Five Financial Proverbs — Both Old And New — Which Are All Relevant in 2018
When you keep reading about the same kind of financial advise, it loses its ability to inspire you because it turns into a cliche. Call them whatever though, the truth is that they are highly effective if you do follow them and be consistent in your pursuit. Trying new things like investing in stocks or playing around with cryptocurrency may or may not be profitable. Why not try out some time-tested methods instead? You’ve probably already come across them at some point in your life but these have been proved to be effective again and again, and some of the most successful people even follow them. Here are the best tips that we found!
Cut Your Coat According To Your Cloth
This age-old adage is true in every age, culture, and time. There should be a balance between how much you earn and how much you spend. In fact, take it to the next level and try to live below your means. Of course, that might mean sacrificing your everyday hot cuppa from your favorite cafe, but you must do what it takes if you really want to be more financially sound than you were last year. Take one step at a time! Once you get used to your new budget, it might not be too difficult to be consistent and let go of the small luxuries that you can definitely live without.
A Penny Saved Is A Penny Earned
Again, saving is very difficult, especially for today’s generation. It’s as if the world is conspiringagainst our will power to save because of every sale and amazing deal out there. Consumerism has truly left a deep impact on our society. But again, if your aim is to make your finances look sound this year, stick to this adage and save every penny you can. Don’t worry about it being a small amount. However much you set aside, you are doing yourself a favor. However, it is not just saving that the proverb points at. What it really means is that every penny you save is as important as every penny you earn.
Save For A Rainy Day
This is another proverb that still means a lot today. In a nutshell, it advises us that when you get your paycheck every month, you must put aside a fixed amount to your savings account first. If you follow this every month, you will soon have a substantial amount in your account with which you can probably invest further to grow your wealth. This was coined by none other than Aesop whose fables still make sense in today’s world. No wonder his sayings are equally insightful.
Be Fearful When Others Are Greedy And Vice Versa
Again, this is another modern adage that was coined by none other than the finance guru, Warren Buffet. Since investing is a big part of growing your wealth, trading in stocks, shares, or bitcoins has become common these days. However, it is important to identify a bubble when there is one. This proverb can be applied to real estate, the stock markets, and bitcoin. It is important to take risks when others are scared to take it and stay away from it all when others start investing left and right.
Rather Go To Bed Supperless Than Rise in Debt
Debts should be cleared at all costs, especially if you have a credit card debt. The interest rates are so high that it might very well affect the rest of your savings and bank account. Benjamin Franklin here means that it is better to starve than stay in credit for the rest of your life. Borrowed money is always borrowed money and will stay that way till you clear them. The spending habits of people have changed quite a lot these days though! Even if you do not have money at all at the end of the month, you can still get a credit card loan and buy an expensive phone.
What do you think about old proverbs or even new ones? Do you have any personal favorite that stands out and helps you to stay consistent in your quest to grow your wealth? Why not share it with us? Though we agree that financial advice from the days of our parents’ generation have changed a lot, but there are a few which will always stay true!
More in Financial Advice
The Smartest Passive Income Opportunities You Can Grab This Year
Dire Straits delivered a mega hit song titled “Money for Nothing” back in the 1980s. Four decades later, can you imagine...August 30, 2018
Five Simple Ways To Be Frugal
Are you spending too much these days and need to cut cost? Well, you need to change your habit of overspending...August 28, 2018
These Money Moves Can Completely Mess Up Your Mortgage Application
When you are applying for a mortgage, you should refrain from doing things that would cause your bank to doubt your...August 26, 2018
“Lagom”: What You Need To Know About This Swedish Lifestyle Concept
Borrowing ideas and concepts from Nordic cultures for solving typical American problems has almost become a cottage industry in the US....August 23, 2018
Five Things You Should Start Doing Immediately To Increase Your Wealth
If somebody tells you that they have a get-rich-overnight scheme for you, know that they are simply trying to increase their...August 21, 2018
How NOT To Be A Spendthrift
When is the right time to spend money? This is one question that might have cropped up in your mind time and...August 19, 2018
This Is How Your Laziness Costs You Money
Laziness is one characteristic that can cost anyone heavily. In school or at the workplace, many of us might have paid...August 16, 2018
Top Five Apps For Your Investment Needs!
Investing online has become simple nowadays — all you need is an investment app. Last year, the number of apps downloaded...August 14, 2018
This Is How You Can Save BIG On Your Next Hotel Booking
So you are planning to go on a vacation? Did you book your hotel already? If you haven’t, try to recall...August 12, 2018