10 Best Quotes to get you into Financial Discipline

In my previous posts, I have stressed that your financial freedom depends a lot on getting into a financial discipline. When we talk about discipline, it is something that we do over and over again. Taking few steps once in a while or reading a lot of financial literature alone will not help you. All you have to do is take repeated actions. So, to get into a financial discipline, you need to get into a habit of spending money wisely, saving regularly and recording each and every expense. It is easier in theory, but in practice it is little hard, but not impossible. If you keep saving regularly, you will definitely achieve your financial goals. So, here are some of the best quotes to motivate you.

 

    1. “In reading the lives of great men, I found that the first victory they won was over themselves. Self-discipline with all of them came first.”–Harry S Truman.
    2. Discipline is the soul of an army. It makes small numbers formidable.”–George Washington
    3. “We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort.”–Jesse Owens
    4. “Discipline is the bridge between goals and accomplishment.”–Jim Rohn
    5. To enjoy good health, to bring true happiness to one’s family, to bring peace to all, one must first discipline and control one’s own mind.”–Buddha
    6. “Discipline is remembering what you want.”–David Campbell
    7. “I think self-discipline is something, it’s like a muscle. The more you exercise it, the stronger it gets.”–Daniel Goldstein
    8. “Talent without discipline is like an octopus on roller skates. There’s plenty of movement, but you never know if it’s going to be forward, backwards, or sideways.”–H. Jackson Brown, Jr.
    9. “It was character that got us out of bed, commitment that moved us into action, and discipline that enabled us to follow through.”–Zig Ziglar.
    10. “Discipline must be a habit so ingrained that it is stronger than the excitement of the goal or the fear of failure.”–Gary Ryan Blair
Remember, to pick the best advice and stick to it for a long time before you see results.
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What Money has Got to Do with your Brain?

“The brain is a wonderful organ; it starts working the moment you get up in the morning and does not stop until you get into the office.”–Robert Frost

 Have you ever thought why it is difficult for you to achieve your financial goals? You always think that you will be smart with your credit card or organize your finances, but you are never able to get into a financial discipline. The reason is that you are controlled by your emotions. You may also think at the time of making a financial decision, your brain stops working. In fact, your brain can guide you in your financial decisions and help you choose the right options. A little knowledge about neuroeconomics can help you get better returns on your investments. It is time to understand how neuroeconomics guides your behavior as far as investing is concerned. In fact, neuroeconomics suggest how we think and take economic decisions in different settings and how we can change the way we think and observe things. For those, who are new to investing, the book titled “Your Money & Your Brain: How the New Science of Neuroeconomics can Help Make you Rich” by Jason Zweig, the Intelligent Investor, has many answers. The book will change the way you see how your brain impacts your monetary decisions. I have read the book recently. Here are some great quotes from the book.

  1. When the market was going up, you said you had a high tolerance for risk. When it went down, you became intolerant in hurry”
  2. People who keep up with the news about their stocks earn lower returns than those who pay almost no attention”
  3. “Professional investors, on average do not outperform amateurs.”
  4. “Everyone knows that beating the market is nearly impossible-but just about everyone thinks he can do it.”
  5. Everyone knows that Wall Street strategists can’t predict what the market is about to do-but investors still hang on every word from the financial pundits who prognosticate on TV.”
  6. Stocks have prices-Businesses have values.”

For those who need more investing tips, this book has many great lessons for newbie investors.

“Experiences shape the brain, but the brain shapes the way we view experiences, too.”–Helen Fisher.

3 Things to Know about Time Value of Money

“Time flies over us, but leaves its shadow behind.”Nathaniel Hawthorne

Well, it is true that time flies and indeed it does very fast. Sometimes, you feel that a year passes by and you did not take a look into your finances and you get surprised that you have fallen into a debt trap.   In the same manner, your investment also grows very fast, if you are open to stocks and bonds. Well, if you don’t get positive feelings from the stock market, CD (Certificate of Deposit) rates are not bad either considering they pose minimal risk. In any case, the value of your money increases with time. This is time value for money. It is clearly a zero sum game where the person who saves and invests stand to benefit from it and the person who borrows hurt his or her financial position badly. Whether you are borrowing or you are investing, the time value of money plays a key role in your finance. So, why not understand a little more about time value of money.  Here is how time value of money can be useful.

Future Value of Money

If you invest your money in stocks or bonds or even CD rather than spending on your current consumption, you have not only saved your money from depreciating but also increased the future value of your money. Of course, you need to choose the best option by taking opportunity cost into account. For instance, you have ten thousand dollars and instead of starting an online business, you invested in stocks of an established business. The opportunity cost here is too high, because investing in your own business can multiply your income and offer more return in future than investing in an already established business. Regardless of the choice of investment, the returns are always higher than not investing.

Decrease in Value of Money

Well, if you think that keeping your money at home and letting the time work its magic will make you rich, you are wrong. Money sitting in your safe does not grow because a dollar today will not be worth a dollar a year from now and clearly whatever you are able to afford today is going to be very expensive. Of course, you need to account for inflation because with inflation increasing, your purchasing power decreases. Let your money work for you instead of making it idle.

Borrowing Money Hurts

While time value of money works in your favor as far as investments are concerned. When it comes to borrowing money, the time value works against you. Well, if you borrow a dollar today for your personal consumption, you will have to definitely pay more than a dollar. So, the bank is enjoying the fruits of time value of money. So, why let others take advantage of this important financial secret. Start controlling your borrowings by making a list of absolutely essential items and striking out what is not needed. This way, you can boost your financial health.

How did it get so late so soon? Its night before its afternoon. December is here before its June. My goodness how the time has flown. How did it get so late so soon?”—Dr. Seuss

10 Interesting Quotes on Money Management

Personal finance and money management is a topic which never goes out of date and each day I get to learn something new about finance and money management.  Each day some quote or article grabs my attention and I reflect upon those words later in the day and try to implement in my life. Here are some of the new quotes that I couldn’t stop thinking about. So, here I am sharing with you these words of wisdom.

  • “The speed of your success is limited only by your dedication and what you’re willing to sacrifice” ― Nathan W. Morris
  • Money, like emotions, is something you must control to keep your life on the right track.” ― Natasha Munson
  • If money management isn’t something you enjoy, consider my perspective. I look at managing my money as if it were a part-time job. The time you spend monitoring your finances will pay off. You can make real money by cutting expenses and earning more interest on savings and investments. I’d challenge you to find a part-time job where you could potentially earn as much money for just an hour or two of your time.”—Laura D. Adams
  •  “When money realizes that it is in good hands, it wants to stay and multiply in those hands.” Idowu  Koyenikan
  • Budgeting has only one rule: Do not go over budget.” Leslie Tayne
  • “You are only as rich as your will power.” ― Wayne Chirisa
  • “When it comes to money, ignorance is NOT bliss. What you don’t know CAN hurt you.” ― Sandra S. Simmons
  • “You don’t have to be a miser, just be wiser with your money.” ― Dorethia Conner Kelly
  • If you wish to get rich, save what you get. A fool can earn money; but it takes a wise man to save and dispose of it to his own advantage.” ― Brigham Young
  • “At the end of the day, taking 50% off a $250 dress still means walking out of the store $125 poorer.” ― Ian Lamont