Happy New Year! I’m not going to urge you to make a bunch of resolutions, because most of them go by the wayside in the first month. They’re just as valid when you make then in March. In fact, they’re more likely to be successful when they’re not made January 1st based on societal pressure. But do remember to never set any goals that have an expiry date!
There’s an older book called Simplify Your Life. I loved it, and still re-read it every couple of years. Keep an eye out for it in any Thrift store for a couple of bucks – it’s worth the read. In that same spirit, look around your place at all the stuff you’ve accumulated. In the Money Tools book (page 216) is our family story when we had to throw out 14,000 pounds of this stuff when our parents had to sell their family home. I’ve done this a number of times, and want you to think about this for January. Walk around your place a few times this month and throw out, give-away, or donate 100 things. Do you need 26 coffee mugs for the two of you? How many sweaters are in your closet you haven’t worn in years? It won’t take long to get 100 things out of your place and you’ll never miss them! It’ll remind you that all this stuff cost big money and may get you to slow down buying even more stuff this year that just gets stashed away somewhere!
Change your thinking about getting out of debt just as much as your savings.
“Only rich people can save enough money.” If that’s your thinking, you can spend a lifetime proving that you’re right, and staying broke, but it’s just not true. The Royal Gazette recently had a story of a 92-year-old man who died after having worked as a gas station attendant and janitor his entire life. He had a pretty modest lifestyle, so his friends were stunned to find out that his estate was worth over $8 million! He just paid himself first every month, invested a small amount of money each and every month, and reinvested the dividends (which mutual funds do automatically through additional shares). If a minimum wage earner did it – you can, too. But first you need to change your thinking.