But once a week over the next four weeks, I’m going to take an alternative approach: losing four false financial beliefs. By ditching even a fraction of these lies, one will get a better grip on finances. Credit for these insights goes largely to Terry Felber, a Double Diamond with Amway.
He shared 15 financial principles in a Free Enterprises Days conference last year for World Wide DreamBuilders (WWDB). Here is the first, in a four-part series, of his points as well as reflections drawn from my own experience over the years.
False Financial Belief #1: “You deserve it. Buy it now.”
“Buy now, suffer later” is more like it. As Terry noted in his talk, “If you don’t have the money, you don’t buy it. What a unique philosophy.”
His uncommonly common-sense perspective brought to memory the time that I got my very first credit card, while a full-time college student, and my older sister said we should “break it in.” When I reminded her that I had no source of income and no way to pay it back, she responded, “What does that have anything to do with it?”
That was one of my first clues that people viewed money and how to manage it very differently.
Next week, False Financial Belief #2: “My money issues will work themselves out over time.”