11 facts about money you need to know before it’s too late

facts about money
  1. Money doesn’t change who you are.

It is simply an amplified version of the person you always were. It raises your character and the person you are – whilst you’re making money – determines the crowd you’ll attract in life.

2. Money can make more money, without you.

People often think that if you aren’t working, you’re not earning. Like many others, you may be working hard to earn your dough. But instead of running tirelessly without getting anywhere, you need to invest in assets and you need to do it now.

As the saying goes the best time to plant a tree was 20 years ago, the second-best time is now. Plant the seed of your investments so they can work for you in the future and multiply your money.

3. Spend time everyday learning about finance.

Money represents purchasing power and understanding purchasing power will bring you closer to your goals.

Take the time to understand basic economics, personal finance, and different types of assets, stocks, and bonds. Start with just 10 minutes a day of basic googling of the terms above and you’ll be much better informed of your financial surroundings.

4. Money isn’t just about you.

Money can do a lot for other people and the moment you learn that your way of thinking will change for life.

Let’s think about parents, carers, charities, communities, and aid in other countries. When you realize the wide array of other people that can benefit from your financial success, it’ll have nothing to do with money or you but more about your success and your community.

Community makes us feel like there are others out there, just like us, something bigger than ourselves. It feels better than the narrow mindedness of securing cash to buy things we don’t even need.

5. It’s can be a measure of your liberality

Millionaires and Billionaires alike are not all that impressive to me, I still need to see a good person behind all that wealth to really decide if I’m going to enjoy having them in my life.

They can often flaunt their money in unusual ways but something very impressive about the likes of Bill Gates and Warren Buffet is that they give a substantial amount of their income to charity. I like the silent generous type of person and having money allows you to do just that.

6. A small purchase can have enormous ripple effects.

Consider the next time you’re in need of a typical everyday use product. Chances are you’ll automatically flock to the nearest superstore to find your goods. But what about the corner shop or newsagents. What about spending some money in the small independent café with a better ambiance than the over-staffed Starbucks that are often overcrowded?

I agree, it might cost a bit more but for us, as the consumer, it’s only a quick purchase and just our normal shopping habits at bay. For the owner of a small café, it’s practically their life. Their family depends on that income and you can do something to help that.

Remember, that coffee that you purchased is not just about the 20 cents more you paid, it’s about the number of people’s lives you’re running through that purchase. When you begin to think like that, you’ll understand that these small moments help you to understand your role in the financial system and economy. To you it’s shopping, to them, it’s everything

7. You might be a millionaire today, but you could be broke tomorrow.

So let’s say you’re eating well, living the dream, and have enough investments to bring you passive income that would outlive you. But just as fast as you can ride to the top, you can fall flat on your face.

The markets you have invested in can turn sideways, you can lose your job, your house can become victim to a natural disaster, your car can develop an electrical issue and unfortunately, family and friends could leave you when you’re at your lowest.

8. More money is less stress.

We know of all the stress that debt can leave a person in. it’s exhausting. Money is energy, it’s a way to buy back your time in life and enjoy the fruits of your labor.

So the advice is to stay out of debt to prevent yourself from becoming a slave to paying for your liabilities.

9. Money decreases in value, over time.

Inflation kills your money day by day, $1 today won’t buy you what $1 could yesterday. It’s always the case that assets have gone up in value, but more to do with the fact that the value of your currency has decreased in relation to the assets in your country.

The government’s money printing machines are partly to blame too, but that’s another topic.

10. Patience is a virtue.

Gary Vaynerchuk once spoke about a kid who approached him at the airport and said to him “Gary, I just lost $60,000” he replied with “it’s because you were trying to make a quick buck”.

People often fall victim to chasing the next shiny object rather than staying fixated on the goal at hand. While trying to chase the ever-moving pot of gold, their goal post is the money, not doing the work.

The old saying goes “Choose a job you love, and you will never have to work a day in your life” Consistent hard work will always trump hopping for gold. So be patient. I promise you’ll be rewarded.

11. Millionaires know how to manage their risk.

Everyone believes they could have been a billionaire if they invested in Bitcoin back in 2010. Better yet, many people state that they actually knew about the cryptocurrency world back then. But the truth is, your appetite for risk didn’t allow it.

But just as quick as you could make a million, you could lose your initial investment of $20,000, $10,000 or $1,000. And losing that initial investment could be the difference between you starting that business venture of yours.

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