Money is the most sought after commodity in the world today. Everyone needs it for what they can exchange it for – be it goods, services, needs, wants or ideas. We live in an inter-dependent world where we rely on one other to provide what we cannot produce by ourselves. We therefore need to spend money by giving it in exchange for what we want.
Spending is an area where most people come
up short on the road to wealth and fortune. They fail to understand that there
is an art to it. The rich spend and still have plenty leftover, while the poor
spend and have nothing left. Those who have mastered the art of spending
normally base their spending decisions on one or more of the guidelines below:
Firstly most people believe money is meant
to be spent. Rather money is meant to be multiplied. Those who have mastered
the art of spending disburse a major chunk of their money on things that can be
multiplied into more wealth while most others spend on what can’t produce
further hence they lack as a result.
Those who have mastered the art of spending
expend money on their needs, not wants. Needs are those things you cannot do
without while wants are the opposite. They constantly ask themselves – Do I
need it? Do I want it? Then they act to spend on what they need. This frees up
funds that could have been frittered away on wants that could be diverted to
better uses.
Wise spenders fully understand that nothing
you purchase can make you happy for long. Your happiness or otherwise should
not be dependent on possessions. If this is so what would you do when a better
and improved model of your possession arrives? Feelings towards your possessions
can and will change.
They don’t buy anything without checking
several sources for the best price and if possible asking for a discount. It is
foolhardy and incautious to purchase without checking several sources for the
most affordable rates. This is a way of life for those who have mastered the
art of spending.
Sixthly, they aren’t rash and in a hurry to
spend. They don’t buy things on a whim! Scrutiny, analysis and justification of
their intended purchase is in order.
Lastly those who have mastered the art of
spending plan and budget before they spend. They look at their scale of needs
and prioritise their spend. They expend from available resources instead of
incurring unnecessary debts using credit.
Being rich and wealthy implies having more
than enough to meet all of one’s needs, wants, desires, goals and aspirations.
Very few will ever attain this height. Those who get there are careful and wise
spenders, especially at the early stages. Those who have mastered the art of
spending do not spend more than they make, and do not spend all that they make!
Wise and creative spenders make wealth!
By Kenneth Doghudje
The fact is that we must be accountable and very mindful with our spending. Many a times, we spend our money on things that eventually becomes a liability to us. We should be a wise spender to become a great investor.
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