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Money

84 STASHED IDEAS

A new study involving 788 participants showed that those who donated money were happier than people who kept the money for themselves. Those people who opted for prosocial rather than personal spending were most happy when this decision was made for them.

But those who changed from keeping the money to donating it had the greatest happiness boost.

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@lucy_d

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Money

psychologytoday.com

In the world of finance, scalability refers to the ability of a company to sustain or better its performance in terms of profitability or efficiency when its sales volume increases.

It is usually a big challenge for any company to maintain its profitability or efficiency when the volume of sales increases. Similarly, capital markets must have the ability to maintain their performance levels when the volumes of trade carried out by traders and investors rise.

How to get wealthy

You don't need to earn a lot of money to become rich if you have healthy financial habits.

If you want to get wealthy, you need to consider three things:

  1. Earn
  2. Save
  3. Invest.
Good investing: Protect yourself from FOMO

Most good investing is about keeping your investment for the longest time possible. If you want to buy an investment just because its price went up, you probably don't know why it went up and will sell when it goes down.

Refrain from the need to own whatever goes up the most. Someone will always be richer than you, and that is okay.

Categorizing Your Current Spending

It's important to have an overview of your money and where it's being spent. It's possible to fit your expenses into these four categories:

  • Fixed Costs (Rent, Bills, Loans)
  • Important Investments (401k, Roth IRA)
  • Financial Goals (Home Payments, Vacation Fund)
  • Guilt-free Expenses (Dining out, Happy hour)

When you break down your current spending even further, you will be able to keep yourself sustained with this method because it doesn't take away the fun.

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