Learn more about moneyandinvestments with this collection
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The importance of consistency
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Discover if you’re a consumer
- You feel the need to reward yourself after a hard day of work by buying new clothes/accessories or eating out.
- Lifestyle creep controls your expenses. When your income increases, you buy a new car or a more expensive house.
- You reserve your credit card for unexpected expenses instead of using an emergency fund.
- You rationalize using a credit card to buy things you might not purchase with a debit card.
- When something is on sale, you feel the urge to buy it, even if you wouldn't have otherwise bought it.
- You follow social trends.
- You don't think you have money to invest or the time for it.
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From consumer to investor
A consumer spends money and follows trends while an investor puts capital to work and takes advantage of trends.
Chronic consumers often go broke, and persistent investors often get rich.
1.11K
8.48K reads
Forming the habits of an investor
Investors put their money to work. They know that the money they set aside today sets them up for financial freedom.
- An investor puts any excess money towards investments that will earn more capital.
- They value learning new skills and think of ways to use it...
1.22K
4.41K reads
The "Opportunity Cost" mindset
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 ...
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4.01K reads
Invest in yourself
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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How to switch from consumer to investor
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.
- Invest in yourself.
- Star...
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3.83K reads
The chronic consumer
Consumers will remain consumers, even if their income increases.
- Negative spending habits can destroy your financial life, and disrupt your mental health and relationships.
- Credit card debt can put stress on the quality of your life an contribute to unhappiness.
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Building a budget
- The traditional budget starts with tracking expenses, getting rid of debt, and then building an emergency fund.
- But you can speed up the process by building a partial emergency fund. It will act as a buffer to replace the use of a credit card for e...
Forming the habits of an investor
Investors put their money to work. They know that the money they set aside today sets them up for financial freedom.
- An investor puts any excess money towards investments that will earn more capital.
- They value learning new skills and think of ways to use it...
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