Money Tips 365 Supporters Day 1 – Live Within Your Means

Money Tips 365 Day 1 – Live Within Your Means

Starting March 2024, each day I will be recording a short daily money tip - each day for 365 days.

 

You’ll be able to find these tips, wherever you listen to your podcast, as well as my YouTube channel Charles Kelly money tips podcast.

 

This episode is exclusive, more in depth exclusive content for my supporters on Spotify.

 

Live within your means.

 

The fastest way to go broke is to spend money you don’t have, buying things you don’t need, to impress people you don’t like and who don’t give a damn about you!

 

Look, I get it! We live in a consumer led economy where big business and the government need us to spend money to grow the GDP. But that doesn’t mean you have to spend money you don’t have.

 

When singer Rihanna almost went bankrupt, after earning millions and then spending it, she sued her financial advisor who responded:

 

“Was it really necessary to tell her that if you spend money on things, you will end up with the things and not the money”. 

 

Yes!

 

Are you converting your wealth or potential wealth for things?

 

Do you want to be a millionaire or just spend a million?

 

If you don’t live within your means and start saving, you’ll always be short of money or broke. 

 

Join my Money Tips 365 Supporters Club on Spotify: -

https://podcasters.spotify.com/pod/show/charles-kelly/subscribe

 

Exercises for today

 

Think about how much money you are spending on things and ‘stuff’ which depreciate in value as soon as you buy them.

 

How much money are you wasting?

 

Add it up over a month and a then a year. Now multiply that figure by 5, 10 and 20 years. 

 

Start keeping a diary or a spreadsheet detailing exactly where your money is going. You will be amazed at how much money you could be saving instead of spending. 

 

You should be aiming to live on a percentage of your income and save and invest the rest. That’s what wealthy people do. Poor people spend first and try to say what’s left over.  

 

I will be returning to this theme again.

 

In future episodes, we are going to start looking at what you could’ve done with that money in and how it could’ve made you wealthier and happier than the quick fix of consumer goods.