How you see yourself concerning your finances would determine how you would spend it. The prevailing mindset about money when they say that because they are poor, they don't need to save moreover the most drastic mentality that the only solution to financial challenges is to borrow money.
Now reflect on these questions and write the answers into your diary. Be honest and sincere because in a way or another it would reflect your future finances.
So, have you ever saved? How much?
How faithful are you on your saving plan?
Apart from saving, are you also investing?
Do you know the Power of Compounding?
Which vehicle or platform are you putting your hard-earned money ( whether fiat or crypto) on for long-term growth?
Do you ever diversify your investments or you just put all your eggs in one basket?
All these questions are my foundations as to why I see my hard-earned money whether fiat or crypto as valuable especially for its long-term growth.
I would admit there was a time back in Doha, especially after Ramadan, that I became a shopaholic, even if I don't NEED the shoes, I bought them because I haven't had those kinds of shoes before. It was my "back subject" so to speak.
Who wouldn't be tempted to buy at Debenhams in City Center offered 75% for shoes also at Aldo with 30% and there was also a booties of 50% off at Nine West? I have money likewise I felt I deserved to treat myself so I bought them even if I rarely used those items as much as I used my daily regular uniform shoes. That time I just wanted those pairs because I loved having them for no practical reason at all. I was materially inclined to be self-sufficient or so I thought.
Almost 80% of my savings were spent just on shoes, bags, accessories, and of course gadgets! Online shopping was very convenient anyhow! I have realized how I have wasted my money on value-depreciating items. I know some of you would say, you deserve such because you work hard for it, however I have learned my lesson that when it comes to financial literacy and on how to save money, many Overseas Filipino Workers were ripped off on understanding the essence of financial education due to the need of sending money to their loved ones back home. In a way or another it gave me a short-term kind of happiness whenever I bought those things I wanted for myself yet as time passed by and my savings were deteriorating that's when I shifted my gear! I have to think long term!
So the turning point of my saving was the main thought that I felt like being on a "RAT RACE!" meaning going to work, then salary comes, spending 80% and then the same cycle every month. What a waste!
So I shifted my mindset to wealth abundance. It didn't happen overnight. I watched videos about Financial Education, subscribed to newsletters about how to handle finance, attended zoom classes for FREE and stumbled upon how to invest in the stock market for long term growth through the Truly Rich Club.
It took me quite a while to DISCIPLINE myself from not buying things that I WANT vs. things that I badly NEED and before I would even go to the shopping centres, I would always ask myself, "DO I NEED THIS?"
The bottom line on all of these, "SAVING takes a lot of SELF-DISCIPLINE!"
Be prudent and I have to say this over and over again. Having thorough care and thought for your FUTURE and even for your loved ones, is an act of authentic self-discipline. Do not just work and live life like a one-day millionaire does because at the end of the day, what you are preparing for when the storm comes, is such a relief knowing how crisis strikes like a thief!
Most of all, this is not just a financial advice but speaking from experience when my father got hospitalized that bills were skyrocketing to nearly 400k a month! It is never a joke to pay bills when the need arises so when you have a good income or if you have a stable monthly stipend, SET ASIDE a portion for your FUTURE.
Do not just work for the sake of paying bills but work because when you reach your retirement stage, you can enjoy the fruit of your labor.
Therefore, do NOT stop your Financial LEARNING. Take the responsibility to be educated financially. There are already FREE financial programs online, all you need to do is find time to spend reading and exercising what you have learned accompanied with proper guidance.
*What's the Rationale?
Without proper Financial Education regardless of how huge your salary would be, still, you would end broke one day because the not-knowing about investing, not just saving takes TIME and preparation is the KEY. Taken from the Secret to Saving and Building for Your Future and on How to Become Your Own Financial Educator book, the very first STEP to take moving from financial insecurity to security is to UNDERSTAND the concept of Delayed Gratification utilizing self-discipline because financial education is not just for the wealthy rather it is for everyone, so what's your excuse?
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i have friends who are financially stable and are very much able to buy expensive things. i see that they are not financially wise since most of them have family business. Personally, i think, even if one is rich, he should always think of the possibilities that might happen to their wealth. So its always best to be wise on expenditures and all. Money gets lost every move but we cant get it back right away. Discipline, hardwork and perseverance are great attributes to being financially independent, i think.