Have you ever heard the saying “time is money”? It feels like I’ve personally heard it a thousand times from a thousand different people. Although that phrase is overused and sometimes annoying, it doesn’t mean it isn’t true. Another common phrase is “money makes the world go round”. Of course money is not the physical source that makes the earth spin on its axis, but it plays a role in everything humans do on this earth. Money can take many forms, be used for multiple purposes, and can dictate whether someone lives or dies in extreme cases. As much as we would love for everyone to be equal and on a level playing field, that world only exists in fantasy land. The truth is that people who don’t have money want it, and people who do want more. The more you have, the more options are available to you.
For as long as I can remember I have had an interesting relationship with money and how I choose to use it. I was raised by a single mother, who worked very hard to make sure my sister and I had a roof over our heads, food to eat, and clothes on our backs. To put it clearly, I don’t come from much. As an observant child, I realized that at a relatively young age. When I was a child, I received $100 from my grandmother every birthday. Most kids would go to the mall, toy store, or whatever store had something they wanted because that money would burn a hole in their pocket. I, on the other hand, always waited. It’s not that he didn’t want toys, new clothes, or something shiny to impress the ladies. I just knew that I felt better with money in my pocket than spending it on something that I could only wear or wear at certain times. My goal was to save it and only use it for emergencies or until I found something that might help me in the long run.
The problem that most consumers have is that too many think for the moment. That video game is popular right now. This style of shoes is all the rage right now. These are the same shades that so-and-so had in his music video. Fast forward six months from now and who cares about any of that. The video game is old, the shoes are from last season and the glasses are from a video of a song that nobody can stand anymore. Why not think six months before spending that money?
The trick is to imagine each transaction as an investment. Of course, paying bills, buying groceries, and getting gas in the car are essential. It is the non-essentials that one must concentrate on. Everything we do costs money, going to university, on vacation, to the gym. Time is really money. What you spend your time on dictates the results you get in life. The same rules should apply with daily transactions. Every time you make a transaction, think about the benefits and consequences of buying that product or service in the future. Move away from impulse buying and embrace investment buying.