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Why saving money is a habit of successful people.

Why saving money is a habit of successful people.

Successful people realize that opportunities come in unpredictable ways and times.  Often the only difference between success and failure is how ready the receiver of opportunity is to make it happen.  Finances, like the rest of life, are no different: the people who position themselves in a place of strength are not only better suited to whether difficult times, but they are more prepared to make opportunities become success stories.

 

Saving money can be likened to anything else that requires discipline.  Sure, there are a million things to buy or do right now with that extra 100$ left of your paycheck, but will they really help you in life, or will they just temporarily offer you superficial happiness?

 

Saving money allows us several things:

 

When we save extra money the surplus money in our savings account becomes a shield that protects us against hardship and adversity.  The 5 grand in your saving account saves your house when you get laid off, buys you a new furnace when yours goes haywire, or fixes the transmission on your car when it goes bad.  Having extra money on hand allows us to roll with life’s obstacles and continue on unhampered.  However, for the person without savings to spare, any of these instances can cause extreme hardship, stress, and loss.

 

Saving money also allows us to poise ourselves for great opportunities.  Imagine you get an excellent opportunity in the form of an UNPAID internship, this internship will offer you valuable experience to get into a field of your choosing, but if we are living paycheck to paycheck we will be unable to turn this opportunity into anything of value.  Starting a business, investing money wisely, starting a freelance gig: these all usually require capital up front, and a surplus in saving prepares us to be in a place of power when these opportunities arise in life.


We can’t always control what life gives us, either opportunity or hardship, but we can ensure that our ations place us in a position of power when we are forced to meet these occurrences.  I know the temptations of our consumer driven world, but building that nest egg will serve you better than another toy that gets thrown into an overfilled garage.

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