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Have you ever correlated the feeling of being in love and how you handle money? We have tried doing that here and also give you some ways of how you can build your wealth. Just like you become a fanatic and passionate when you are in love, we should try and be similarly aggressive, loving and caring for our money. Be it love or money, giving focus pays off.
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You would have noticed a pattern how a person behaves, when in love. Ever wondered how this can be correlated to how we handle money? Let me make an attempt.
- What happens when you love someone?
- You find the right partner. You find the ways to convince your partner
- You are very passionate as well as secretive
- You don’t care for the world
- When under attack, you find your way
- You take lot of risks
- You prioritize your affair. Everything else is secondary
- You get creative. You dream
- You plan so accurately.
- You don’t accept failures. You make it happen
And how we behave with our money?
- We don’t always find the right asset class to invest for us
- We don’t prioritize saving. If some money is left, once in a while we ‘invest’ in a LIC Policy or ‘Fixed’ Deposit.
- We accept what our parents suggests as a ‘good investment’. We have no view
- We don’t passionately make our money earn more money for us
- We don’t watch our (financial) affairs
- Financially, we never ‘reach on time’
- We don’t take efforts to find the right adviser for us
What happens if we work on our Money with a similar passion? The problem is that we have very limited time and unlimited things to do. That said, did you notice that at work how do you squeeze in and complete most of what you are excepted to do? You never have enough time at work as well but then there is this framework. Your organization has a structure in place and you are sort of watched. If you don’t send that report on Monday morning, you have had it. If your Project is in Red status, you better fix it. If you don’t show continuous improvements, you are likely in trouble. In our personal finance affair, we are our own boss. There is no one who watches us. No one to report out. No Personal Business Commitments and no performance appraisals. No body questions us. Worst, we think we love our money, but ‘thinking about’ and ‘actually loving’ are different things.
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One good way to build your riches is to love money with a self-discipline. Here are some ways.
- Plan your money
- Pay attention to details
- Invest time in understanding where you invest your money
- Educate yourself on personal finance concepts
- Review your portfolio on a quarterly basis. If not, at least once in a six month.
- Ask yourself as to what your net worth (net assets) is earning you? Is this growing every year through either interest, dividend, rental or capital growth?
- Invest in tools and resources that helps you to manage your personal finance
Remember, we can only Get Rich when we spend less than what we earn. When we invest what we save. When we deploy our money profitably. When we track our money. When we question our money. When we love our money, passionately.
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