Don't Underestimate Your Money Habits - Deepstash
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How to Succeed at Investing

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Don't Underestimate Your Money Habits

Many people fall into bad money habits and don't realize it until their habits become hard to manage.

If you want to change your habit, start by breaking it down. Understand your cue, reward, and routine, then use it to break the cycle of your habit.

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MORE IDEAS ON THIS

Price and Value are Not the Same Thing

Warren Buffet is known for his frugality. Frugality isn't about buying anything at a low price - it is about buying value at a low price.

The key is not just to look at the price, but to keep value in mind, too.

1.03K

3.81K reads

Invest Long-Term

Warren Buffet's index fund investing strategy is to "set it and forget it" and not to get caught up in daily valuations.

Don't think about owning stock if you aren't willing to hold it for then years. Buffet suggests looking at the big picture when you pick your i...

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Warren Buffett

"Some material things make my life more enjoyable; many, however, would not. I like having an expensive private plane, but owning a half-dozen homes would be a burden. Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is inter...

WARREN BUFFETT

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Pay Yourself First

Prioritise your savings, not saving what is left after spending.

When budgeting, consider what is necessary to cover your basic needs, then figure out how much you want to save. The leftover is spending money. If it helps, think of your savings and investments as a monthl...

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Warren Buffett

"Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.' Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."

WARREN BUFFETT

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Borrow Wisely

Borrow Wisely

Warren Buffett advises against excessive borrowing, such as credit card debt or unnecessary loans.

Some experts divide borrowing money into "good debt" and "bad debt."

  • Good debt is investing in your long-term future, such as a mortgage or student loan. Ideall...

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Break the Paycheck to Paycheck Cycle

Trying to patch up financial issues that are causing you to live from paycheck to paycheck can keep the cycle going, such as payday loans, and hardship withdrawals from your retirement account. It may get you out of immediate trouble but will set you up for eventual failure.

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    Investing is Easier Than You Think

    According to Warren Buffet, if you invest in a very low-cost index fund over time, you'll do better than 90% of people who start investing at the same time. To start, Buffet advises to put 10% of the cash in short-term government bonds, and 90% in a very low-cost S&P 500 index fund.

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    Creator. Beer ninja. Travel lover. Twitter evangelist. Lifelong writer. Zombie expert.

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    The Psychology Of Bad Habits

    Habits are comprised of cue, routine and reward. The cue triggers a routine, and the routine generates a reward.

    The habit loop is powerful and hardwired into our psyches, which explains why it is so hard to shake. We actually never break bad ha...

    How to CHANGE your habits

    How to CHANGE your habits

    • To understand your own habits, you need to identify the components of your habit loops. Once you’ve diagnosed the habit loop of a particular behaviour, you can look for ways to supplant old vices with new routines.

    There are four steps to doing this:

    1. Identify the rout...

    Quitting Bad Habits

    If you want to quit a bad habit, start by identifying its 3 main parts: the cue, the routine, and the reward. After you check the cue and your routine that follows it, you can swap the routine with something good (or less bad) to do.

    For example: If you feel the cue of smoking, replace...

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