By Donny Gamble
Donnie helps his readers learn to invest and teaches them the values of financial independence at his site Invesmint.com. In this post – Donny shares what one person could do with an extra $100 in their pockets.
Have you heard all the cash incentive awards you get just from listening to the radio. But let’s say you did win $100 or you just found it lying on the street. What would you do with the extra cash. Invest it? Go on a shopping spree? Pay a bill? Purchase new software? How would you spend your free money?
Well before you answer, here’s something to ponder. How you spend your money says a lot about what you value. I know people (I won’t give names) who drive around in nice cars but are couch surfing week to week. I also know several people who purchase used clothing, used house wares, used cars—used everything, but these folk seem to have more money than they know what to do with. Personally, I think their buying habits are smart.
Resistance to instant gratification pays off in the long run. I won’t debate that ignoring temptation is tough. As I look around, I can see where I always haven’t made wise buying decisions. Now I take my time before reaching for my wallet. Basically that’s the rule of investing. Don’t rush. Explore, investigate. Consider your options and look for better alternatives. Think about whether your purchase now will be better in the long term. Will what you spend today really serve a need or will it just make you feel better just for the time being.
Imagine you just got $100. It’s yours totally free and you can do whatever you want with it. What have you learned about investing that would enable you to make that money gain more value?