Habit of Saving Money Good and Bad | Basic of Property Investment | Property Investment in Australia

September 3rd, 2020

Hey guys, today I wanted to talk about the habit of saving money. It’s good and bad. I just wanted to share my views on something that I’ve been doing wrong most of my life. I wanted to share with you is that saving is a good habit but it should only be done in order to when you’re wanting to let’s say you want to buy a house, right?

So you’re saving money for a certain point in time. And then you save your deposit and you buy the property. That’s a good habit. Right? So spend beyond your means and all that. But on the other side, I see a lot of people just trying to save every penny from everywhere and the mind and energy so much consumed in saving money all the time that they can see the big picture they get blindfolded because of the whole.

A focus or the energy that they spend throughout the days whether they are going on small shopping, like everyday shopping of course you need to be smart with how you spend your money, but at the same time, you can’t be just overly focused or spend too much time in saving maybe $3 or $5.

That you’ve wasting one hour or two hours doing all that, I see people doing that. So that’s why I wanted to discuss that in detail. What I’m trying to say is our focus should you spend money wisely, but at the same time, your focus should be on increasing your wealth or sharing good memories with your family making good memories with your family.

Spend some more time, rather than saving $10 somewhere. If you are already time-poor and you’re trying to save that extra $10, but which is costing you maybe one hour or two of your family time, that’s not a good thing. So you need to focus on the bigger picture. Bigger picture means, you go to professionals when you want to buy properties or you want to do something, even if you want to go travel rather than spending three days to find the best tour packages. Why not go to a travel company? 

Which you like, or which you think is very good, go to a trusted party and then talk to them about your comments and let them find you some good options rather than you spending your valuable time, which you already have very less of, so you should rather use that time to either do more making activities. Either you have a second job or you’re doing a side hustle, a side business, or something like that, or you’re just spending time. Do you have family or you’re doing your gardening or hobbies or whatever? So focus on the bigger things.

Where can you be in the next 10 years or the next 15 years? Do you want to get reached by just saving everything penny from everywhere? I can definitely tell you that you can’t get rich by saving money, or you can get wealthy by saving, saving just money. It’s a good habit, but at the same time, you need to learn about investing how your money can work for you.

How can you increase your income? Those are the things that you need to focus on. How can you enjoy more time with your family or your hobbies that are going to give you more fulfillment or more wealth in the long run, rather than just running after every single dollar here and there?

So I hope I was able to drive the point home all I’m trying to say is don’t be how do they say like, penny smart, but dollar Felicia, you save 10 cents or $10 from one place, but you lose because you didn’t research because you didn’t go to a proper person or a professional person you lost out on maybe $10,000.

That’s something that you do not want to do, and you cannot afford to do that. So focus on the things that will take you ahead by leaps and bounds, not by $10, $20. So that’s why sometimes I joke around with my friends if it’s not if a conversation is not worth at least $10,000, don’t even talk to me about all these things.

It’s very subjective, but that’s the way you should be thinking. I think on the bigger priorities in your life and there are different stages of life. There are stages where you really need to save money because you’re starting to have some money saved for going things like education or whatever.

But after you have some established you have established yourself here a bit more stable, then you should definitely look at ways where your money comes from your money you invest money and the money makes money, or are you getting rental income or you’re spending more time with your family and all that.

So that’s all for now. I hope this video will make sense to you guys, and until next time you have a good one and enjoy, enjoy as much as you can. 

Thank you.