I started to research a couple of money-related topics, like investment, frugality or how can I make a passive income. I see the following patterns emerging:
It’s very important to think about investments in the long term. I can’t get a 50% profit in a day, it’s more likely that my funds will get a 5-10% percent increase in 25-50 years. If you’re making millions on stocks or something, it’s very likely that you had luck or it’s your job that you do all-day. For me, it’s more appealing when people take their time, research and understand their investments. I like this related Warren Buffett quote:
Never invest in a business you cannot understand.
I have to reconsider my relationship with money. It’s important to think about every purchase as an investment. Every asset/tool I buy has to have a job.
There is a need to stop the urge to buy new stuff constantly. If I always chase after new things, then I’ll miss the ones I already have. I want to invest more time into rediscovering what I have and sharpening my existing tools.
I have to make a habit of checking YNAB Trends on a weekly basis. It gives me the statistics required to know where my money went, so I can adjust my budget, but more importantly, I can reflect on how well my purchases serve me.