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.
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
Man With Down Syndrome Is Making Millions With Crazy Socks
21-year-old John from Long Island is a man gifted with the unusual talent of making socks. He can’t be seen fully...January 21, 2020
5 Money Experts Reveal the Best Financial Advice They Have Ever Received
When it comes to money matters, financial advisors are your best bet. It says so in their title, doesn’t it? These...January 20, 2020
Tourist Destinations In Europe Worth Standing In A Queue For
Every country throughout the world has tourist destinations which are crowded but are favored by tourists who don’t mind standing in...January 20, 2020
What is the World’s Wealthiest Man’s Secret to Success? The Answer Might Surprise You!
They said change is the only permanent thing in this world. It is inevitable, and we have to adapt to...January 19, 2020
Tricks To Be Cleverer Than Your Credit Card Company
Due to the seemingly never-ending global economic recession, people have been increasingly annoyed with the way their banks have dealt with...January 18, 2020
What Do You Need Before You Retire?
Working for a certain number of years is fulfilling when retirement comes. The joy of being instrumental in the advancement and...January 17, 2020
Raising Future Millionaires: Things You Can Do to Get Your Kids Thinking Like Entrepreneurs
Perhaps because of their fresh way of seeing the world, children are able to come up with some excellent ideas. In...January 17, 2020
Experts Say Looking for Happiness Can Make You Unhappy
Most people believe that happiness can always be found in times and places that you don’t look for it, that it...January 16, 2020
Everything You Need To Know About Shopping Detox
Almost everyone loves to shop, that is why there is just nothing easier than spending money, which can be a huge...January 15, 2020