Money Gods? What’s that you ask? They’re your enemy! They want ALL your money and they want it NOW.
The struggle is real because there’s all these things I can give my money to:
I can bow to the Starbucks god multiple times per week. This can amount to $30-$50 per week, or $120-$200 per month and $1440-$2400 per year! If I chose to invest this money instead in 30 years this could amount to $228,000!
I can bow to the Apple god too, and of course Apple wants me to bow every year and have the newest phone or product on the market! Let’s say you buy a new phone every year. This year the newest phone is around $1400. If I invested $1400 over 30 years I’d have $142,146.57! These choices matter!
I can bow to the pretty nail god too! It costs $35-$55 monthly to get my nails done. Yearly that’s $420-$660 per year. Investing this instead can give me over $62,000 in 30 years! YIKES! That’s a real nice car!
I can bow to the gaming god as well! Gaming has become more and more expensive with gaming systems, memberships and buying the newest game on the market. Buying a new system is expensive especially if it’s a new one. I don’t even know what amount to put here but I’m sure it would be shocking to calculate!
There’s a worse money god these these… Yes, it’s true! This one will suck the life out of you and rob you of your hard earned money. It’s a 4 letter word: debt. Debt means I’m paying interest to someone else and making them richer. I’m not gaining any interest but I’m paying it. This is your greatest enemy and I recommend you steer away from it as much as you can. High interest rates cripple your ability to pay off what you bought. Right now the worst interest rates are on credit cards and vehicles. Some are even over 20%! When you have an interest rate that high you’re likely to pay at least DOUBLE in the long run! If the price were double in the store you probably would have walked away!
If debt is the greatest enemy of my money, then what’s my money’s greatest friend? Time is something we can never get back. Once it’s passed, it’s gone. Even money cannot buy it back! I say this because your money’s best friend is compound interest. Compound interest is earned on money you invest. You’re paid interest every month, quarter or year and the interest you make is added to your investment so you start making money on the interest you earned too! It’s magnificent! It’s essentially FREE money in exchange for saving your money and parking it so it can work for you.
Is it time to stop bowing to the controlling money gods and get your money a friend? Connect with a finance coach today to carve out your goals and WIN with your money! Goodbye controlling money gods! Hello best friend!
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