You don’t have to be a financial genius to get rich – simply change your spending habits.
What are the most effective changes you can make to your spending habits?
Changing your spending habits can be like changing the way you play chess
Look at the way you play chess. Do you keep making the same mistakes on the chessboard? If so, it may be time to change your strategy.
Maybe your usual strategy isn’t working because you’ve developed some bad playing habits. The way to improve your skill is to either practice more, or to try a different strategy/tactic. Similarly, if your current financial habits aren’t enabling you to meet your financial goals, try changing the way that you spend money. By budgeting wisely, you can save more. Being good at budgeting is not the ticket to wealth; however, without good stewardship of your money, which starts with careful spending, you’ll be hard-pressed to become a financial success.
It’s not simple to alter the habits of a lifetime, especially if you are accustomed to a certain lifestyle or have learned bad financial ways. Changing your standard of living and how you handle money needs to be done with “baby steps,” carefully and gradually.
Watch this 4-minute video for some easy-to-implement techniques for changing your habits. If you improve your spending habits, you can improve your financial life.
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Douglas Goldstein, co-author of Rich As A King: How the Wisdom of Chess Can Make You A Grandmaster of Investing, is an avid chess fan, international investment advisor and Certified Financial Planner (CFP®).