Rules of the Truly Rich11:23 AM
Our recent talk series at The Feast talked about Happy, Healthy, Holy Money. I learned a lot in this talk series in terms of finances and managing money. For those who are not familiar with The Feast, it's the weekly Catholic prayer meeting of the Light of Jesus Family. It may seem unnatural for religious groups to talk about money but The Feast has taught us to change our perspective in earning money and how to make it holy and pleasing in the eyes of God.
One of the topics that made an impact in me was during the second part of the talk which is about Healthy Money. That Sunday, we were taught that we should also keep our financial status healthy just like how we are keeping our bodies healthy. A weak financial immune system is caused by the following:
- Financial Toxins - Uncontrolled debt.
- Malnutrition - Money is lost in investments that do not prosper.
- Imbalance - Failing to weigh things and taking unreasonable risks.
To combat these, the Truly Rich advise these 3 simple rules:
Rule #1: What you spend should be less than what you earn.
You do not need to buy things that you don't really need.
Rule #2: What you save should grow more than what you lose.
Invest in paper assets, businesses, real estate, and the stock market or through equity funds.
Rule #3: What you earn should be equal to what you know.
Increase your learning to increase your earning. Overconfidence is a terrible thing.
I am thankful that we have friends in The Feast that would be willing to help us manage our finances. My dream really is for us to save enough money for a college graduation gift for Rap and for our retirement money, too. We may even have enough funds to leave as inheritance (reminds me of the texas last will and testament scene in a movie we watched before) and I know that this will not be an impossible dream to achieve as long as we start spending less and begin saving more.
Did you like my post? CLICK THIS to have my posts delivered straight to your email inbox.