Are you someone who takes a “you only live once” approach to money? It’s true that we should seize life with both hands, but this isn’t the secret to truly becoming a wealthy woman.
If your idea of living life to the fullest is spending all your money on life’s luxuries, consider what happens if you live to 90 years of age with little to show for it, except of course for that killer wardrobe and nice furnishings.
Much of today’s retail shopping consumerism is aimed at women, because we do the most shopping – that’s what the stats say!
But it may also be blinding us to the true sources of love, happiness and success.
Advertising tells us we can find these things in products and services. But truth is we can’t at least not for the long-term.
We borrow to spend, and we spend to enjoy our lives. Most of us don’t even question this; it’s just what we do.
Are you a Consumerholic?
You may be thinking, “This isn’t me. I’m in control of my wealth and how I spend my money.”
Maybe, maybe not. Look at the following list and ask yourself whether you:
- Feel the need to buy more clothes, bags, shoes and perfumes, despite having a cupboard full of these things – some of which you probably never wear.
- Live week to week and save none of your income.
- Spend more than you earn, accumulating personal credit card debt.
- Pay for holidays and other luxuries with your credit card or home loan redraw, rather than saving for them.
- Believe a car is an investment.
- Ignore opportunities to invest, apart from paying off the mortgage.
- Are scared to borrow money to invest, yet have no issue with borrowing to consume for new furniture, overseas holidays.
If any of these points ring true for you, then your spending habits need an overhaul.
To build your wealth and retire in comfort, you need to change your spending habits and your mindset. You need to invest your money wisely.
Find your inner investor
It’s not about putting your life on hold and giving up all of life’s luxuries. Rather, it’s about living within your means – at every stage of your life.
I call this becoming investorgetic® and here’s how:
- Plan proactively for the long term.
- Ensure your daily actions are tied in with long-term goals.
- Be wise with money. Plan, budget, save and live within your means.
- Focus on income-producing asset investment.
- Save money for emergencies and holidays.
- Put money into an education fund for your children.
An Investorgetic® makes wise money choices that help them reach their financial goals. They get excited about investing – yes, such people exist!
They have a different approach to living life: they don’t rely on credit cards and they know the difference between necessary and unnecessary expenses.
Every decision they make is pointed at building their long-term wealth.
But to know where to invest your money and what you want to get from your investments, you need to have a clear vision of what you want your financial future to be.
Without a well-defined vision, nothing will change.