I love to learn. Every day, I read 40 web sites about personal and small business finances, leadership, and macro-economics. It might mean that I am a nerd, but it also means that I’m not broke anymore! Education has helped me take my finances to an entirely different level.
Here are 5 new things I learned about money in the past year:
- Mindset change drives a lot of money behavior. Instead of saying, “I can’t afford that.” say “HOW can I afford that?”
- Contrary to many investment “gurus” advice, I finished paying off my house, and it is AWESOME. I realize that most investment “gurus” haven’t paid their house off and are merely “parroting” the advice they’ve heard from other people who haven’t paid their house off.
- More money merely amplifies who people are – it doesn’t change them. More money just enables behavior – whether good or bad. If a person was an extremely generous person when they were broke, they will be an extremely generous wealthy person. If they were greedy when they were broke, they will most likely be incredibly greedy should they encounter wealth.
- Waiting for a bank to say “yes” to fund a dream will usually take way longer than finding an alternative way to fund it. I’ve bought land and a business without a bank loan. For fun, I actually approached banks on both deals. On both deals, I was told, “NO!” (They must have discovered this web site!)
- Consistent persistence (say that 5 times really fast) truly pays off! It was 10 years and 1 month ago that my bride and I decided to pay off our house early. We set a goal of June 2014. Consistent persistence allowed us to beat the goal by 16 months!
What are some new things you have learned about money in the past year?