I'm always fascinated by how much finance affects all our lives (for better and for worse) through the decisions we make and the ones we don't. To achieve balance, something that's Sustainable is a high priority for me. And learning from my mistakes (and from others'), these are four things that differentiate the ones who achieve financial sustainability and those who wish they could.
1. Finance is less accounting, more psychology
A sweater or those cool sneakers that are 70% off are generally a trap. A lot of people know that but continue to consistently fall for it. When the wise see 70% off, they know that it is still 30% on. There's no point giving that 30% when you can give 0% and move on.
And if you think you really need it, ask yourself whether you would be willing to pay the full price for it? If yes, then you should go ahead and buy it. Else, it's something you can live without and should. Your wallet and the environment will thank you for it.
2. Your money shouldn't take a day off
You should take a vacation from time to time. But your money shouldn't. When you're chilling with Netflix, your money should be working for you. Your savings should ideally not get a single day off and those with wealth know that. Auto-deposits are one way of ensuring that your money is always making more money.
3. Buying eco-friendly-stuff doesn't prove you're pro-sustainability
Buying pins and badges and even eco-friendly products aren't the best way to show your support for the cause. Not buying is the best way. Most eco-friendly products have to be manufactured, shipped and finally sold. Don't buy them, that's much better.
However, when you need to buy something that you truly need - and I hope your definition is quite strict for this - then look for an eco-friendly option. Else, just enjoy a walk in nature rather than in a store.
4. Financial sustainability isn't tough, perseverance is
This is more of a philosophy than a specific trick but it's the most important. Youtube, online articles, your family and friends can all teach you enough skills to lead a pretty financially savvy and sustainable life.
That's the easy bit.
The real challenge and where a lot of people struggle is the unwillingness to consistently build, track and follow their goals. Don't expect improvements in a few months because even the most skilled need time to build wealth and financial sustainability.
Keep at it and you will get there.
1. Finance is less accounting, more psychology
And if you think you really need it, ask yourself whether you would be willing to pay the full price for it? If yes, then you should go ahead and buy it. Else, it's something you can live without and should. Your wallet and the environment will thank you for it.
2. Your money shouldn't take a day off
You should take a vacation from time to time. But your money shouldn't. When you're chilling with Netflix, your money should be working for you. Your savings should ideally not get a single day off and those with wealth know that. Auto-deposits are one way of ensuring that your money is always making more money.
3. Buying eco-friendly-stuff doesn't prove you're pro-sustainability
However, when you need to buy something that you truly need - and I hope your definition is quite strict for this - then look for an eco-friendly option. Else, just enjoy a walk in nature rather than in a store.
4. Financial sustainability isn't tough, perseverance is
This is more of a philosophy than a specific trick but it's the most important. Youtube, online articles, your family and friends can all teach you enough skills to lead a pretty financially savvy and sustainable life.
That's the easy bit.
The real challenge and where a lot of people struggle is the unwillingness to consistently build, track and follow their goals. Don't expect improvements in a few months because even the most skilled need time to build wealth and financial sustainability.
Keep at it and you will get there.
