Top Wealth Creating Habits, Part 4

Transform Your Spending Into Investing – Overnight!

Does your spending get ahead of your pocketbook? Does investing sound like a far reach to you? If so, never fear! There are some very simple ways to transform your spending (or overspending) habits into investing habits.

The transformation of any habit can take time, but if you just remember to take one financial transaction or one “urge to splurge” at a time, it will actually be quite simple. Check out these simple ways to change splurging into investing:

  • Buy to Sell: If spending seems to satisfy something in your soul, one way to handle that is to buy to sell. If you must splurge on something, make it something that you can resell later. For instance, if you buy CDs, books or DVDs, you can always resell them later on eBay or Buy with an eye on reselling and you’ll make back at least ½ of what you spent. Then, take it one step further and invest all the proceeds of your resales into some stocks, bonds or further inventory to resell. Learn to buy well so you can sell well.
  • Buy Stock Instead of Products: The next time you feel the urge to splurge at your favorite designer outlet, HALT! Instead of getting in your car to buy some products, pick up the phone and call your broker – buy the stock instead. If you spend $50 on stock rather than clothes, you’ll have invested $100 into your future financial freedom – the $50 you saved not buying clothes and the $50 you invested that will now work to increase your wealth.
  • Eat Less: Every time you eat out, whether it be fast food or sit-down meal, spend a little less than you normally would. For instance, if you normally order a Coke and dessert with your meal, try ordering water and no dessert. Then, take the money that you save, the actual cash, and put it in a jar. When you begin to associate your spending with your saving and investing, something positive eventually begins to shift in your perceptions about money.
  • Buy Cheap: Yeah, we all like to have the new stuff, but when you have that urge to spend your hard-earned money, try buying cheap. Places like Goodwill, Savers, Salvation Army and eBay have tons of lightly used stuff for cheap. It satisfies that urge to spend without breaking the bank.

Remember, don’t make the transformation of your bad habits a chore. Use simple and practical techniques, applied one financial transaction at a time, and transformation will be a cinch!

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