hit my bank account, I remembered I had some debts I have to pay off, I also thought about changing my wardrobe and giving some relatives Christmas gifts. Huh! with all these coming to my mind, the money won't be able to handle half it let alone having a portion to save or invest.
The ability to save or invest is a choice. It is something you deliberately do, not because there are no other things I do with the money, but because you have made up your mind that you will always save and invest a certain percentage of all your income.
Human wants are insatiable so don't expect to satisfy all your wants before you start saving or investing. Don't focus more on paying-off debts than you do on saving and calculated investment.
Being in debt is not good, but you could pay them in a more convenient way if you use your money wisely. Three months ago, I had lots of debt hanging around my neck, when I started earning money, I didn't rush to pay off the debts. I saved, invested and spent very little from the money. In less than one month, I was able to double what I earned and it became easier paying the debts and still have something in my savings.
Before you spend any money that comes your way, set out a portion to save and a portion to invest. Though, not just anyhow investment, but something you have calculated the risk and everything involved.
The key to overcoming spending more of your money is to always think about the future whenever you get money. Delayed gratification won't kill you. It has not killed anybody. Only learn how to concentrate on necessities. You are not permitted to spend extravagantly until you have attained the height of financial freedom. Yeah, you can give yourself a treat from time to time, but that should not be an everyday thing.
The life you're living today is as a result of your past choices and that of your parents/partner. Your decisions today will determine what the future holds for you. Think wisely.
My Quote for Today
Some of the poor people you see today once had the same opportunity the rich had, but their lack of financial intelligence dragged them down to the shackles of poverty.
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