One of my all time favourite podcasts to listen to is Brooke Castillo. She is an amazing life coach and I can’t lie, I’m totally addicted!
She had this amazing blurb on saving and investing that I want to share with you.
These are my notes from her talk:
Every time you make a purchase you are either spending or investing. Both are important.
Spending money means it is gone. There is no financial return coming to you (although, yes, you clearly will have some enjoyment from your purchase). Investing money means it has the potential to make you money in the future.
Here are two questions to ask yourself every time you are making a purchase:
Does the money you are spending have the potential to make money in the future?
Or is it a spend that is just worth the money?
If it is neither, then walk away.
You should have a nice balance of both spending and investing.
Here are a few of my favorite spends:
- a nice new pair of stilettos
- buying a treat for my girls
- traveling absolutely anywhere
- a latte from my favourite cafe
- my sports car
Here are some of my favorite investments:
- my iPhone 6S
- my laptop
- my life coach and business coaching
- books that enrich my life
- traveling to conferences or to learn more about something
BOTTOM LINE: Spending and Investing are both important. Investing in yourself doesn’t always have to mean saving money. Spending money doesn’t have to be a negative thing. Balance is important.
