No Sacrifice in Living a Financially Wise Life!
Many believe that living a financially wise life requires sacrifice. I disagree, living a financially “unwise” life leads to a life of sacrifice. Why? When you have gotten over your head is when you start have to sacrifice to play catch up. Of course, this holds true “if” there were not unforeseen set backs such as job loss or illness that has occurred.
The way we handle money is grounded in many factors. It is primarily based in our financially legacy. A financially legacy is the example of money management from parents that is passed on to us. Children are much smarter and more in tune to their surroundings than we think. Therefore, just as you picked up and model many of your parent’s financial habits, so will your children.
Of course, there are extremes, such as, doing the opposite of what our parents did. You rebel because they modeled sacrifice, and now you live a lavish lifestyle to compensate. Then there’s the “appearance junkie” you know them, the keeping up with the Jones’ people.
These cycles can be broken through identifying our spending patterns and why they are the way they are. In addition, being equipped with a solid foundation of proper money management is key. Once, these things are accomplished and the mindset is changed to “I can have all that I desire”, just maybe not right away. Remember that, immediate gratification is a killer of our financial society.
Living financially wise does not have to include sacrifice, but it does require work on our parts. Examples are:
1. Knowing our Assets, Liabilities and Net Worth. In other words how much you own including cash and property, how much you owe and what’s left to work with to live on.
2. Balancing our bank accounts.
3. Investing wisely.
4. Mastering the fine art of negotiation when purchasing products and services. This can actually be pretty fun.
• Hunt for the bargain.
• Be willing to walk away
• Cash is king when negotiating a price
• Know that it will go on sale
• Force retailers to price match
• Deal with retailers who have a lot of an item to move (such as fleet managers for cars)
• Buy slightly used from individuals. It’s a win-win, they need the money and you need the item.
• Barter or trade for a product or service
You get the picture? Always, keep in mind that someone somewhere is offering it cheaper. Once you get in the habit of living financially wise, it becomes second nature and easier. To recap, let go of old money beliefs, learn to manage money well and master the fine art of negotiation!
Share your negotiation tactics, opinions and your successes with our community in the comments section below. As well feel free to touch someone’s life by sharing this information!
Here’s to your financial brilliance…
Many believe that living a financially wise life requires sacrifice. I disagree, living a financially “unwise” life leads to a life of sacrifice. Why? When you have gotten over your head is when you start have to sacrifice to play catch up. Of course, this holds true “if” there were not unforeseen set backs such as job loss or illness that has occurred.
The way we handle money is grounded in many factors. It is primarily based in our financially legacy. A financially legacy is the example of money management from parents that is passed on to us. Children are much smarter and more in tune to their surroundings than we think. Therefore, just as you picked up and model many of your parent’s financial habits, so will your children.
Of course, there are extremes, such as, doing the opposite of what our parents did. You rebel because they modeled sacrifice, and now you live a lavish lifestyle to compensate. Then there’s the “appearance junkie” you know them, the keeping up with the Jones’ people.
These cycles can be broken through identifying our spending patterns and why they are the way they are. In addition, being equipped with a solid foundation of proper money management is key. Once, these things are accomplished and the mindset is changed to “I can have all that I desire”, just maybe not right away. Remember that, immediate gratification is a killer of our financial society.
Living financially wise does not have to include sacrifice, but it does require work on our parts. Examples are:
1. Knowing our Assets, Liabilities and Net Worth. In other words how much you own including cash and property, how much you owe and what’s left to work with to live on.
2. Balancing our bank accounts.
3. Investing wisely.
4. Mastering the fine art of negotiation when purchasing products and services. This can actually be pretty fun.
• Hunt for the bargain.
• Be willing to walk away
• Cash is king when negotiating a price
• Know that it will go on sale
• Force retailers to price match
• Deal with retailers who have a lot of an item to move (such as fleet managers for cars)
• Buy slightly used from individuals. It’s a win-win, they need the money and you need the item.
• Barter or trade for a product or service
You get the picture? Always, keep in mind that someone somewhere is offering it cheaper. Once you get in the habit of living financially wise, it becomes second nature and easier. To recap, let go of old money beliefs, learn to manage money well and master the fine art of negotiation!
Share your negotiation tactics, opinions and your successes with our community in the comments section below. As well feel free to touch someone’s life by sharing this information!
Here’s to your financial brilliance…
Congratulations on starting your blog, Anita.
Here is a comment on negotiating. Sometimes it can be a bit fearful. You do not want to insult the other person. Sometimes this is true, however true business people knows that everything is negoitable, so barter away!
Posted by: Juan Johnson | 10/14/2011 at 08:54 PM