When people mention money management, the instinct for most people is to zone out and think about budgeting, accounting and living frugally. It’s not a “sexy” topic to talk about. What you may not realise is money management is more about understanding yourself and your habits around money than the math.
That part is simple: Spend less than you earn, and invest early and often so compounding will make you rich when you’re old. The numbers aren’t difficult, but for most people, it is their psychology and emotions around money that prevent them from achieving their financial dreams. So, what are some ways you can start managing money better?
1. There are no shortcuts.
The basics of wealth building have been well-documented for centuries. Stop searching for shortcuts; focus instead on the simple things such as not to spend more money than you make.
2. Happiness comes from managing expectations.
You won’t find contentment by working harder to buy more stuff, because there’s always more stuff to be had. Escaping the trap is simple: Learn to be satisfied with what you have.
3. You can have anything you want but not everything you want.
Cut expenses ruthlessly on the things that don’t matter so you can spend lavishly on the things that do. Love antique airplanes? Great. Don’t care so much about cars? Don’t overspend there.
4. Perfect is the enemy of good enough.
Too often we fail to act because we’re searching for the absolute, surefire way to invest or save. We do nothing instead. But action cures fear, and a decent or simply good outcome is always better than nothing.
5. Don’t make excuses.
Don’t blame the president, your ex or your business partners for your financial situation. Your circumstances might not be entirely your fault, but they are your responsibility.
6. Systemize everything.
When it comes to saving and investing, you are your own worst enemy. So remove yourself from the equation. Use a foolproof system to manage your savings, bill payments and investments. You’ll save time and hassle–and be less inclined to impulsively spend your money on the next bright and shiny object that comes along.
Nobody cares more about your money than you do, so don’t trust anyone to manage it for you. You have it in you – the determination and the intelligence to run your own finances.
If want to break some of the bad money habits in your life and start your journey to financial freedom, one step in the right direction is to attend the Millionaire Mind Intensive, created by the author of the best-selling “Secrets of the the Millionaire Mind,” T. Harv Eker. Join us at the next Millionaire Mind Intensive in Germany BOOK NOW!
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