8. Look for Value
Sometimes your frugal habits can jeopardize your progress. For example, you may buy a budget-priced pair of shoes instead of a more expensive pair that will last much longer. Or, you may keep fixing your old gas-guzzling car instead of buying an economical new one. Also, you may avoid spending money on that business course that could provide new opportunities for you.
But wealthy people know the frugal way isn’t always the best way. So, sometimes buying quality is the best way to use your money. Sometimes, people are so afraid to spend money because they’re afraid of not having it. You may rather clutch on to your money out of fear than spend it, even if it’s on something that could be valuable to you. Change your focus from looking at rock-bottom prices to looking for the best value.
Consider how what you pay today measures up with worth over time. The longer you finance something, the lower the cost of monthly payments but the more it costs over time. Buying something on this basis may be easier over the short term, but it gives you less to build savings with over the long term.
However, most millionaires understand the value of experiences. They have all the material things they could possibly want and realize that having more possessions doesn’t make them happier. They would rather do activities that change them as a person, whether it’s traveling, deep sea diving or setting up a charity.
9. Use Money as a Tool
Money is meant to be in motion. It should circulate to other people and back to you again. The only value that comes from saving it is that you’re storing it for later use. It doesn’t help to be miserly and hoard it up out of fear, though. However, it doesn’t help to splurge it unnecessarily and create debt, either.
You shouldn’t see money positively or negatively. It’s just a tool, so you should look at it logically without allowing emotions to get in your way. Like most people, you’ve probably grown up with the idea that saving money is good and spending is bad. Instead of thinking about saving or spending, rather think about using it.
Perhaps you’ve decided to go on a family vacation. You have the money, the trip fits into your plans, and you need some quality family time. But you should not feel guilty about spending money. It’s not the money that matters, but the outcome. Why should you feel bad when you use the money to make something worthwhile happen? You will create some memories that will last a lifetime.
People give more power to money than it deserves and allow it to control them. So, thinking of it as a tool changes your relationship with it. As you do with your tools, you need to take care of your money. Be sure to keep it organized and ready to use in a way that builds your net worth.
10. Yes, You Can Have it All
Steve Siebold believes you don’t have to choose between family and riches. He says the most common middle-class belief he has encountered is that you must choose between being a millionaire and having a happy family life. He mentions that five of the richest men in the world are fathers. Bill Gates, Warren Buffet, Jeff Bezos and Amancio Ortega all have more than one child.
Wealth doesn’t have to come at the expense of family time. Your family should not be your excuse, but your main motivation for getting rich. Wealth allows you to spend more time with them and offer them more opportunities. So, you need to find out how to use your time more efficiently to spend time with them while you’re building wealth.
Remember, you should be able to enjoy your wealth. The money is not the goal. So, understand what your goals are, and focus on them. However, some people work many hours every week and neglect their families in the process. And others spend so much time focusing on the needs of the family. they don’t have time for anything else. Finding the right balance will help you get wealthy and enjoy it.
The middle class often believes millionaires are workaholics who are so focused on making money, they have no time to enjoy life. But the truth is, having money gives you more control over all aspects of your life. In fact, wealth gives you the freedom to live life on your own terms.
These are the top 10 beliefs about money from self-made millionaires. By following them, you can change your views on money and create wealth. Whether you use one of them or all of them, you’ll have a healthy and wealthy attitude on finances.