Spendaholics: Why You Don’t Deserve More

Posted on 25. Oct, 2010 by in Wealth Essentials

Spending MoneyA little rough you think?  Of course you deserve more, you work hard, you’re a good person, you don’t curse (much), so why shouldn’t you have more?  Well it’s pretty simple really and it’s your own fault!

I know it doesn’t sound like a lot of fun, it certainly isn’t very ‘Gen Y’, but the reason most people don’t have more is because they want it all now.  Unfortunately that just isn’t how it works, haven’t you heard the saying “good things come to those that wait”?  Well it’s true and I can prove it to you.

Would you rather spend everything you earn and work hard for the rest of your life or would you rather save a little, work smart and retire early?  What a stupid question I hear you saying, of course I would like to retire early, but are you doing something about it?  Most people plan to save, but will say ‘I’ll start saving when I get a raise‘ or ‘I’ll start saving when I pay off my debt‘, but it never happens.  Something else will come along and you will start saving once that is out of the way too.  It is just too easy to live to your means and if you let it, this habit will continue for the rest of your life.

There is No Perfect Time to Start Saving

Start now!  You will never have ‘enough’ if you don’t start now.  In fact, if you do start now, you will immediately have more.  How is this possible?  Well you aren’t going to put your savings under your pillow are you?  No, you’ll leave it in the bank and even better than that you’ll put it in a high interest account where it will grow, even while you sleep!  Sure you can invest it in other ways too, but the real secret to wealth creation is to simply keep your money, let it grow and then make it work for you.  Believe me, knowing that you have money working for you, even when you aren’t, is a fantastic feeling!

The Secret to Wealth Creation

Don’t get me wrong, wealth creation isn’t as easy as it seems.  It’s not just about saving money, it requires self control and patience, but the concept is very simple and I’ll even share it with you:

1.Live on less than what you earn – it’s hard, I know!

2.Understand that the money you earn is yours – not to spend as you like, but to keep

3.Make your money work for you – tie it up so it can’t get away!

Easy right?  It’s not rocket science, so why doesn’t everyone just follow these steps and then we’ll all have what we deserve?  That is simple too, it’s self control.  You want to have nice things, new things, trendy things… These things cost money.  It is very hard to persevere when everyone around you has the things you want and you are trying very hard not to give into temptation.  The good news is that this doesn’t mean that you can’t have them, what it means is that you might have to choose, wait or save for them.  The longer you wait, the more you save, the better off you will be.

Wealth creation is a journey, enjoy it!

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4 Responses to “Spendaholics: Why You Don’t Deserve More”

  1. Jessica07

    30. Oct, 2010

    I loved this post! You’re right that people don’t save money because “want it all now.” If you want it, budget it in and give yourself a date to go buy it. Then, since you have “permission” to get it later, maybe you can hold off a while longer and save your money.

    Your “Secrets to Wealth Creation” are spot-on, by the way!

    Reply to this comment
    • smacca

      30. Oct, 2010

      Hi Jessica,

      Thanks for the comment, I’m glad you agree 🙂

      It’s tough not giving into your wants, but it’s worth it in the end.


      Reply to this comment
  2. Her Wickedness

    04. Dec, 2010

    What about the 10% rule?

    10% of everything you earn is yours to keep ie. save it FIRST. You’ll have nothing left at the end of the pay period but if you HADN’T saved 10% you still wouldn’t have anything left.

    Reply to this comment

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