Hey Frugs! Reader’s Digest has an interesting article on how rich people think about money. I found it pretty fascinating. A lot of wealthy people are frugals. I mean, they don’t pay fees for anything – even if they have a bank account attached to an oil well. I don’t like people who are cheap but I do agree with spending on items of value. Below are a few of my favorite tips from the article.
My Favorite Tips from the How Rich People Think Article
1) They accept risk in order to achieve success. I think that big risks can create big rewards. Starting this blog was a risk and I left my day job to pursue it. It’s certainly earned its keep. Now, I don’t recommend quitting jobs as a habit, but if you have a great idea that you want to pursue, you owe to yourself to nurture it. It could pay off.
2) They go to the ATM once per week and pay in cash. ATMs are seductive because they are on every corner. You press a few buttons and cash comes out. How simple is that? If you can discipline yourself and only live off a pre-set amount each week, your wallet will thank you. Spending your money smartly and with intention is the best way to go.
3) They find investment ideas in everyday life. This tip in the article was really inspiring. A man noticed what products his wife enjoyed using and decided to invest in one of them. The product was a hit on the stock market because others saw its value. Now, that’s not necessarily scientific investment advice, but it’s something to consider if you’re into investing. If you’re inspired by a product, someone else may be also.