This is a reminder for myself that I'm currently not supa rich! So here is my weird way of giving myself 10 tips to stay poor (means 10 tips to avoid!):
1. Spend more than I make
Actually if I only do this #1 tip, I won't have to worry about the other #9 tips. This is the easiest way for me to become poor. It doesn't matter if I make millions or hundreds each month, the same principle applies.
2. Lust after what I can't afford
Desiring something is not a bad thing, but lusting after it is. Buying things I can't afford, because I am not content to wait until I can afford it is a great way for me to stay poor.
3. Never give to anyone
It seems counter-intuitive, but keeping everything to myself only causes me to have less. Wise saying "The generous man will be prosperous, And he who waters will himself be watered."
4. Don't pay attention to where my money goes
From talking to people about budgeting I find that most of them say that when they started budgeting it seemed like they had a whole lot more money. The reason being that they didn't know where it was all going before they were budgeting. I had a similar experience myself. I said, and really believed, I knew where my money was going, once I started a budget. I was amazed at how much more money was available.
5. Get a loan for everything..cars, a new bedroom set, a vacation ***BONUS: use credit cards with a 25% interest rate!
Using cash to buy things (especially items that depreciate in value) is the key to breaking out of the "poor" cycle. Ever notice what part of town you typically find the rent-a-centers? It isn't where the wealthy people live. The poor (like me) buy their luxuries immediately and on credit. The wealthy wait, save up and buy it with cash.
6. Wait for the perfect time to start saving
As with most positive life changes we can make, there never seems to be a perfect time. Now is always better than later.
7. Follow the crowd
The older I get, the more I realize that the crowd is often wrong. The crowd is also mediocre. I often have to remind myself the reason I am using a Coach handbag, while some of my friends are using a Balenciaga (borrowed) handbags is because I am patiently waiting for the reward of avoiding debt.
8. Don't worry about the little things, they don't really hold up
God seems to be into the little things. Everyone looks to the big things and the flash-in-the-pan, but it seems to be the little things that make the biggest changes. I don't think it is any different in our financial lives. I mean how else cound a family making $35,000 each year retire with millions and a $10 million lottery winner end up brankrupt?
9. Invest my money in things that I know nothing about
I should know where my money is going and why it is going there. I don't just buy a stock because I got a "hot tip". Buy a stock in a company that I understand how they make money, who their customers are, and if there is evidence suggestin that the business will continue to thrive (like makeup and skincare companies!).
I have invested in things I absolutely didn't understand and I will just say it is a bad idea all the way around. It is always a better idea to hold my cash in a money market account until I understand the investment. Then, once I understand, pull the trigger.
10. Waste stuff - money, food, time
I remember hearing that "someone who is wasteful, is not really thankful". I am not sure if that is always the case, but, I have a responsibility to minimize my wastefulness.
I'll be launching another blog for swapping, so stay tune! I prefer to let others to 'adopt' my neglected items rather than sell them. But I will only launch this swapblog after my giveaway (to see how much stuffs I have left remaining hehe).
So gals, waste not, waste not the trees for paper producing, so read your Novermber ELLE magazine here and the December ELLE magazine here! Enjoy! xoxo elle