Stop worrying about what stocks to invest in, what savings account to open, or what you will do with all of the money you save. Just save money now and worry about the details later so that you don’t become a financial loser.
I noticed that whether it comes to saving money or working out there are people that always stress about the minor details and never get down to the fundamentals. You know what I’m talking about. These are the same gym guys that argue about which creatine to buy or when to ingest x amount of protein. Coincidentally these are the same people that have a gut, bench 2 plates for 3 reps while the spotter does all of the lifting, and are always complaining about their results (or lack of).
When it comes to money these are the people that are chasing momentum on individual stocks. They are also always stressed out when they hear any financial news using the word “market…” in the introduction.
Do you want to be a financial loser? Most likely not because you take a few minutes of your busy daily schedule to put up with me.
Ramit says it best in his post on we love to debate minutiae:
I prefer to do it another way. Let the fools debate the details. I’d rather get something done by keeping it simple and actually doing it.
If you want to read my thoughts on why you should just save money now and not become a financial loser simultaneously then please read on…
Do your own thing and save money. So what if one of your friends is saving more money by working 16 hour shifts? Do you want to do this to yourself? So what if your buddies go out more than you? If you don’t mind going out less to save more money then keep on doing it. Don’t think about where you will invest this money and just save the money. When the money adds up to a nice chunk of change then you can maybe start thinking about some potential investments.
Don’t worry about where everyone else is saving their money.If you trust your bank, if they provide you excellent customer service, if you are satisfied with the financial results, then who cares about where others are keeping their money? Are you going to change your bank every time another bank offers a slightly higher interest rate? Are you going to switch just because someone told you to? Focus your energy on the “bigger picture” (saving for future, building solid financial habits) instead of worrying about a minor change in interest rates.
Don’t stress about how others save their money either. If you want to have a cup of coffee in the morning then do it. If you want to go away on vacation once a year, then go for it. Save money any way you would like to. You can’t consider yourself a financial winner if you save money by killing your current quality of life just because others are saving their money that way.
Share your goals with friends that care about personal finance and have a similar mindset. Don’t share your money saving tips and perspective with someone that will judge you. Even worse don’t share your financial situation with someone that will tell you what investments you need to make. If someone tries to judge your financial situation then you need to stop the conversation immediately. You’re going is to save money now so that you don’t become a financial loser in the long run.