These Are the Habits of Money Savvy People You Need to Follow to Become Smarter With Your Finances
Everyone can be good with money.
And those who currently don’t consider themselves to be can learn plenty of things from simply observing and copying the habits of the money savvy people they know. Here are some of these habits as shared by money coach and author Lynette Khalfani-Cox.
Smart Spending
According to Khalfni-Cox, people who are good with their money are not afraid of unplugging from ‘consumer culture’. While another person will go broke to buy the material side of success, from expensive cars to designer goods, a money savvy person knows not to buy just anything that comes their way even if they have the money to spend.
She uses billionaire and investing wiz Warren Buffett as a good example of a person who’s smart with their money. Despite having a jaw-dropping net worth of $79.9 billion, the 89-year-old surprisingly lives in a relatively modest house that’s worth a mere .001% of his fortune.
Another defining trait that money savvy people possess is that they don’t chase after brands when shopping. What they do is go for deals and value while at the same time finding quality products which will last longer. As Khalfni-Cox put it, people who are smart with money will spend more on something like a $500 bag because they’re hoping to use it for 10 years or so.
Experience Over Things
Another habit that money savvy people have is preferring to spend their money on experiences rather than on an object that they could potentially show off. Interestingly, millennials are an age group who have been observed to practice this.
According to a survey done by Business Insider, more than 25% of respondent millennials said that activities that bring them entertainment like watching concerts, movies or going on happy hours is something that would bring them the most joy after a rather rough week.
Planning For What’s To Come
Most importantly, people who are good with money tend to plan for the future whatever route they choose. As Khalfni-Cox advised, people shouldn’t be so oriented on the present but on what’s coming ahead.
They can do so in a variety of ways from investing to saving to even consulting with financial planners. What more, money savvy people realize the importance of buying the services of people like money managers and accountants in helping them expand their wealth and maybe also guide them on ways to increase their income. And looking at the bigger picture, they see the availing of these services as sort of investments in themselves.
Speaking of investments, money savvy people have made both investing and saving a habit even without waiting for a salary raise or to have a bigger lump sum to invest.
More in financial advisor
-
`
Amazon’s $4 Billion Investment in Anthropic
In a move highlighting the intensifying battle in the tech industry, Amazon recently announced its substantial investment of up to $4...
November 24, 2023 -
`
Is the Future of Shopping Cashless?
The way we shop has significantly transformed in recent years, thanks to the rise of cashless payments. Traditional methods of exchanging...
November 18, 2023 -
`
Jeff Bezos and Lauren Sánchez’s $500 Million Superyacht
Set your course for a journey into the world of maritime magnificence as we unveil the $500 million superyacht belonging to...
November 11, 2023 -
`
Unlocking True Sustainability in Business and Finance
In the race towards a greener future, businesses and financial institutions have been progressing at a snail’s pace despite their public...
November 5, 2023 -
`
The Business of FaZe Clan
In the ever-evolving landscape of professional gaming and esports, few names have left as indelible a mark as FaZe Clan. Established...
October 26, 2023 -
`
7 Benefits of Shopping Sustainably
In a world that’s becoming increasingly aware of the environmental crisis, sustainable shopping has emerged as a powerful tool for individuals...
October 17, 2023 -
`
How the U.K. Became the Supercar Capital of the World
Picture the narrow streets of Milan with the roar of a Lamborghini passing by or the Autobahn with a Porsche zipping...
October 13, 2023 -
`
Fidelity’s Guide to Retirement: How to Join the Millionaire Club
Picture this: You are lounging on a yacht, the sun’s warm rays are making the turquoise waters shimmer. And the best...
October 6, 2023 -
`
Unlocking Opportunities in the Age of Automation
The world is on the brink of a robotic revolution, and it’s not just about the machines taking over. Companies pioneering...
September 28, 2023
You must be logged in to post a comment Login