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!
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