How To Live Like You’re Poor, Feel Like You’re Rich
Do you agree that living like you’re broke can help you prosper? How to Live like you're poor, feel like you're rich.
What if I told you that the poorer you feel, the richer you become? The instant you shed the need for stuff, you begin a journal down a path that is damn near amazing.
There’s a quote I often share with people that might just help you become a better money manager.
“Rich people stay rich by living like they’re broke. Broke people stay broke by living like they’re rich,” the saying goes.
The key to retiring early is managing your lifestyle while you are young.
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This includes resisting the temptation to spend money on things that you don't truly need. (did someone say big screen TV?) And investing every penny that you can into your future self.
Every dollar you spend now is money that cannot be spent later. One of the best ways to keep yourself in check is to simply live like you're poor.
In theory, this is easy - simply don't spend $200 every month on cable or satellite television. Or expensive cell phone?plans (do you really?NEED that new iPhone 6?), or that $250 purse.
You get the idea.?Live like you can't afford what you?want, and only buy what you need.
The tough part is being honest with yourself about the difference between?want?and?need.?You might want a car, but you probably don't?NEED?a?Mercedes.
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It is the "I can afford it" line of thinking that keeps so many people working well into their 50s and 60s.
I am sure that we've all heard the phrase, "Just because you can doesn't mean you should".?That statement applies very well to living like you are poor.
Just because you think that you can afford a Mercedes does not mean you should buy one.?I can probably afford a $1m house, but that doesn't mean I'm going to sink my retirement into it.
Rich people stay rich by living like they’re broke. Broke people stay broke by living like they’re rich
How To?Live Like You're Poor, Feel Like You're Rich
The amount of money you live off of will vary depending on your job, marital, and geographical status.
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But as general rule, you should always live beneath your income.
Here are a few of the ways to accomplish your financial goals:
1. Choose Your Friends Carefully
If you’re always hanging out with people eager to eat out at the nicest restaurants, buy the nicest things, and drive the nicest cars, it will be difficult to resist the temptations to spend the same way.
Spend time with like-minded people who will encourage you on your financial journey.
2. Have a Specific Goal in Mind
I know you want to pay off all debt by a certain date, so why not make it a goal.
Then if you have a big purchase coming up, you would save intentionally (on top of our other savings) for that purchase. Plan vacations during this process as well, but pay cash for it all.
Organizations like?Christian Credit Counselors?can help you get out of overwhelming credit card debt.
They have an incredible team of professional counselors who can help you put together a payoff plan, negotiate with your creditors, lower your interest rates, and consolidate your payments.
3. Stay On The Same Page
If you and your spouse are headed in two directions (even slightly different directions). You won’t reach your goal. Get on the same page?and ensure you’re both excited and motivated to achieve together.
4. Stay In Your Own Financial Lane
Resist the urge to have?expensive taste?or always need to have the newest and best. Browse used furniture, decor, and appliances on Craigslist or Facebook Marketplace.
5. Have a Generous Heart
In order to keep your priorities in order, always?put giving first.
All you have belongs to God, so don’t have a greedy heart or resist giving. It usually ends up blessing you more in the long run anyway! Learn to Live like you're poor, feel like you're rich.