Cutting Coupons Will Not Get You Anywhere
A lot of us think that saving 50 cents on the cereal bar and 20 cents on a bottle of milk is a great thing to do for our finance. But aren’t we forgetting something? When did anyone in the history get rich by cutting coupons? Not to mention all the precious time we could use to do other more productive things to boost our financial health such as learning a new skill or just read money.cnn.com.
I have always been told by my parents, who both run businesses right now that the difference between poor people and rich people is the different mentality:
- Rich people (or soon to be rich) try to do everything they can to make more money rather than just saving every penny. They do whatever they can to boost their earning powers by either moving up the chain or start their own businesses.
- And the poor people (those hard working but still poor) focus on working every hour and saving every penny.
So the fundamental difference is the concept of “Making Money” vs “Saving Money”. As far as I can tell, the riches do both with the focus of “Making Money”, either by making the “saved money” to work harder for them, that is INVESTIING, or bringing in new fresh money from the higher paying jobs or business earnings.
We only have 24 hours a day. If we can spend the precious time to pick up a new skill, learn how to invest, get a degree, learn from others, or set up a business rather than cutting coupons or counting the pennies in the piggy bank, I am sure we will have a whole lot more money coming in than just $2 we saved from the coupons we cut.
Karthik said,
April 22, 2006 @ 10:35 am
The question is what you do with your savings. I don’t think everyone HAS TO start their own business, just as long as the savings are being invested and the magic of compounding is at work. I’m in grad school, but still force a good chunk of my money to be invested in a variety of stocks and mutual funds - this may be the slow but sure method to wealth?
Yuna said,
April 24, 2006 @ 11:46 am
I guess I see part of the wealth as being “freedom”. The freedom to arrange my own time, and be my own boss.
If the job is fulfilling, then there is no need to create a business. If you want more than just a job, such as a lifetime experience to do what you love to do, then taking a risk is worth while.. It all depends on what a person what out of his/her own life.
Like I wrote in an earlier post, it would take me another 28 years to accumulate 2.4 million dollars, which gives me $50K annual income after adjusting infaltion. It’s fantastic retirement income right? But I cant see myself working for other people for 28 years, writing corporate reports for 28 years or even leading an organizatoin for 28 years if I beocme a big guy … Anyway.. it’s a personal preference, I guess?
Matthew said,
October 30, 2006 @ 9:45 am
Abacuck…
Honey is not for the ass’s mouth……
Adlard said,
October 30, 2006 @ 7:04 pm
Venetia…
Don’t look a gift horse in the mouth……
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