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Consumers will remain consumers, even if their income increases.
Investors put their money to work. They know that the money they set aside today sets them up for financial freedom.
Opportunity cost is the loss of potential gain from other choices when one alternative is chosen.
Every time you decide to buy something, you choose to lose out on investing that money. If you buy a brand new car you don't need for $30,000, you're missing out on the opportunity to invest that money into the stock market and lose out on compound interest. This means that you should not buy on impulse, but think of your money in terms of future value.
Individuals who have bad habits ingrained in them will take more effort and self-discipline to make the change. Know that you are able to make a switch. It's okay to take baby steps and work your way to becoming an investor.
Investing in yourself is one of the best investments you can make. Marketable skills make you valuable.
Listen to content about investing, side hustles, and entrepreneurship that will inspire you. Keep a notebook and write down information that stands out to you.
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Will power and self-control are like a muscle that can be strengthened. The more we practice self-control, the better we become in implementing the same.
Our laziness too plays a big part in hurting our wallets, like forgetting to pay bills that incur late fees, or overspending on credit cards and paying for subscriptions that are not in use.
Automatic behaviours trigger better decisions and make the entire process seamless. One thing compliments the other, and good habits give space to other good habits.
Example: When a person is dressed up nicely, they tend to work harder.
Banks don’t like to give away their money. That mindset is reflected in the interest rates of checking and savings accounts of 0,5% and 0.9% avg. annual interest respectively.
When you deposit your money in the bank, the bank turns around and invests that money at 7% a year or more. After they collect their profit, they give a tiny shaving of it to you.
Investing is about laying out cash or assets now, in the hope of more cash or assets returning to you tomorrow, or next year, or next decade.
Most of the time, this is best achieved th...