Stop Spending, Start Investing
Why is it people are quick to blow their money on temporary things, only to complain about it afterwards? The answer is pleasure. I guess we're all looking for a quick fix. Whether it involves drugs, materialistic things and whatever else. Most of you/us would rather think about things short term instead of long term, and that's where the problem is! Instead of thinking smartly about our financial future, we would rather "attempt" to live that lifestyle in the present. Even if it's beyond our means.
I used to do this quite a lot in the past. I'd buy clothes every month non stop, and i admit it felt GOOD doing it. I mean there's nothing wrong with doing that, BUT if it's not within your means it's pretty stupid really. I've always been naturally good at saving/making money but materialism got the better of me back then. Over time though things have improved tremendously i must say. Can you relate to what i'm saying? We've all been there, most of us at least! Here's what you need to do and why you should stop spending carelessly.
What You Need To Do
1. Spend Less, Save More
For all of you spending addicts out there... It would be easy for me to say stop spending entirely. But lets be honest, if it's an addiction, you're not gonna stop it at the click of a finger. So the solution is simple, spend less and save more. Think about it. If you save more, spend less, you'll still be able to spend your money on things you WANT which is good. AND as an added bonus, you'll have more money left over! In logic this might be obvious, but sometimes certain things have to be explained to be understood better. Try this for 30 days/1 month. If you can do it for 30 days, it'll become a natural habit. Then you can watch your money build dramatically! Nobody enjoys feeling broke all the time, so think smart and you'll get smart results.
2. Focus Long Term, NOT Short Term
Thinking long term is the super smart thing to do. Thinking long term is the result of success, and the result of successful people in the world. Lets use Oprah Winfrey for example, do you really think she would of made billions if she focused short term and not long term? If you don't have no clear vision of where you wanna go, what you wanna become, then you wont end up anywhere desirable. You'll only keep living the exact lifestyle you're living today.
Short term = temporary. Long term = permanent. Write down how much money you would realistically need to live the lifestyle you want. Write down what you would buy per week/month/year and how much it would cost to do it.
Lets say your desired lifestyle of buying a certain amount of clothes, jewelry, first class flights and whatever else amounted to £50,000 a year. That means you'll need to be making an income of at least £100,000 a year to maintain that lifestyle. If you wanna live a lie and out of your means for temporary pleasure, that's cool. But wouldn't it be better to think long term, make it happen, then live that way everyday? That's the way i see it.
Why You Should Stop Spending Carelessly
1. You'll End Up Living A Miserable Lifestyle
You might be enjoying your "luxury" lifestyle today, but when you're 50 + years old, you'll probably be miserable, depressed. You'll have nothing to show for all those years you wasted on trying to "live that life". Living beyond your means isn't gonna secure your future. Buying a £1000 necklace on finance, and getting in debt isn't gonna secure your future either. Some of the people you're trying to impress with your fancy possessions will be getting the last laugh in the end. You could have all the clothes in the world, cars in the world etc, but if your bank account is less then satisfying, all of that wont matter. There are 1000's of people today who have/are spending foolishly and blindly. You don't have to be one of them. Look at your future and ask yourself - Will i live the way i want to in future if i keep living life like this?
2. You'll Be Able To Live More Freely
Money brings freedom, and i doubt anybody with a brain can deny that. Wouldn't it be nice to have enough money to go on holiday when you desire? Wouldn't it be nice to go to an expensive restaurant at least once a month? Wouldn't it be nice to be able to buy brand new clothes when you want to? Of course it would! Deep down, i think everybody wants to live freely. Everybody deserves to live freely, it's a shame many see it the other way round.
We all have dreams, goals, wants, needs financially. But if we keep spending foolishly, what are the chances of that happening? If you wanna lose weight, it isn't gonna happen if you're eating donuts, muffins for breakfast, lunch, and dinner is it? If you want something, adapt to it. There's no other way around it i'm afraid.
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