From ancient Greeks to today’s heroes, these quotes are worth sticking on your wall.
- Quotes can be inspiring and help you stick to your financial goals.
- Warren Buffett says the time to buy is when everyone else is scared, and Dolly Parton says you should always keep something for yourself.
- Even the ancient Greeks had monetary wisdom to share.
Money has been around for thousands of years. During that time, great minds of all kinds shared their views on how to manage it, how to use it, and how to preserve it. But even after thousands of years, juggling the never-ending demands on our wallets remains a challenge. Here are some pearls of wisdom from philosophers, presidents, investors and even musicians – dating back to Roman times.
When does Warren Buffett buy
“One simple rule determines how I buy: be fearful when others are greedy, and be greedy when others are fearful.”
Buffett isn’t the first to talk about buying stocks in bad times. Back in the 18th century, Baron Rothschild said, “Buy when there is blood in the street, even if the blood is your own.” The idea is that when the time comes, people feel optimistic, even high-quality Investments can also be overvalued.
When prices fall, people get scared and panic sell. That’s when savvy investors could get solid investments at lower prices. But like a lot of investment advice, it’s easier said than done. You still have to identify assets that perform well over the long term, otherwise you’re just buying failed assets that could fall further.
Nathan Morris on Borrowing
“Every time you borrow money, you are robbing your future self.”
Best-selling author, speaker and financial coach Your 33-Day Funding Action Plan and other books on money management, summarizing why borrowing is not always a good idea. Of course, there are different types of debt—a mortgage is not the same as taking on high-interest credit card debt. But at some point in the future, you will have to repay the money you borrowed, plus interest.
If you find yourself trying to put a holiday, new clothes or restaurant meal on your credit card because you can’t pay up front, remember Morris’ words. You pile misery on your future self so you can buy things you don’t need today. Instead of taking out debt to buy something now, put your money aside so you can pay it off early in the future.
President Joe Biden on How We Spend
“Don’t tell me what you value, show me your budget and I’ll tell you what you value.”
It’s all too easy to put off budgeting, but it’s a great way to keep track of your spending. It can also reveal a lot about you. The way we spend our money is a powerful indicator of what matters to us. If you’re not sure where your money is going each month, try a budgeting app to help track your spending. You might be surprised by what you find. A budget can determine ways to save money, but it can also help you make sure your spending aligns with your values.
Benjamin Franklin on living within our means
“If you know how to spend less than you get, you have a touchstone.”
One of the core principles of dealing with money is to spend less than you earn. That way, you can avoid taking on debt, save your savings for emergencies, and invest for the future. It’s not easy when you’re dealing with seemingly endless demands on your wallet, but it’s really a method anyone can use to slowly build up their wealth.
Albert Einstein on compound interest
“Compound interest is the eighth wonder of the world. Whoever understands it earns it…who doesn’t…pay.”
Compound interest is essentially how you earn or pay interest. This is a powerful force that can save a lot of money. For example, let’s say you invest $1,000 in stocks and get a 7% return. In 10 years, that $1,000 could be worth nearly $2,000. If you put it on hold for 30 years, it could be worth over $7,500.
However, as Einstein pointed out, if you are in debt, it can also cost you dearly. Say your credit card balance is $1,000 and an 18% fee is charged. If you pay at least $25 per month, the amount you owe will continue to accrue interest. It will take you more than five years to pay off the debt, and you will have to pay an additional $500 in interest.
Epictetus on desire and possessions
“Wealth is not in having abundant possessions, but in having few needs.”
Let’s jump from the words of the 20th century physicists to the words of the ancient Greek philosophers. Epictetus was a enslaved man who eventually founded his own school of philosophy. There is often no end to what we want – you save up for a new tablet, but then you want accessories to go with it. Or you buy a trendy piece of clothing only to see another incredible piece of clothing that you also want. Epictetus’ words remind us that sometimes wealth is an attitude toward life, not something we have.
Oprah Winfrey Thanksgiving
“Be grateful for what you have; you end up having more. If you focus on what you don’t have, you will never, ever have enough.”
There will always be people who have more than you, and people who have less. Remember, many rich people don’t live in fancy houses or drive expensive cars. Many people who live flashy lifestyles are not necessarily rich. If you focus on what you don’t have, you’re more likely to take out debt to buy things you don’t necessarily need.
Dolly Parton takes care of herself too
“Always keep something for you.”
This advice from Dolly Parton’s mother applies to all areas of life. Giving is often its own reward, but if you don’t take care of yourself, you may end up in trouble. Whether it’s the way you work, the way you handle your money, or your relationships with others, keep something. Save a small percentage of your income, make time for things you love, and try to find a work-life balance.
Money is something we use every day, but a lot of people are nervous about talking about it and often just hope it will work out on its own. But a lot of the wisdom of all these great thinkers comes down to being aware of how you use your money. Whether it’s realizing how your desires can affect your ability to save, or avoiding high-interest debt so your future self doesn’t have to pay it off, understanding how money works is the first step in building a strong financial foundation.
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