Since early childhood I have repeatedly been amazed at the tremendous insight that can be gained by studying simple quotes and proverbs. The way they seem to encapsulate decades of experience and wisdom in a single sentence has always intriqued me. For example:
"As the person who has health is young, so the person who owes nothing is rich." Titus
This simple sentence speaks volumes about the benefits of being debt free, and how being in debt can destroy a person's quality of life.
How about you? Do you have a favorite quote about debt, prosperity, or money in general that you would like to share? Please feel free to do so.
"It's not your salary that makes you rich, it's your spending habits." - Charles A. Jaffe
This took me a long time to really understand and accept. I spent years telling myself I would be able to start saving money when I started making more money. The truth is, if you don't save now...you probably won't save then.
“Good judgment comes from experience, and a lot of that comes from bad judgment.”
Will Rogers
That reminds of me of another quote, but I don't know who said it:
"To soon old, and too late smart"
I have learned a lot lately and really wish I had known earlier in my life what I know now. One thing for sure is I don't want my kids to make the same mistakes I made with money so I am determined to teach them what I have learned.
That's a good analogy. If we squeeze out more than we need it makes a big mess, but your life suffers if you never use any of it (especially your relationships)
"It's not your salary that makes you rich, it's your spending habits." - Charles A. Jaffe
This took me a long time to really understand and accept. I spent years telling myself I would be able to start saving money when I started making more money. The truth is, if you don't save now...you probably won't save then.
Most financial experts agree that proper money management is only 20% knowledge and 80% behavior. That's why developing proper money habits is so important. "If we aren't faithful with a little, we won't be faithful with more."
I agree. I kept saying the same thing about saving. I always said I would do it when I started making more. The problem was that my expenses always rose to the level of my income. Now I make it a habit to save something each month. I changed my direct deposit at work to make sure that $100 every month ($50 each paycheck) is deposited into my savings account. I don't see the money so I don't miss it and I have saved $500 so far. It's not much but it's a start.
you may not feel your $500 in savings is very much but remember, even the largest of oak trees started out as just an acorn. Learning to habitually set aside money for savings will pay huge rewards over time. Remember that time doesn't create wealth, but it can make it grow. Wealth is created by savings. Once you have money saved, it can then be converted to capital which can be invested and compounded.
Keep up the good work and I think we all can benefit from your example of automating your savings.
So true. I have found that the secret to building sizeable savings is to first develop the habit. Far too often we start saving for a little while and then give up because we don't see much progress. But if it becomes a habit we do it without thinking about it. Then as our income increases we find it easier to save more because it's become a habit.
"Money is the seed of money, and the first guinea is sometimes more difficult to acquire than the second million."Jean Jacques Rousseau
The first $500 is probably the hardest to save, but once you get into the habit it get's much easier.
I like the quote that "money is the seed of money." It makes it easier to visualize the idea that a small amount of money can grow to a sizeable sum. It tells me that if I plant my money by investing it wisely, it can eventually grow into my own personal money tree
That reminds me of another quote I heard: "If there is no such thing as a money tree then why do banks have branches?" lol
"Wealth is not his that has it, but his that enjoys it!" Ben Franklin
Having money and wealth does not mean it will produce joy in our lives. What we do with the money determines how much joy it brings, just the same as being alive and "having a life" are different.
"Wealth is not his that has it, but his that enjoys it!" Ben Franklin
Having money and wealth does not mean it will produce joy in our lives. What we do with the money determines how much joy it brings, just the same as being alive and "having a life" are different.
Great quote. It reminds me of the Christmas classis "A Christmas Carol" where the main character Ebenezer Scrooge learns that lesson the hard way. The real key is to learn this lesson and put it to use now, not wait decades like he did. Just imagine all the years he waisted and the joy he missed out on because he hadn't learned this important truth.
But don't you first have to build wealth before you can enjoy it?
It is logical to say we can't enjoy wealth until we have wealth. The question then becomes "How much is enough?" I once heard a story about a man who recieved a magic purse. Every time he opened the purse he would find $1,000. The only rule attached to the purse was that once he spent any of the money the purse would disappear. He could take as much as he wanted, as often as he wanted, but once he spent any of it he would be limited to what he had already taken out and the purse would vanish.
According to this story the young man decided he wanted a hilltop mansion so he took out enough to buy one. However, he then realized he also wanted a full staff of servants, so he took more out of the purse to pay for them. Then he realized he also wanted to travel, entertain, etc. As soon as he had enough to pay for one dream he immediately realized he had other dreams as well.
To make a long story short, the young man died before he ever got a chance to live out any of his grand dreams. He was never content and always wanted more. The moral here is that he who loves money never has enough. The key to a balanced and prosperous life is to enjoy the journey and appreciate the wealth you have now, as well as the wealth you continue to build.
"Time does not create wealth, it can only increase it"
If you have any amount of money, even a penny, you have some level of wealth. It's what you do with it and how you invest it that determines how much it grows. Even the largest fortunes started out small.
