Learn more about moneyandinvestments with this collection
Cultivating a growth mindset and embracing challenges
Developing adaptive thinking and problem-solving skills
Effective learning frameworks and approaches
Lay the psychological groundwork
- A lot of financial advice focuses on knowing about money, interest rates, tax, etc. However, only look at it after deciding what your financial goals are.
- Your money is a tool, so first look at what you want, then see how to use your money to fit you. If you learn about money first, there is a danger that you'll end up as a tool by your money.
- Be mindful of peer pressure. There is always something else to buy that will make you feel special. The list is endless, but your money is limited.
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People don't save even if they can
People want to save for many reasons: for unforeseen circumstances, retirement, holidays, or to avoid debt. Others think it is a good idea to save because they should.
While not everyone is in a position to save, of those who can save and knowing its benefits, few do it.
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Turn your saving behaviours into a habit
To change your habits, you first need to know your current habits and then decide which ones you should change.
- Think where you are wasting money on habits of behaviour that don't support your goals, such as automatic renewal subscri...
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Define your values
Consider what you are saving for. If you're not sure what you really want in the long term, you can try a thought experiment:
- Research suggests contemplating death can change your financial priorities. What would the future 'you' tell the current 'you' about what was...
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Psychological hurdles that prevent people from saving money
Underlying many of our difficulties with saving is that we only pay attention to our most immediate needs rather than prioritising a long-term saving strategy. We may also have an impulse to keep purchasing items to show off, such as a new phone (even if your exi...
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Create a sense of balance
Find a balance between your immediate needs and your more optional desires so that you can stay happy and motivated while setting aside enough toward your long-term goals.
On the one side, we often think something is essential when it's optional. But it is as common for pe...
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"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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15. Choosing Your Partner Carefully
86% of millionaires are married - and 65% are still in their first marriage.
Find someone who is:
- Frugal
- Mindful about money
- Aligned with your financial goals
Find someone with a winning financi...
“The Security Keeper”
If you track every dollar you spend, are a bit of a perfectionist, and always need to know what the plan is, this might just be your financial personality.
A security keeper focuses more on the day-to-day than future financial freedom. Seek out sound advice to help you s...
Make space for the things that matter
To feel motivated, you first need to act, then motivation will follow.
Look at your time well-spent activities and fit them into your day. In other words, think how and when your most meaningful tasks will fit into a real day. Understanding how to use your...
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