Just as important as learning the skill of how to spend money, is the art of no spending. Don't buy things you don't need. Here's how to spend money on yourself, your business and others.

24. April 2024 by Click insider / Money

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How To Spend Money

Money is best spent when it serves a higher purpose. Wasting money on crap and things you don't need is such a waste. Don't waste money, if you can spend it well.

Spend money on yourself. In a good way. Avoid buying that needless outfit, the latest irrelevant cell phone model, futile home decoration. Don't buy just to impress others. Don't make impulsive purchases. Don't let your cravings determine affect your flow of money. Spend money on what really truly matters to you, on a personal level, deep down.

Spend money on your business. If you run a business that serves a higher purpose, and your business itself has value to you, invest money in your business. A business isn't a real business if it's not profitable. Once your business makes money, re-invest your profits until it grows into your dream business.

Spend money on others. Your kids and relatives, friends, local community, support causes you care deeply about, philanthropy. But don't fool yourself. There are many stupid ways to spend money on others, and what you think you're doing may not be what you actually are doing.

Philanthropy is often nothing more than a cleverly disguised tax hack. Lots of people give money away just to make themselves feel better. These are selfish acts, and while not inherently bad, it's not altruistically motivated. If the end goal of these selfish acts is happiness, there's a better and faster way; Seek to actually help other people or support causes you care deeply about. This might not even involve altruistic spending of money, but rather giving your time, knowledge or any other valuable resource you might have. Instead of first making tons of money, then donate to philanthropy, try this: Start a business which is making a huge difference in the world. Start a business you believe in. Start a business that serves a purpose. Start a business that you are genuinely passionate about. If you're seeking to make the world better, this may be the solution. The solution the world needs is not to tax the rich to hell, or to make billions by selling crap and then donate to charity. The solution is simply to start awesome businesses that will make life on earth better.

Don't Buy That Thing

Don't buy things you don't need. If you really need it, and you can afford it, then it may be okay to buy it. But if you don't need it today, and the price will be the same tomorrow, you can wail till tomorrow. Restrict even buying basics like food, electricity, a roof over your head, shoes, clothes, and even a phone and computer is elementary in today's world. While you need the basics, most people buy too much of even the basics. Owning hundreds of outfits does not make you more happy than owning less.

Don't buy crap. Crap does not work. What you want to buy is quality. Things that last. Things you do not have to replace often. Things that have value and utility. Things that does not fall appart. Things that isn't harmful in any way, shape or form. Just don't buy crap. The implication of this is that you now can ignore at least 80% of all the shops anywhere, and you can ignore 80% of the things inside every shop, perhaps even more. The crap/no-crap ratio is probably somewhere in the 80/20 to 99/1 range. Life as a consumer becomes way way way better once you just ignore the crap altogether. If you buy less crap, you'll consume less crap. Less crap in your life means there will be more spacetime for things that are not crap, and that's probably a good thing. Everyone is different, and as unique individuals we value different things. What's crap for one could be a gem for others. But there's that kind of crap, and then theres pure crap. Literally crap. Things nobody should ever buy. Repeat: Do not buy crap.

Don't buy things to impress other people. such as the newst phone is a waste, if the thing you already have is fulfilling your requirements. Don't buy things because of status or signalling. If a person buys a giant billion dollar mansion or a ten million dollar car, they might be impressed about the mansion or the car, but they might not even notice the owner. Don't buy to impress.

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