Money gives you a choice. Or it can imprison you. What makes the difference? It’s how you care for your money, how you water it, nurture it and have the patience to see it grow.
The Millionaire Next Door Podcast & Lessons Learned on Money
It’s taken me a long time to have a healthy relationship with personal finances. I used to believe that:
1. You only get rich through business.
2. Being rich meant you could buy anything you wanted.
3. You can always earn money, after depleting your account.
4. And my favorite: I work hard. I deserve it.
5. There are two kinds of people: savers and makers.
None of these beliefs ever made me feel financially secure. Or creatively free to do what I love doing.
I’m no money expert. Yet, I’m content and stable at this moment.
So, this morning while I was walking, I listened to this podcast that was just a light bulb moment for me. I wish my 20 year old self heard this conversation. I would own a lot less shoes.
Here are some thoughts I loved:
Stop comparing yourself to others. Live humbly.
Don’t idolise brands or validate your status with possessions. You don’t need the Lamborghini.
A great formula to see if you’re on the right track on your current wealth: Your age x annual income pre-tax / 10
Have a monthly P&L. Think about money buckets whether it be play, needs, long term investments, education and etc. Set those budgets. Whatever’s left, put it to work through assets.
Look at your money matters one hour every week. Develop the habit. Think about how you can be better at caring for your money. Do this even when you’re hungover!
If you listen and enjoy this podcast, send me a message and tell me what you think.