Worried About Your Money?
USA Today had an article that summarized the results from the American Pyschological Associations latest survey. Americans are more worried about their money now than they were 5 months ago. What a shock. We are more worried and stressed about food, housing, health care and transportation than we have ever been. So what are we to do? A few weeks ago, as the infamous Government Bailout was building steam, I was surfing some of my favorite personal finance blogs. I came across this short video at “I Will Teach You To Be Rich”. It’s only about 3 minutes long and worth viewing.
So Ramit Sethi’s response is SAVE YOUR MONEY!
Mark Cuban, owner of the Dallas Mavericks, in his blog about “How To Get Rich” also says to save your money.
Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonalds, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you dont want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you ?
So are these people right? I think they are. In the past three years my wife and I have cut up our credit cards, made a budget, worked on paying down debt and saved some money. We still have a few years to go before we finish paying off all our debt but you know what – we aren’t as stressed about money any more. What financial author and speaker Dave Ramsey proclaims is right – Act Your Wage! Living on less than you earn is a lot less stressful than living on more than you take in. Just a thought.