If two-people were given $50 each: one would probably blow it on the latest video gameand the other would put it in savings.Hey, some people are more responsible when it comes to this money stuff.
Here’s what the person who’s better with moolah knows:
- They don't need to buy everything that crosses their path- Just because I have enough to buy that ferrari,it’s a want.
- When they do buy things, they're not chasing brands- We can hit the thrift store and find a better outfit than the one you got at the expensive boutique.And we spent a quarter of what you did.
- Spend money on experiences overthings- "People who are good with money would rather have an experience than an item to be able to show off," says personal finance expertLynette Khalfani-Cox.
- Be willing to invest in getting financial help- When you team up with someone who’s extremely good with money, it’s only going to make you better in that dept.
- Plan carefully for the future- Cox explains that you’ve got to "be strategic in your planning.” By that she means that you can’t “be so driven by everything today."
- Make saving and investing a part of their routine- Every time you get paid,pay your savings and 401k accounts first.Then, you can have a little fun.
- They're not always millionaires —they just know how to do the best with what they have- "Anybody at any income or asset level can be good with money," says Cox. You just have to “practice fiscal discipline and smart money management habits.”
Learn from the people who are already good with money.