Just wanted to link to an interesting article in Business Insider that really reiterates some general points I see mentioned left and right in /r/personalfinance. Don't know if it's been posted here on not before, but good rules to live by nonetheless. 1. He always spends less than he earns. In fact his mantra is, over the long run, you’re better off if you strive to be anonymously rich rather than deceptively poor.
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He knows that patience is a virtue. The odds are you won’t become a millionaire overnight. If you’re like him, your wealth will be accumulated gradually by diligently saving your money over multiple decades.
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When you go to his modest three-bed two-bath house, you’re going to be drinking Folgers instead of Starbucks. And if you need a lift, well, you’re going to get a ride in his ten-year-old economy sedan. And if you think that makes him cheap, ask him if he cares. (He doesn’t.)
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He pays off his credit cards in full every month. He’s smart enough to understand that if he can’t afford to pay cash for something, then he can’t afford it.
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He realized early on that money does not buy happiness. If you’re looking for nirvana, you need to focus on attaining financial freedom.
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He never forgets that financial freedom is a state of mind that comes from being debt free. Best of all, it can be attained regardless of your income level.
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He knows that getting a second job not only increases the size of your bank account quicker but it also keeps you busy – and being busy makes it difficult to spend what you already have.
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He understands that money is like a toddler; it is incapable of managing itself. After all, you can’t expect your money to grow and mature as it should without some form of credible money management.
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He’s a big believer in paying yourself first. Paying yourself first is an essential tenet of personal finance and a great way to build your savings and instill financial discipline.
Read more: http://ift.tt/2j5uCPq
Submitted January 08, 2017 at 07:43AM by Yes-Pranks http://ift.tt/2i6Q9ZD
