Don't spend your money just because you have it.

[DiegoSantori]

Don't spend your money just because you have it. That's stupid. If you trade time for money, your money shouldn't be for consumable frivolities. It's not for designer clothes, or iPhones, or a Mustang GT. Unnecessary excess on depreciating assets is a poor business decision.

If you are wondering what to do with it you SHOULD SAVE IT AND INVEST IT until you have a clear answer.

Would you rather have a nicer car "because you can afford it" or a cheaper car, keeping your cards close, and 8/10 of that money you would have spent in investments? I know what I would rather have.

Money is your best bet to earn more money. Until you're meeting needs at such a high volume that money is available in excess, the little bit you do have, whether it comes from a job or a lucky break from somewhere, should only be spent one way. Buy something to meet the needs of others. Spend your money in a way that causes it to be multiplied rather than consumed.

If you pick up a dollar, and your first question is "What can this buy me?" rather than "Can this buy something worth $1.50, $2.00, or $5.00 to someone else?", you're thinking about money the wrong way, my friend.

 

[speed dawg]

You are also MUCH less vulnerable to robbery if you aren't flaunting unnecessary, expensive 'stuff', whether that's a car, watch, clothes, etc. I've never understood people's fascination with buying the most expensive stuff possible.

 

[Desdinova]

I have specific ways I deal with my money. What I make on my paycheck generally goes toward bills. Anything extra I get from side jobs and such goes into a savings account. Tips from my job go into my kid's bank account which occasionally gets withdrawn and taken to my investor. All my pocket change and medical reimbursements get saved for Christmas time. The credit card is a bridge between payday, the savings account, and online shopping. The savings account is for large costing items, home renos, or emergencies.

All in all, I think I balance my money fairly well. It's a system that works well, and guarantees that I have money going into all the places I need it to.

 

[Serenity]

The best use of money is to buy something you'll truly appreciate for the time and hard work put into getting it. Whatever that may be.

I'm the type of guy who would definitely buy a nicer car if I could afford it, but I just fvcking love driving a good car.