Many years ago when I was a younger man I learned the idea that when I spent the little money I had, I should spend it wisely. What is wise? I should spend it on things that will make more money for me, or things that go up in value tomorrow. Unwise spending is buying things that go down in value and are worth less tomorrow.
So for example, if I needed to buy a car, I would not buy a new one that would be worth 40% less as soon as I drove it off the lot. I’d buy a used one. If I paid cash, I would not pay for financing, and I would not need collision insurance.
If I needed a tool for my business, I’d consider if I’d use it enough to make more money. Clothes are an example of buying something that is worthless to anyone after you walk out of the store, and so are most consumer goods. If I was going to make an investment, I learned that it must be a smart one where I would not lose my money, even if the return wasn’t huge.
Most of us have limited funds today. If we want to make our financial tomorrow better, when we do spend money, spend it on things that go up in value or make us more money by increasing our earning ability.
“The Tool” never understood when a older retired contractor friend of my would tell me that I’m spending “the tool” .Most would not listen to him because he was older and they were young and knew better..But my “respect for elders” made me stop and listen ,and I learned a lesson that day,and now think of that for every purchase my family makes:) ( my kids are still learning this :)))
Ted would love this!!