A question about your money
December 9, 2007
What’s up fam,
I would submit to you that our personal path to financial freedom actually has less to do with how much we make but how we spend what we have. The need to constantly upgrade can wipe out any financial gain we may realize from additional income. So my question to the family is this; what are the services/goods that you refuse to pay a lot of money for, regardless of how much you make? Another way to think about this question is to think about the things that will probably never be upgraded in your life, regardless of income. My goal is to help us collectively understand how we can better live below our means.
Stay up fam,
Brandon Q.
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2 Responses to “A question about your money”
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Yo B,
A good rule of thumb that I use is that the amount of money I spend is directly proportional to 1.) the length of my relationship with the object 2.) the value added to my life. Case in point, I do not need name brand shampoo or deoderant, it just needs to work. If I am going to go through it quickly, I buy it in bulk at Sam’s club. Food is another item that I try to buy in the basement on. Sorry, whole foods, but I do not need organic chicken breast…at least not yet.
I agree that we must live below our means, in order to live comfortably and avoid the burden of large debt. Thanks to the economy we are watching every dime and stretching every dollar. I am a member of a Numismatic Society. I enjoy and find good use in the hobby. However, I am always sad to see that African Americans are not at the conventions or visible in the society. We have to get in the practice of wealth building regardless of income. Some buy silver coins and others buy silver bars.