As a couple, discipline is not negotiable if a husband and wife must have financial independence, they just need to learn how to postpone pleasure and gratification and put the money to better use thereby employing the money.
Words of Wisdom
- If you can’t postpone pleasure, you should be prepared for pain.
- If you don’t care for your money when you are young, your money will not cater for you when you old.
- If you live without discipline, money can never be your disciple.
- If you spend to show off, you may not show up among your mates in the latter days.
- If you have no discipline, you have no future.
- Money is no friend of any man; it goes with any man that can tie it down.
- The best way to keep money is to add to it.
- Money says, fail to manage me, I will damage you.
- If you make money in drops but spend in floods, you will be drowned in the ocean of debt.
- No amount of money can ever be enough until you have enough
- Buy what you need not what you ‘greed’
- You are not wise until your money says you are.
- Wine and boredom are the killers of wealth.
- You don’t need everything every time.
- You need daily savings to keep your daily bread.
(A). Adjust Your Priorities: Most of the time, we spend on things we don’t really need. We also spend to show-off, to please people or to demonstrate our generosity. What can you afford not to have? Do you need two cars? Must you carry two phones?
Must your children attend the most expensive school in town? Must you give that party? Must you have twenty pairs of shoes? Do you need that expensive earring? It takes a little more time to develop management attitude that allows you to be in charge and get control of your spending.
(B) Buy in Bulk: Buying in bulk will save you a lot of money, make it your habit. Buy ice in bags, pepper in baskets, etc.
(C) Avoid Eating Out: You can spend 50% higher, eating out than the amount you would have spent if you prepared the same food at home. Discipline yourself to eat at home and save the balance you could have spent eating out.
(D) Know the Difference Between Necessities and Luxury: Go for necessities; avoid luxury as much as possible.
(E) Avoid Impulse Buying: Plan your buying, have a budget, and don’t just buy because people are buying. Have a vision for the future, most families do not have a vision for their future, which explains why most just spend anyhow. If you want liberty then develop a vision for your future.
- Picture how you want to live in retirement.
- Know when you want to move into your own house.
- Plan legacies you want to leave for your children.
- Decide how much you want to be worth in investment at 50.
- Decide how much you want to be worth in investment at 70.
- Conclude on what you want to leave behind for your children.
- Determine how you want to live in old age, whether you want to rely on your children or on income from your Making money is good; saving money is better, investing money is the best.
