Are You Always Ready To Fight Financially?

In many ways, we are at war on the personal finance front.  We are continually getting bombarded with spending opportunities (really traps and tricks), both from TV and peers.  We need to be ready to fight financially to get the best deals and protect our financial health.

Technology is continually being improved which means that what you buy today is already obsolete and you’ll have to buy something new iPhone X or some other new cool gizmo next year (if not next month).  And both fortunately and unfortunately, those devices really do add value versus the devices of just a few years ago (I consider those devices toys).  I’ve even heard that many are buying smart devices (iPhones, etc) over cars.  So the young people of today would rather have a smart phone than a car!  Wow, that’s a dramatic change from when I was a kid.

Photo by jannoon028

Okay, I went off topic!  The point is that there are so many things and way to buy those things that we, the financially prudent, are in a constant state of battle trying to become wealthy by saving and increasing our money.  It’s not an easy fight to avoid, especially with ourselves!

Tricks & ways that I fight spending consist of not spending on expensive things on the same day that I’ve seen them.  I purposely take my time and think about my purchases rather than just do it.  Ha, the slogan “Just Do It” doesn’t apply to financial intelligence and wealth accumulation, and in fact, it might seriously harm your financial base!

Often with just a little effort and thought, you can find ways to do something cheaper or buy something for a better price.  It’s just a matter of looking for them!  This is why lottery winners lose their wealth so quickly, they don’t have fight a good fight on the financial front!

So don’t “Just Do It”, instead keep your guard up and look for bargains!

Fight hard to win!

Don

My Personal Finance Pyramid Update

My Personal Finance Pyramid

A few years ago I decided to create a road map while I slowly climb my way up a financial pyramid, trying to acquire more wealth!  I see such a climb as a struggle towards building wealth!  A pyramid (based on Maslow’s Pyramid of Needs) seemed to be a great representation of such a wealth pursuing journey.  In many ways, it helps me visualize the various levels and created milestones for me to watch for since I love feedback!  So without further ado, here is my update on my progress climbing my “Personal Finance Pyramid“!

Financial Pyramid

Asset Accumulation Phase

Yes!  After spending too much time stuck at the “Action Plans For Wealth Development” phase, I can finally state that I’ve crossed the threshold and that I’m firmly in the “Asset Accumulation” level on my Financial Pyramid!

Why was I stuck at the “Action Plans For Wealth Development” for so long?

Originally, I expected to only spend a short time in the “Action Plans For Wealth Development” phase, but the “The Great Recession” took its toll on my planning and caused me to spin for a while, trying to decide what to do.  Fortunately, my money was still swelling from the fact that we paid off the mortgage on our house early, and so I had a small pool of cash available for investing and purchasing other assets.

Upper Middle Class still at a Distance!

I had hoped to be closer to this level by now, but the economy and work haven’t worked out according to my plans.  I could also make the excuse that my wife is a SAHM and even point out this article “Income Loss From My Wife Being a Stay at Home Mom” that makes a great case that we should have been millionaires by now, but really if I wanted it bad enough, I could have worked harder all along.

How Things Are Different on my climb up my “Personal Finance Pyramid”

Having a personal finance pyramid for the goals in combination with personal finance spreadsheets (homegrown), really helps me keep my eye on the ball.  Another big thing that has changed is that I want to start having bigger and better experiences by traveling more often, especially overseas!  And finally, a huge change is that I totally believe that it’s possible for me to get to some of those higher levels on my personal finance pyramid. You see, most people don’t even try, so just believing and continuing to work harder and smarter puts me at a huge advantage!

I’m hoping for the best!  What are your thoughts?

MR