365 days to your richest life: Day 2
In 20 years of studying the financial markets and personal financial planning, the advice that I find myself thinking about is simply that: Think.
I can’t remember where I read it, but it referenced the subject of spending less and saving more, and it was simple enough to be frustrating to today’s wisdom seekers. Think before you buy.
Wherever we land on the income/net worth scale, it is likely we can acheive greater satisfaction and a richer life by thinking before we buy. In my workshops for people wishing to heal their income/expense ratio, I recommend finding six things in your home that you regret buying. (Start with your clothes closets.) Write them down, along with their approximate price, on the back of a business card. Use an elastic to attach that card to your credit card, or just place it in a prominate place in your wallet.
For purchases over a certain amount (for me, it’s $20, but for some of my clients its been as high as $200) give yourself a 24 hour cooling off period. You’ll be amazed how the infatuation wears off in as little as a day.
Remember, restricting your purchases to items you love and that will serve you well for years to come is good for your financial wellbeing, it’s good for the planet, and it leaves space in your life for the beautiful and useful. Storage and organization aren’t the problem, folks — it’s the mountains of stuff we’ve accumulated.