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Easy come, Easy Go

05/17/2010

“Dishonest money dwindles away, but he who gathers money little by little makes it grow” (Prov 13:11 NIV)

So, how do you gather money little by little?

What methods should one use to build wealth with time? Here are a few ideas:

  1. Skip “death by a thousand cuts.” It’s the coffee. It’s the extra bagel. It’s the chewing gum. It’s anything that you REALLY DON’T NEED! Okay, maybe you need the coffee. Understood. But you know what I mean! Sometimes it’s the little expenditures in life that can destroy us financially. Skip the non-essentials in life and save that money instead – little by little! 

    Little by Little

  2. Create a solid foundation – build that emergency fund! Sometimes people get too far ahead of themselves and invest money before they have a solid emergency fund. Don’t try it! Instead, work hard and build up that rainy day fund. Later, you can invest with confidence knowing that if you lose money in the market, you’ll still have your emergency fund if something goes wrong. Don’t jump ahead of yourself!
  3. Invest in many, not few. Spread your money out. Don’t yield to the temptation to “go all in” on any investment (see Ecclesiastes 11:2). That way, if disaster falls upon one of your investments, you’ll be spared by the other investments. Don’t get greedy! Build wealth slowly through diversification and you’ll arrive at your destination.

Remember, it’s all about Patience + Hard Work. We’ve covered the patience part, but what about hard work? I’m convinced that hard work is the means

by which G-d allows us to discover our full potential. Hard work builds our self-confidence and can be an income-producing machine. Easy money easily goes. Hard-earned money tends to stick around.

We’ve all seen or heard of those who walk into a casino and easily win big money. In their greed, they turn right back around and waste it away. They end up with less money than they walked in with. Why does this happen so often? Quick money blinds us to the true value of money. Quick money compels us to try to get more money quickly. As we pursue even greater riches, we trip and fall.

Why gather money little by little? So it doesn’t dwindle away. Gathering slowly will build our character and ensure that our riches aren’t temporary – but lasting.

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