The Hilton family has it. Martha Stewart has it. Donald Trump appears to have it. And you should too. It’s not just money I’m talking about.
And I don’t mean power over others or power to control the world; I mean power over your own life.
Take a look at your life.
Do you pay rent? Your landlord is in control. Do you owe on your car? Your titleholder holds the reins. Are you in debt on a credit card? Your creditor owns a piece of you.
While owning a home is an investment and increases your money power, owning expensive TVs, stereos, designer clothes and jewelry (unless it will increase in value) does not.
Those are the type of things that actually decrease your money power. But there are times when spending more can save you money.
For example, when buying quality products. Better products generally last longer or have a better warranty than cheap ones.
It’s all a matter of buying the best when it’s something you really need or plan to use and keep for a long time.
It may be tricky, but with a little money know how you can stay ahead of the spending/saving game.
Think of all the energy you expend to keep yourself in debt, especially if you work in a job you don’t like or, even worse, one you hate. If a crisis hits, are you financially prepared or do you fall to the mercy of those who have power over you?
There are reasons poor people stay poor and middle incomes can never get ahead. Much of it is in our way of thinking and how we feel about money. Do we respect it and believe we deserve it or are we afraid of it or feel guilty for wanting it?
Ending the cycle
Many years ago, I found myself in a situation that turned my life around. My brakes were shot on my old broken down car, which I couldn’t afford to get repaired, causing me to run a red light and hit another vehicle.
My car was totaled and I couldn’t afford another. For three months, until I saved enough money to buy another cheap, junky car, I was forced to take the bus or have my roommate drive me to work.
From that moment on, I vowed to save enough money so one day I’d be the one in control and I’d never be caught in such an inconvenient, humiliating situation again.
With enough money socked away, you don’t have to put up with unscrupulous business people.
With substantial savings to fall back on, your life becomes much easier and you don’t have to worry about small disasters disrupting it.
If your car needs to be fixed, you can get it fixed right away and take it to a reputable place that might charge a little more (less in the long run).
If the clothes washer breaks, you don’t have to pay that grungy service man $250 to fix a $50 washer, you can buy a new (or good used one) and tell him where to put his socket wrench.
Respect money, respect yourself
If you respect money, when it’s time to buy a house, you’ll have enough saved for a down payment and you’ll enjoy good credit – which means you’ll pay lower interest rates and charges. You can afford a better car (maybe one with a warranty).
You can buy better things that last longer. You can even afford to quit your job if you hate it, and take the time to find a better one or start your own business.
You’ll be able to break the endless cycle of spending more and getting less. (Remember, that’s why the poor stay poor.)
Though it’s not something you can do overnight, you can build your money power by doing small things each day. Start a “power” fund with just a few dollars.
Take that first baby step, and it will lead to another and another until you’re the one in control. And that’s the way it should be.
No one should control your life. Not the banks, credit card companies, credit rating bureaus, or even the government.
They only have power over you if you give it to them. Don’t be their victim.
I suggest everyone read (or listen to an audiobook) “The Total Money Makeover” by Dave Ramsey. It changed the way I view money and it changed my life. It can do the same for you.