Learn these finance lessons for a richer life

Mary Fox Luquette
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Mary Fox Luquette

Finance is about money — making it, saving it, and helping it grow. For many people, their lives revolve around these three activities. However, making money, no matter how much you make, does not make a person’s life rich.

A rich life is based on that intangible quality that makes a person content. Although many people believe that money brings contentment, this is not really the case. Consider all the rich people who have had multiple marriages, have gone bankrupt in spite of earning millions, or whose family is quite dysfunctional. Money did not solve their problems or offer comfort and contentment.  

There are some basic life lessons that should be embraced and infused into our lives, if possible. If they can be adopted, they can alert us to those impracticalities that reduce our quality of life.  

READ MORE:5 financial tips to live by starting now

1. The biggest killer of our long-term goals is impulse buying. We can see a bright future for ourselves based on what we want to accomplish. We set a goal and work hard toward achieving it. Then suddenly we see something that is a “must have” item.  So instead of sticking to our plan, we buy the “must have.” Now our goal is farther away and will take longer to realize. Impulse buying satisfies the here and now, but ruins our future. If we can remember this, we can make a plan to avoid temptation.  

2. Our expenses should be based on building memories, not acquiring stuff. Impulse buying provides momentary satisfaction. Look at garage sales. How much did all that stuff originally cost? Now it is no longer wanted. When buying, think long term and long-lasting. Current trends and fads fade. Put your money into providing a quality of life — time with family and friends, working with a charity, or creating picture-worthy moments.

3. Advertising is designed to separate us from our money. Although advertising does provide us with information on products that we are considering for purchase, the main goal is to separate us from our money — to convince us to buy things. It is designed to present a product in the best possible light and create a need to acquire it. Advertising tries to alter our thinking so that we believe what we don’t have is better than what we do have. In many circumstances, the new is no better than the old. It is important to consider this when viewing any form of advertising.  

4. Failure can propel us to achieve better things. Many people fear failure. A failing test grade or a failing business can send some into a panic. But failure can be a springboard. Failure illustrates what we did wrong. We can remember what did not work and dedicate ourselves to doing better the next time. Often failure is the start of success.  

5. Money doesn’t buy happiness. We have heard this a lot. However, we still think that the answer to our problems is more money. If that is the case, then why do lottery winners want to remain anonymous? How many winners blow through their winnings in a short amount of time? How many have discovered that money can be more problematic than beneficial? Millionaires are not immune to the problems that life throws at us. We need to find our happiness in those activities that are lasting, memorable and rewarding. Happiness is not based on things but on the personal connections we make every day.  


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