Motivation to Save
Congratulations. The fact that you are reading this page means that you are on the right path.
Always remember the phrase “DO NOT MAKE OTHERS RICH” if you are struggling to save enough. That should make you think twice before buying anything.
Do not copy others’ financial investing style if you come to know that they did well doing a particular thing. How an investment does all depends on timing and luck. You may not be equally lucky or that may not work with the current market.
Don’t feel shy or embarrassed to live frugally.
Do not take financial advice from broke people, have some financial talk with smart friends.
Never co-sign someone’s loan.
Stay away from malls unless it is deep winter and it is cold everywhere outside.
Don’t lend money with the expectation of getting it back.
Make savings automatic.
Before buying anything, think about Alternate Opportunity Cost. “What if I invest this money instead of buying this now, how much this would end up being in 10-15 years?”
Do not buy too much STUFF and fill the house causing congestion/clutter.
Invest early in life to give a chance for compound interest to work magic on your investments rather than buying a big house, costly car and expensive vacations in the beginning of career.
Do not keep up with joneses. Comparing your life with others and increasing your spending to look rich like others is a big NO.
Understand the difference between “Wants” vs “Needs” and teach that to your kids.
Begin with the end in mind. Think about how you want things when you retire. Start planning from now.
Be fearful when others are greedy, and greedy when others are fearful. This pertains to those who buy stocks. If others are greedy when stocks go up in price, try to sell and make money. If others are fearful and stocks plummet, that is the time to buy stocks at a discount.
Life is short. Live your best life and don’t worry about what other people think.
But always be happy with what you have. Contentment makes poor men rich; Discontentment makes rich men poor.
I am not a financial advisor. Please do your due diligence before taking any important financial decision. Take advice from a financial advisor if you need.
“If you live like no one else [Frugally], later you can live like no one else [Rich]”- Dave Ramsey
The best time to start saving money is 20yrs ago. If not, the next best time to start saving is now.
Rich people stay rich by living like they are broke. Broke people stay broke by living like they are rich.
Good Luck.
