Money has never made people happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants, Benjamin Franklin.
He is not richer who the most has, but who the least needs, Spanish saying.
We have already mentioned this point, but the question remains, how can you make enough money to live decently and be happy
- Forget appearances. Live within your means! Our spending must be in line with our income. Reduce wasteful spending or as Benjamin Franklin put it: “A penny saved is a penny earned.” If you need to make a purchase, search and compare prices, features, and recommendations, pay cash, and don’t use your credit or debit card.
- Clarify, discuss openly, and agree with your partner and family on expenses, family budget, appropriate spending habits, how to avoid borrowing money, the advantages of saving or investing, etc.
- Avoid the bondage of debt. Some loans, such as mortgages, are almost inevitable for first home-buyers, but others are not.
The rich rule over the poor, and the borrower is slave to the lender, Proverbs 22:7.
- Always pay in cash and not on credit cards, and try to get a discount for doing so.
- Own one single credit card, so you may curb your spending habits. Try not to use it at all, but if you do, use it sensibly, and do not carry a balance. Read the terms and conditions of different cards and choose the one that suits you best.
- Try to save between five and ten percent of your income, so you will be more prepared to deal with the unexpected. It also provides some money aside for vacations, Christmas’ presents, health care expenses, etc.
- Do not place your signature as collateral to anyone except, perhaps, your children.
- Study thoroughly and work hard with dedication and sacrifice. Try to excel, to make a difference, to be the best at what you do.
The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand, Vince Lombardi.
- Do not try to understand and master many things (“jack of all trades, master of none”), but focus on one field. The idea is to avoid doing a mediocre job on a whole bunch of different types of projects. You should do one thing, and do it very well.
- Fear those who promise you easy money through real estate, stock market speculation, cryptocurrencies, and alike.
- Live a simple and honest life, even though life is a roller coaster. Live within your means and without vices such as gambling, using sex-related services, drinking, smoking, drugs, etc.
- Follow your dreams but plan out how to achieve them. Set a concrete and realistic plan to make it happen. Define clearly your objectives, what tasks and subtasks should be done, how they should be carried out, when they should be done, what resources you need, etc.
- You should review this plan frequently. I am not talking about visualising. “So what you would do at first is; before you sleep every night and just as you awake, visualize yourself with lots of money living a fabulous lifestyle […] you would be able to attract lots of money in your life endlessly,” Yahoo voices. I don’t think so, this looks like a fairy tale!
- It is about thinking hard how to master the skills involved in your work, which concrete steps are to be taken, how to make the necessary contacts to gain support for your project, what needs to be addressed for the plan to succeed. It is about putting your key resources where your priorities are: health, mind (Analysing and problem solving, finding new strategies and techniques), time (the disposition to work relentlessly), etc.
- Do not fear the winds of adversity. Quite to the contrary, seek to learn from your mistakes so you can grow wiser and become stronger, adapt your approach in order to overcome obstacles, and persevere with courage and determination until the job is done. Have confidence in what your are, a winner!
- Get advice and support from your friends, loved ones, mentors, and people you trust. Observe, listen, and imitate your role models.
- If you decide to start a business, read our article How to start a business.
- Make your money work for you. However, how and where to invest depends on your needs, long-term goals, knowledge, personal circumstances, tolerance for risk, the outlook for markets and the economy, the amount of money that you have to invest, etc.
- Be honest, “Do not steal or cheat or lie,” Leviticus 19, 11, and respect the law. You may not only end up going to jail or getting fined, but also once you have lost your credibility, it will be harder for you to find a job, ask for a new loan, start a new project, find a business partner, etc.
Every adversity, every failure, every heartache carries within it the seed of an equal or greater benefit, Napoleon Hill.
The general rule of thumb is not to put all your eggs in one basket. Diversity is the key. Another one is to “avoid flatterers, for they are thieves in disguise.” They tell you what you want to hear, they praise and compliment you in an effort to win your trust and get something from you. You should only invest in what you know best, and be patient for the seed to grow.
Remember, buy when there’s blood in the streets. Sell when everyone’s greedy, optimism and exuberance start to take over, and even the strippers are buying. Be patient, don’t be emotional.
He who has lost honour can lose nothing more, Publilius Syrus.