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4 wrong-money attitude to stop now(continued)

Posted by on December 8, 2010

continued from last article

3. Attempting to Derive Self-Esteem from Possessions

The most important thing in life is not money,its God.so stop this attitude of getting money at all cost.what shall he be of benefit to a man if he possess all the money in the world and lose his life that is more vaulable than money.Although we all know that money doesn’t buy happiness, very few of us act that way. Instead, we seem to go out of our way to appear successful by driving the right car, living in the right house, and wearing the right clothes. Nothing wrong with nice things – if you can afford them. But here’s something that life has taught me. You can either look rich or be rich, but you probably won’t live long enough to accomplish both.the glory that money provides fades. Attempting to derive self-esteem from possessions is wrong money attitude on two counts. First, it’s expensive. More important? It doesn’t work. Put not your trust in money, but put your money in trust. -Oliver Wendell Holmes

4. Spend the way everybody is spending attitude

One of the world’s wealthiest men,

Warren Buffet, said, “Be fearful when others are greedy; be greedy when others are fearful.” During the recession-induced stock market rout that began in the summer of 2008 and bottomed in March of 2009, the Dow Jones Industrial Average plunged all the way from 10,000 to 6,600. It was at that time that I bought most of the stocks I now own in my online portfolio. I didn’t buy then because somebody on TV told me to – the “experts” were as fearful as everybody else. I bought then because I’d missed similar opportunities in similar downturns before, and I was determined to learn from that mistake this time. Likewise, when the housing bubble was at its zenith, many of my friends were buying as many houses as they could possibly borrow for, even though it should have been apparent that prices were over-inflated. Now they’re broke – and I’m shopping for real estate. Again, not because I’m smart, but because I’ve also missed that opportunity before. Hence this recent story Why You Should Buy Stocks and Houses Now. It’s common knowledge the economy runs is cycles of boom and bust – yet when times are good, everyone seems to believe that trees grow to the sky. When they’re tough – like they are now – the same people stand like a deer in the headlights. If you’re convinced the economy is going to zero, buy guns and canned goods. But if you can reasonably expect a recovery some day, invest – even if that day is a long way away, and even if it’s possible things could get worse before they get better.

Stop living showglass life,it will shock you to death.many borrow the money they do not have to buy the things they do not need,to impress the people they do not like and that result into life they do not like. You are not everybody,do not try to be like everybody.go to the mirror and tell the person you see there that BE YOURSELF!there are several billionaires who owns a jet company but does not own a private jet and so frugal to the core.

i remember Ingvar Kamprad The founder of the Swedish furniture phenomenon Ikea struck success with affordable, assemble-it-yourself furniture. For Kamprad, figuring out how to save money isn’t just for his customers, it’s a high personal value. He’s been quoted as saying “Ikea people do not drive flashy cars or stay at luxury hotels.” That goes for the founder as well. He flies coach for business and when he needs to get around town locally he either takes the bus or will head out in his 15-year-old Volvo 240 GL.

Chuck Feeney Growing up in the wake of The Depression as an Irish-American probably has something to do with Feeney’s frugality. With a personal motto of “I set out to work hard, not get rich,” the co-founder of Duty Free Shoppers has quietly become a billionaire but even more secretively given almost all of it away through his foundation, Atlantic Philanthropies. In addition to giving more than $600 million to his alma mater Cornell University, he has given billions to schools, research departments and hospitals. Loath to spend if he doesn’t have to,

Feeney beats both Buffett and Kamprad in the donation category, giving out less grants than only Ford and the Bill and Melinda Gates Foundations. A frequent user of public transportation, Mr. Feeney flies economy class, buys clothes from retail stores, and does not wast money on an extensive shoes closet, stating “you can only wear one pair of shoes at a time”. He raised his children in the same way; making them work the same normal summer jobs as most teens.

Frederik Meijer If you live in the Midwest chances are good that you shop at Meijer’s chain of grocery stores. Meijer is worth more than $5 billion and nearly half of that was amassed when everyone else was watching their net worth drop in 2009. Like Buffett he buys reasonably-priced cars and drives them until they die, and like Kamprad he chooses affordable motels when on travel for work. Also, like Chuck Feeney, rather than carelessly spending his wealth Mr. Meijer is focused on the good that it can provide to the community. The Bottom Line The dirty little secret of some of the world’s wealthiest people is that they rarely act like it. Instead of over-the-top spending, they’re busy figuring out how to save and invest to have that much more in the future. It’s a habit you might want to consider in order to build up your own little storehouse of cash.

One Response to 4 wrong-money attitude to stop now(continued)

  1. Blueprint to Blogging

    It sounds like you happen to be making difficulties yourself by searching for to solve this issue instead of looking at why their is usually a trouble in the 1st place. thanks !!! quite really helpful post!

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