By Donny Gamble
Donnie helps his readers learn to invest and teaches them the values of financial independence at his site Invesmint.com. In this post – Donny shares what one person could do with an extra $100 in their pockets.
Have you heard all the cash incentive awards you get just from listening to the radio. But letâ€™s say you did win $100 or you just found it lying on the street. What would you do with the extra cash. Invest it? Go on a shopping spree? Pay a bill? Purchase new software? How would you spend your free money?
Well before you answer, hereâ€™s something to ponder. How you spend your money says a lot about what you value. I know people (I wonâ€™t give names) who drive around in nice cars but are couch surfing week to week. I also know several people who purchase used clothing, used house wares, used carsâ€”used everything, but these folk seem to have more money than they know what to do with. Personally, I think their buying habits are smart.
Resistance to instant gratification pays off in the long run. I wonâ€™t debate that ignoring temptation is tough. As I look around, I can see where I always havenâ€™t made wise buying decisions. Now I take my time before reaching for my wallet. Basically thatâ€™s the rule of investing. Donâ€™t rush. Explore, investigate. Consider your options and look for better alternatives. Think about whether your purchase now will be better in the long term. Will what you spend today really serve a need or will it just make you feel better just for the time being.
Imagine you just got $100. Itâ€™s yours totally free and you can do whatever you want with it. What have you learned about investing that would enable you to make that money gain more value?