Feeling rich
Current economic events have had the effect of making many of us feel poor. With price increases left and right, it appears that there is really no way out. And although the bible admonishes us to not compare ourselves with others, one can’t help noticing the spanking SUVs and make a wish…
And what about those cable TV, shows that take us on tours of celebrities ostentatiously decorated mansions with four Porches and three Bentleys parked outside? And right here on the Rock, the big-time houses on the hills can make you feel like you are just not trying in life. The feelings of depression and poverty can grab hold of you and swirl around in your soul until you feel that there is no way out.
But it’s really just a feeling. Are you truly dirt – scraping poor or do you just feel that way?
You are no less deserving of a rich feeling no matter the economic outlook. So while most of us are on budgets where every single, solitary penny counts, more now than ever, you can certainly FEEL rich.
Jeanne Sahadi, senior staff writer at CNN Money, gives some ‘feel rich’ tips:
. Surround yourself with what makes you feel good. It sounds obvious, but if you’re waiting to get rid of ratty clothes, fix the squeaky hinge on the door or have a dinner party so that you can break out the good china, you may not have this point yet.
. Live life for today, use your beautiful things and enjoy them.
. Get rid of anything you associate with feeling poor or financially unstable.
. Indulge your urge to splurge occasionally. Decide what you love and set aside money each month for that goal so it’s there when you need it.
. If feeling rich to you means having more money in the bank, your priority should be to devote more energy to savings.
. Appreciate all that you have. But if you really can’t quell that sense that you just don’t have enough, ask yourself the following: Do you have adequate food, clothes and shelter, even if they’re not the best on the block?
On a more practical financial note, here are some other suggestions that will increase your ‘richness feelings, according to Marc Eisenson, author of the Pocket Change Investor Newsletter.
1. Make your own lifestyle decisions
While we firmly believe that the key to financial happiness is spending less than you earn, only you can determine what’s really “right” when it comes to how you earn, invest and spend your income. Take a moment to look at your lifestyle decisions, such as where you live, if both spouses work or only one, etc. Have you consciously set priorities and decided what makes the most sense for you and your family? If you’re not living the life you want to live, you won’t be able to buy enough things to make up for it.
That’s emotional poverty, which translates into financial poverty.
2.Put your family first
To make ends meet, we are working longer hours and spending less time with our families. It’s easy to fall into the pattern of leaving your children with strangers or letting the TV baby sit them. You know that project that’s sitting on your desk? Chances are, it can wait until tomorrow (really!), but kids grow up all too quickly. What kind of memories do you want your kids to have?
3. Wherever you work, be in business for yourself
Job security is a thing of the past. These days, while you’re expected to be creative, resourceful, on top of the latest innovations and dedicated to the workplace, you can’t even count on being employed tomorrow. You can’t even count on your pay cheque going far enough. While your goal may be to improve your job satisfaction and financial well-being, you’ve got to be prepared for redundancies, downsizings and general price increases. To hedge your bet, have an ace in the hole-a very small business or two that you start on the cheap. For some, it becomes the stepping stone to a new career; for others, it’s a sideline that offers extra income. Everyone who’s got an ace feels more secure for having it.
4. Make the most of the money you bring home
The further the money goes, the less you need to earn. We’re not talking deprivation here. Practicing the fine art of penny-pinching means that you can have the things that you really want without spending your life working for the almighty buck. Decide if the newest gadget is something you really want- then comparison shop and negotiate for the best prices and if possible, buy used.
5. Pay down those debts!
It’s a powerful antidote to the ‘payday to payday’ blues. With their low minimum payments each month, credit card companies want you to think it doesn’t really hurt you very much to owe them money. But the less you send in, the more you’ll pay and the longer it’ll take you to get out from under. Here’s the best long-term strategy: Stop charging items you can’t pay for or don’t need. Do you really want a new toy that will wind up costing you three to four times as much as what you couldn’t afford in the first place?
6. Map out your own financial future
Ever think, “If I could win even J$2,000,000 in the lotto, I would….”? Well, chances are you will have that much, and them some. Over your working lives, you and your spouse will rake in more than J$4,000,000. Of course, you won’t get it all in one lump sum, but it’s a bundle all the same. Managing it wisely will make all the difference for your future.
