This is a continuation of last week’s lessons.
Passive Income Takes Time or Money to Create – Everybody wants passive income, right? What’s better than making money without doing any work? To make that happen you either need money that you can invest, or you need to put in the work upfront to create a business or asset that generates money with little to no effort on your part.
Prioritize – Saving money and living a frugal life is a good thing, but you don’t need to skimp in every area of your life. The key is to know your priorities. Do what you can to save on things that aren’t that important to you and you’ll have the money to spend on the things that are important.
It’s OK to Enjoy Your Money – You don’t need to be frugal 24/7. You work hard for your money and it’s okay to enjoy it, within reason. We all need balance. Don’t feel guilty about spending on the things that are important to you when you can afford it.
Investing Doesn’t Have to Be Complicated – Investing is a topic that scares a lot of people. Unfortunately, that fear or lack of comfort leads a lot of people to do nothing and sit on the sidelines. But investing doesn’t have to be complicated. In fact, keeping it simple is usually the best approach. A simple money market unit trust portfolio is both simple and sufficient.
Investment Fees Can Have a Huge Impact in the Long Run – Investment fees can seem insignificant since we’re talking about very small percentages. But it’s amazing how much of an impact those small fees can have when you look at the big picture. When you’re evaluating investments remember to take a good, hard look at the fees.
Not All Financial Professionals Know What They’re Talking About – Don’t follow someone’s advice simply because they work in the financial industry. There are definitely plenty of true experts out there, but there are also a lot of people who are trained to sell products for the company they work for, and not very knowledgeable in other areas.
Save When Times are Good. You May Need it Later – Throughout life, most of us experience some financial highs and lows. Always save when the times are good. You never know what the future holds.
Small Steps Lead to Big Gains – You might be discouraged about saving and investing because you’re only able to save what seems like a small amount each month. But if you’re consistent with it, that small amount can turn into something significant in time. Don’t avoid saving or investing just because you think you can’t do enough to make a difference.
Good Intentions Aren’t Enough – You can have all the good intentions that you want, but taking action is what really matters. This is true with saving money, trying to make more money, and even giving to others.
.Sometimes the Best Decision Isn’t What’s Best on Paper – Sometimes what’s right for you and your family will not line up with what makes the most sense mathematically
Time is More Valuable Than Money – It doesn’t matter how much money you make, you’ll never get more than 24 hours in a day. We’re all working with limited time, and how we use our time impacts a lot of aspects of our lives. Be sure that you always value your time.
Not Everyone Gets the Same Opportunities – Our lives are incredibly influenced by factors beyond our control, things like where we are born and family situations. There are people all around the world facing impossible odds and fighting simply to survive. We need to appreciate the blessings we have and try to help others who are not as fortunate.
Don’t Waste Your Life Chasing Money – Time flies! Money is an important part of life because of how it impacts the things that are even more important (the lifestyle that it brings). But chasing money for the sake of having money should not be the main focus.
There Are Always More Lessons to Learn –Learning is a never-ending process and we should always put ourselves in positions where we can learn a lot more in the future.
Adopted from Budgets are sexy