Money Principles I’d Tell My 17-Year-Old Self - Darius Foroux
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We need to adopt healthy financial habits, taking care of our money and trusting the process that builds wealth through saving and investment.
Keep content with your current life and enjoy what you can, while saving big. As you grow into your thirties and forties, save and invest as much as you can.
The more we learn, the more we can apply that to create value for other people. The more value we create for others, the more we would earn.
Like knowledge, one has to be generous with money, trying not to cling to it. Even if we lose some money in some get-rich-quick scheme or dumb investment, we can easily earn it back, provided we don’t lose our character or soul.
There is a natural tendency to spend the money we earn, instead of saving or investing. If we watch how rich people utilize wealth, we can learn a lot from them and change our financial mindset.
One has to invest money no matter how less the income is, choosing something that is secure and gives decent returns, like an index fund.
Don’t be scared of what will happen to you when you retire. If you have followed the basic principles of saving, investing and learning(self-improvement), you will do fine.
Have a year’s worth of financial buffer and work on your skills to keep improving and seeing more money added to your account as you progress.
Remember that money is freedom.
Whenever we buy something, we are giving up our time and freedom, because if we save that amount, and become extremely rich, we would have a lot more freedom to do whatever we want.
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