Many people learn and understand finance (including personal) through little tricks or sayings.
What are your favorites?
One of my favorites: Invest first that way you never see the money that went there and you never miss it.
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The bank knows the value of a penny.
That one has always stuck with me. It's part of my budgeting practices all my life!
Can I afford to give these fuckers this penny?
That's a good one. Another good one is "Don't step over dollars to pick up pennies". Saying not to make high time preference decisions based on an immediate smaller reward compared to a larger one. I also think it applies to relationships. If you're always the cheap friend, you may stunt the growth of your friendships or eliminate the possibility of reciprocation if you're ever in need.
Generosity towards friends is also mentioned in the Havamal (Norse words of wisdom said to be bestowed by Odin himself):
41
With raiment and arms shall friends gladden each other,
so has one proved oneself;
for friends last longest, if fate be fair
who give and give again
Oh man the "Don't step over dollars to pick up pennies" that is time=value. People spend so much fucking time doing the most mundane things. Commuting and vehicle ownership (heavily dependent though) are two of my biggest thing I weigh with that thought.
But these days time is the most precious thing...that is ownership. Combine that with some good health practices...you can still have a pretty decent life if you're smart...I hope...haha...
I've had the conversation as well and people are often like...huh...yeah I do end up taking home way less money when you look at it like that. But again that's very inward of my thought process...as is my Monero world.
Those are some wise words from a wise god. I appreciated you sending me down this rabbit hole!.
Thanks!
Yeah, in some areas vehicle ownership is a necessity (because of the sparse geography), but it's often taken way too far. I've been incredibly frustrated by people who make very poor conspicuous consumption choices around cars. Getting new cars every two or three years. Buying "nice" cars when you can't afford it. I've known many people who are in a state of perilous financial security who decide to spend big money on a car anyways.
Commuting kills your soul. I've been there and done that and it is the absolute worst. I'll never do work that requires it. It's essentially unpaid torture before and after work. Actually it's worse, you pay for it. You're paying to be tortured.
Glad you liked it. I'm thinking of doing a weekly havamal post where I read one passage from the havamal and talk about it a little. Then I can expand to other Norse texts. A good way to share the knowledge and provide discipline to ensure I read and retain it.
For me, nothing beats this financial trick:
"The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run"
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That's a great one. Thinking of money as the time you spent to earn it is a good way to be more savvy. It also could be applied to investing your time in something non-monetary. I greatly enjoy quotes and passages where you can get multiple things from them just by thinking about them from a different perspective.
You have to earn $2 back for every $1 you lost. Protect your capital.