This post is divided to two parts here is part one: Learn How to Manage Money Part 1
After knowing each part of luxury and the time it takes for any item to disappear, it’s time to know where you should focus on so that you can manage your money in the best way possible. (Read also Impossible is Nothing)
Most people focus on spending their money on the first two categories, which are the false luxury and the temporary luxury and as a rule of thumb advise, if you want to be above average or extraordinary in all aspects of your life, you should not follow what most people do, that’s why I always mention what most people do so that you can avoid it. (Read also I Did Everything In My Life, But...)
If you spend so much money on false luxury, you have to find alternatives for each item so that you spend less money on, for example, you can bring home made food with you to work.
A rule of thumb to decrease spending money on false luxury is by putting a budget for these items each month that reflects having no money or buying these items with a borrowed money. Ask yourself this question each time you buy false luxury items “is this item within the range of having no money or having money that I borrowed?”, this question is explained in the next paragraph. (Read also Smart Ways To Budget Your Money)
Most of us before having our own money we have had no money in some period of our lives, i.e.: we took money from our parents, or spend money that we borrowed from someone and we tried hardly to spend this money in the longest period possible, that’s why when you spend money on false luxury you should ask yourself the above question. (Read also How To Ask Questions)
Most middle class people spend money they saved or money they take from banks, i.e.: loans and credit cards, on temporary luxury, they buy with this money items that last longer than false luxury but lesser time than permanent luxury, and that is the main reason they keep stuck being middle class.
You can turn a temporary luxury into permanent luxury, for example, turning your time you spend on internet building a business or turning a cheap car into cab, this way you make use of the money you spend on the internet or to buy a cheap car, this can be applied on other temporary luxury items. (Read also Business And The Dominoes Effect)
If you are really serious about managing your money so that you have a better future, you must focus your main spending on permanent luxury that retains its value for the longest time possible, you must also find a way to turn a temporary luxury into permanent luxury, this way you will be managing your money the best way possible.
Part one: Learn How to Manage Money Part 1
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