Q&A of the week #3. This question comes from a follower in Canada.
Asking about the mindset work that I do with people. This video is about what you should really invest in life?
Why ‘Buy now pay later’ attitude is so devastating to your finances more than you think?
Add your questions in the comments, and I’ll answer those on the next videos or pm those directly. See you next week! If this video was helpful for you. Please ‘like’ it!
Table of Contents
Here is the full text of the video:
Hello everybody and welcome to another video of Free Financial Self where helping you to get your financial loads.
And we have a Q&A session today and I have a question from Ania from Canada and this is what she asked:
I’m reading it from my computer screen.
“Your financial coaching. You provide training/mentoring on the mindset as an example” she says:
“How do you help someone get rid of buy now pay later attitude? Or is there even the NEED to do so?”
As I said this comes from Ania from Canada. And that’s the question.
Yes. I do work with people on the mindset. If we think about it, people don’t need so much valuables to live on and this is a mindset. This is something we always think that we need something and we need it and we need to buy it and we need this and we need that.
Many-many times we don’t really NEED it. Maybe you WANT it.
And then it’s a question if we really wanna spend your money on this and this is something to think about. So it really depends if this is a NEED or this is a WANT.
These are 2 different lists.
In general, it’s much better to really invest in experiences than in valuables because the feeling that you have when you are buying a valuable diminishes over time. If you think about it, somebody buys a Ferrari as example:
First of all, he’s in traffic jams as everybody else and after 2 weeks or maybe a month, he doesn’t go into the car and thinking “Wow! I’m driving a Ferrari”.
If you really wanna drive Ferrari, that’s great! I also wanna drive Ferrari and what I would do I would rent it for a week. So I will get the same effect as buying it but without buying it. So this is something that you can do with handle the valuable so you’re actually turning the valuable into an experience which is much more valuable for your inner self.
And, for the “Buy Now Pay Later” attitude.
So, if you show people the power of compounding of their money if they’re saving it and investing it, this is very very powerful which actually gives them the ability to understand what will happen if the will save and invest instead of buying things now because this is the opposite effect of compounding because you don’t let your money compounded – just spend it.
So this is really important to understand. So, compound your money, invest and save your money as much as possible. And Invest in experiences and not in valuables.
If you wanna add and be featured on these videos. These are once a week.
Every Monday. Please leave your comments down there. And of course like. And you might be featured in the next video.
Thank you very much!