Money has been around for quite a long time but concepts like saving and investing for retirement are relatively new. This means we are still newbies in the game and maybe explains why most of us are not good with money. Teachers do not teach these things in school since they did not study them themselves. All my knowledge of money has come from observing my bad relationship with money and continuously researching how to fix it. I am no financial guru by any means, but I’m at a point where my money works for me and I intend to keep it that way. These timeless money lessons will help you grow the size of your bank account;
Spend below your means
This is like 101 lesson of getting rich quick. I wish someone had told me this earlier in life, I probably would have been a millionaire by now. Just because you have a million in the bank does not mean you have to spend it all. Additionally, just because you can afford it does not mean you should get it. I accumulated quite a number of items from my uni days that really do not serve me any purpose and that has taught me to spend money wisely. Many things we spend our money on are just short-term wants that can be easily ignored. Eat at home, use public transport, limit your mall visits and social interactions and save that coin.
Prioritize your needs
When you prioritize what you need to live, that is shelter, clothing, food and toiletries, it is easy to feel satisfied. This also helps you to live in abundance since you will always have what you need. Pay your rent in advance, buy food and toiletries in bulk when they are on sale and buy clothing that can be worn in a variety of ways to a variety of places. Prioritizing your needs will make you have money to save, which you could invest in company shares. Read about budgeting hacks. This is among the money lessons that can grow the money in your bank over night.
Invest as early as you can
The biggest investment you will ever make is on yourself. You can do this is by reading books, taking courses, self-reflecting and meditating among others. Learn about investing as early as you can and put your money into good use. Investing is so underrated. Warren Buffet, one of the richest men in the world started investing when he was 10years old. Through dividends and compounded interest, he has clearly received massive returns on his investments.
Create multiple streams of income
2020 was a big wake up call for most if not all of us. We cannot continue keeping all your eggs in one basket. I remember this one quote I read from somewhere, use your weekends to create the life you want and not to escape the job you hate. If you were looking for a sign, this is it. Start that side hustle today. Whatever skill you have, with a strategy you can easily make some money off of it.
Take money advice from relatable people
You should only be listening to the people whom you relate to. You can take a few tips here and there that generally work but for the most part, avoid taking advice from people you have nothing in common with. The simple reason is that people give advice from their own perspective and do not take into account multiple scenarios.