From the ancient Greeks to today’s heroes, these quotes are worth hanging on the wall.
the main points
- Quotes can be inspiring and help you stick to your financial goals.
- Warren Buffett says the time to buy is when everyone is scared, while Dolly Parton says you should always keep something for yourself.
- Even the ancient Greeks had financial wisdom to share.
Money has been around for thousands of years. Back then, all kinds of great minds shared their views on how to manage, spend, and save. But even after thousands of years, it is still difficult to reconcile the endless demands on our wallets. Here are some pearls of wisdom from philosophers, presidents, investors, and even musicians – all the way back to Roman times.
Warren Buffett talks about when to buy
“There is a simple rule that dictates my purchase: Be afraid when others are greedy, and be greedy when others are afraid.”
Buffett isn’t the first person to talk about him buy stock In troubled times. Since the eighteenth century, Baron Rothschild has said, “The time to buy is when there is blood in the streets, even if the blood is yours.” The idea is that when times are good, people feel optimistic and even good investments can become overrated.
When prices go down, people get scared and panic sells. That’s when smart investors can get solid investments at low prices. But like many investment tips, it’s easier said than done. You still have to decide which assets will do well in the long run, or else you are simply buying a failing asset that could go down even more.
Nathan Morris on borrowing
“Every time you borrow money, you steal your future.”
Bestselling author, speaker, and financial coach who has written Your 33 Day Money Action Plan And other books on managing your money summarize why borrowing isn’t always a great idea. Sure, there are different types of debt – a real estate loan It is different from taking on high interest credit card debt. But at some point in the future, you will have to pay back what you borrow plus interest.
If you ever find yourself tempted to put a vacation, a new outfit, or a restaurant meal into your life Credit card Because you can’t pay for it up front, keep Morris’ words in mind. You pile the pain on yourself in the future so you can buy things you don’t really need today. Instead of incurring debts to buy something now, put the money aside so you can pay up front in the future.
President Joe Biden talks about how we’re spending
“Don’t tell me what you value, show me your budget, and I’ll tell you what you value.”
It’s so easy to put off budgeting, but it’s a great way to keep track of what you’re spending. It can also reveal a lot about you. The way we spend our money is a strong indicator of what is important to us. If you’re not sure where your money is going each month, try using a file budget app To help track your spending. You may be surprised at what you discover. A budget can identify ways to save money, but it can also help you ensure that your spending aligns with your values.
Benjamin Franklin on living within your means
“If you know how to spend less than you get, you have a philosopher’s stone.”
A basic principle of dealing with money is to spend less than you earn. This way you can avoid taking on debt, far from a squirrel Emergency savings, investing in the future. It’s not easy when you’re juggling seemingly endless demands on your wallet chains, but it really is a method anyone can use to slowly build wealth.
Albert Einstein on compound interest
“Compound interest is the eighth wonder of the world. He who understands it earns it… he who doesn’t… pays it.”
compound interest It is basically the way you can earn – or pay – interest on your interest. It’s a powerful force that can add up to big savings. For example, let’s say you invest $1,000 in stocks and you are able to earn a return of 7%. In 10 years, that amount could be worth nearly $2,000. And if you leave it alone for 30 years, it could be worth more than $7,500.
However, as Einstein points out, it can also cost you dearly if you are in debt. Let’s say you hold a balance of $1,000 on a credit card that charges 18%. If you pay a minimum of $25 per month, the amount you owe will still accrue interest. It will take more than five years to pay off the debt, and you’ll pay an additional $500 in interest.
Epictetus on desires and possessions
“Wealth consists not in having great possessions, but in having few desires.”
We jump from the words of a twentieth century physicist to an ancient Greek philosopher. Epictetus was a former slave who eventually established his own school of philosophy. There can often be no limit to the things we want – you save money for a new tablet, but then you want the accessories to go along with it. Or you buy a trendy dress, only to see another cool outfit that you like just as much. Epictetus’ words remind us that sometimes wealth has to do with an attitude toward life rather than the things we have.
Oprah Winfrey for being thankful
“Be grateful for what you have; you will end up having more. If you focus on what you don’t have, you will never have enough.”
There will always be people who have more than you have, and also those who have less. Keep in mind that many wealthy people do not live in luxury homes or drive expensive cars. And a lot of people who lead flashy lifestyles are not necessarily wealthy. If you focus on things you don’t have, you are more likely to incur debts to buy things you don’t necessarily need.
Dolly Parton takes care of yourself too
“Always keep something for you.”
This advice from Dolly Parton’s mother applies to different aspects of life. Giving is often its own reward, but if you don’t take care of yourself as well, you may end up in difficulties. Whether it’s the way you work, the way you handle your money, or the way you treat others, keep something. Save a small percentage of your income, make time to do the things you enjoy, and try to find a work-life balance.
Money is something we use every day, but many people are anxious to talk about it and often hope it will work out on its own. But a lot of the wisdom from all these great thinkers boils down to being aware of what you’re doing with your money. Whether you realize how your desires affect your ability to save, or avoid high-interest debt so that you in the future will not have to pay it off, understanding how money works is the first step to building strong financial foundations.
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