More than one in five Americans don’t set aside any of their income, for short term and long term goals. This absurd statistic is backed up by cnbc.com. Saving money is clearly a problem.
What does this show? Well not only does it give perspective on just how many Americans live, check your check. It also shows just how bad individuals are with saving money.
People often read inspiring books like Rich Dad, Poor Dad and Think and Grow Rich and see controversial statements like ‘saving money doesn’t make you rich’ and blow it way out of proportion.
People often misinterpret what is meant by the profound statement. Yes saving money doesn’t make you rich, but blowing money away on frivolous items most certainly won’t either.
SAVING MONEY TIPS| FINANCIAL LITERACY
Saving money becomes much much easier when you understand basic financial principles. Something as simple as budgeting your money, every single dollar that you make should have a purpose.
This simple practice would ensure that you have no idle money laying around. Which ultimately limits your spending on unnecessary things.
Guys what you must understand is as an alpha male you must be in control of your finances. As a man your woman and family have a huge financial expectation on you so it’s important that you take this very seriously.
SAVING MONEY TIPS| SPENDING HABITS
Spending is something that many individuals in society today fail to manage. In fact, according to nypost.com on average Americans waste about $18,000 yearly on ‘non-essential’ expenses.
This tells us that many individuals in our culture clearly have spending issues and this is a concern. People have been so conditioned into our consumer based culture that we overspend thousands of dollars on things that we don’t need.
Don’t get me wrong, absolutely nothing is wrong with purchasing luxury items and toys. But those should be a lot lower down on your priority list; after needs and investments.
SAVING MONEY TIPS| THE AIM
As I said before, men have a huge financial burning performance. So it’s unacceptable to not be in control of your finances, or at least attempting to be.
A huge aspect of taking control of your finances involves saving money. This may seem like a foreign concept to some of you, but you need to save money to become financially stable.
We at RedPillTactics, recognize that some of you guys, especially my young boys, have a lot of trouble saving money.
Luckily you’ve come to the right place, because we went ahead and made a list of 5 TIPS TO HELP YOU SAVE MONEY.
Bad spending habits often stem from your mindset and how you view money first. Investors look at and treat money much differently to shopaholics.
This is because their embedded motives for money are different. One individual looks to multiply their money in investment channels, while the other seeks to spend their money unnecessarily.
As an alpha male we encourage you to adopt the investor’s mindset. This simply means that you don’t treat your money as an expendable commodity, but a value appreciating one.
So upon every financial decision, you should always go into it thinking how you can make your money multiply rather than decrease.
This makes a great saving money tip, because it allows for you to reduce frivolous spending and instead multiply your income.
2.Purpose Over Pleasure
Most of our mal spending habits stem from impulse decisions. Impulse usually seeks pleasure.
So the potential pleasure we can get from purchasing that slice or cake or ridiculously expensive sneakers serves as motivation to spend our money.
However, living by ‘purpose over pleasure’ is a mindset of seeking purpose first. So upon purchasing said items, you tend to assess and evaluate whether or not this item serves you purposefully.
9/10 times it doesn’t and you would tremendously cut back unnecessary spending. This serves as a great saving money tip because that extra money saved from cutting down spending can be used for investment purposes.
3.3 Day Rule
Guys, before you rush into Footlocker to purchase them new 1s, give it 3 days. 3 days to let the feeling register and settle in.
You would often find that after the third day, the desire you once had to purchase them kicks has drastically decreased or decreased completely. This is what I call the 3 Day Rule and this saving money tip is one that I live by.
It’s important as a stoic individual to never make rash decisions, hence the 3 day wait which exercises your financial discipline.
By adopting the 3 day rule you would cut down on impulse spending and as a result, save more money.
4.Save 10% Of Your Earnings
How ironic that a saving money tip is legitimately to save money lol. This may seem pretty logical and borderline obvious but here’s why this simple tip is so effective.
When people think about saving money they often try to meet all these extravagant quotas like “Save $100,000 in 5 years”. This can be destructive.
Something as simple as putting aside 10% of your income into a savings account and completely forgetting about it is a great method of saving money.
This is because money compounds and you’ll be surprised to see how that $100 bucks a month compounds to thousands or even hundreds of thousands in years to come.
5.Account For Your Money
One of the reasons why super corporations like Apple and Microsoft are able to make such informed financial decisions and optimize continuity is because of financial reporting.
Reporting your finances allows for you to have clear and concise information about where and when your money is going.
Accounting for your finances allows for you to make better financial decisions, it is especially effective for saving money.
If big companies use financial reporting to save money, make better investments and increase income, why don’t we as men do this for our personal finances as well?
THAT’S ALL FOLKS
And that brings you to the end of this blog, thank you for reading all the way to the end, stay tuned in to redpilltactics.com for new uploads like these every Monday and Thursday! As always leave a comment in the comment section letting us know how you feel about this one and how it benefited you. Also feel free to share the game with a family member or a close friend, don’t be selfish lol. Finally, thank you for your continued support. Peace and love!