Todays generation, in general, need to know a lot about money. There is so much information on the internet regarding pretty much everything. Back in the day, the internet wasn’t there yet our parents and grandparents knew better about money at the same age many of us now know. In case you are wondering how don’t worry. Here we are with a collection of money lessons our parents knew but many of us don’t. India’s First Free Online Financial Advisory, Moneymindz
1. Don’t stop amassing (saving and investing) wealth
Our parents and grandparents always thought twice before spending money. They would rather buy gold and real estate than invest in funds and securities they didn’t like/understand. They would rather get old items repaired than buy new ones. They would rather invest in our education than invest in a family vacation or some other entertainment. What we need to learn here is that we have to think before spending money and know where our money is going. It is not wrong to go on a vacation, but we should save in such a way that we have money for the vacation and higher education of kids. If you are too much of a risk person, you might end up losing money. So invest wisely. Get Personalized Advice On Savings and Investing From Kuber Mindz or Give A Miss Call On 022-62116588
2. Don’t be greedy for more
This might seem contradictory to the previous point, but it’s not. Amassing money and saving it for the future is good but up to a certain limit. Anything more is called greed. Mahatma Gandhiji once said, “The earth has sufficient resources for every mans need, but not for greed”. Smart Interactive Financial Advisory, Kuber Mindz Our parents and grandparents saved enough but weren’t greedy. They knew their limits. They were aware of how much they would probably need. Maybe they had saved for a particular number of years keeping in mind the average lifespan of people in their times. They saved enough and were contented. India’s First Free On call Financial Advisory, Moneymindz
3. Tiny expenses add up
Our parents and grandparents were careful about every paisa. The reason is that they knew that small things add up. If one coffee at Starbucks costs you Rupees 250 and you buy one coffee every day for a year, you would have spent Rupees 91,250 only for coffee!! That’s how small things add up and our forefathers were well aware of this. It’s time we also get aware of this.
4. Live within your means
Our elders always lived within their means. In other words, they spent less than what they could afford and focused more on saving money. That’s why they had little debt and more savings. Friendly Financial Advisory, Kuber Mindz Most of us, on the other hand, have more debt and fewer savings. This is because they knew the value of delayed gratification while many of us are obsessed with instant gratification. We spend money on most things we like while they sacrificed their wants and saved for the future.
5. Material comfort bought with money doesn’t buy joy
Our ancestors knew well that money buys happiness only to a certain extent. Once you have taken care of basic necessities and saved money for the future, you don’t need to run behind more money. This leads to greed again! They knew it while we are on the way to knowing this. Buying more material goods brings debt!!
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