Spend wisely
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A couple of times, I was asked to lend money.
I usually don't lend money straight away. After observing some people's spending habits, I discovered it is not sustainable for the long term development.
Instead, I will work out a long-term plan with my friends, such as creating different income streams or reducing unnecessary costs. I am glad I could offer my coaching time to discover underlying issues and create a functional long-term effect.
If I lend, I won't have high expectations that it will come back. Trying to be a debt collector takes a lot of energy and time and can destroy the friendship.
Borrowing will help in a moment of urgency. However, it doesn't solve the underlying issues and teaches us how to spend money wisely on daily basics.
Understanding where our money goes and learning to manage it wisely can be empowering. If we're always short of money but spending on unnecessary things like takeaway food, alcohol, smoking, etc., it's time to take charge of our finances and rethink our spending.
Borrowing money from people could temporarily ease the pain; without a long-term plan and spending awareness, we will quickly enter a vicious cycle of borrowing more to cover previous debts, leading to a never-ending cycle of financial stress.
For example, takeaway coffee costs about $5, which is a little. Purchasing one cup of coffee on the way to work from Monday to Friday costs us $1300 yearly.
While $ 1300 might not seem like a lot, it's a significant amount over a lifetime that could be saved for future educational costs or unexpected fees. The sense of accomplishment from saving this money can be a powerful motivator to continue making intelligent financial decisions.
I love investing my money in education, I love how knowledge gives me confidence and certainty to become the person I wish to be. At the same time, it generates more income for me by holding the knowledge.
We should always try our best to keep away from the place of borrowing money.
Short of money could motivate us to earn more by doing what we do.
I recalled that much more money was leaving my business than coming in. It was a stressful time. I had to work extra hard to generate more sales, which was the moment I reached another level of revenue.
Allowing stress when the time is tough and not going for the quick fix is an excellent opportunity to learn and grow. Seeing it as a learning opportunity rather than chaos could help us through tough times.
#ccwithin #chichiwang #money #spending #spendwisely #globalselfesteemmission
https://www.ccwithin.com/blogs/gaining-daily-confidence/spend-wisely