Working for yourself and gaining income…Working for your money…
Working 'for' someone else and getting paid.
Gaining easy/free money like lottery
What's a habit they all have in common?
I don’t know if you keep up with lottery stats, but 70% end up losing it all will within their lifetime (according to a buttload of studies, once googled).
No passing the torch, building wealth, just a big fat “ you blew it all, buddy” that I personally can’t imagine living with, hoping that I at least thought ahead and bedazzled my casket on my -financial- way out.
Money doesn’t solve everything, or at least many of these individuals didn’t have problems money solved.
That’s Money Mentality.
Knowing how to use your available financial resources across a spectrum.
We all have and use it. Some use it better than others but at some point, when we are graced with a financial option, we make choices that define our financial narrative for better or worst. Recognizing that time while you’re still in it is the tricky part.
To make it easy for us all, let’s say;
That Time Is Now.
Whatever financial burden that picks at the back of your mind or tugs on your guilt, whatever plan you have but it just takes that right moment, or opportunity; now is the time to begin it.
I’m not saying this to be generically inspirational or motivational. I’m saying now is the time ( if you haven’t already started ) to get your money matters in order because there is simply SO much to do. Waiting for the right ‘time’ or ‘feeling’ is irrelevant if you still start from nothing. A dollar you save now is still more than what you would have when you finally think its time to start.
Here is a scenario:
“Shanice” was laid off for no fault of her own. She was planning to use an investing app to get into stock investing. Though she receives unemployment benefits, she doesn’t want to risk any money.
What are her options?
Of course, she is right to not want to risk money. However, not saving in hard times wouldn’t be the best plan for an undetermined future either.
Spare change invest.
Spending money to pay bills? Invest the difference in a separate savings account. Apps like Acorns and Stash are great for that.
There are a number of dividend stocks that Shanice can use to build a stream of passive income, and some for investing as little as $10 per share. It takes a few years of consistent investing before that portfolio turns a steady profit. The Sooner she starts, the better.
Invest in Yourself.
As long as Shanice has income, she has a chance. Her benefits may not be ideal, but regardless of how little or how much you make, wealth and success start with how we apply our habits.
One thing these number-rules have in common is they exemplify a financial life strategy regardless of how much or how little money Shanice has. The point they make is what to do with the money once you have.
Regardless of how you make money, the right mentality will determine how you keep it. The major difference in spending habits between all of the above actually comes to investment habits, and if all they each do is spend. If you work for yourself or work for someone else on behalf of yourself, you need to apply a comprehensive yet simple rule to your income and treat it as the tool it is. ‘You have lumber, don’t burn it all to stay warm, build a house. It will last longer.’