Do You Hunger for Money?

Spend less than you earn. Pay yourself first. Save 10 percent of all of your earnings. These are some of the most basic principles of personal finance, yet millions fail to do this. There are hundreds of personal finance books that talk about these financial basics, and more are on their way. Simple solutions are often not that simple for many people, but they should be.

People let their financial focus dim when they see something they want, especially if a friend, family member, neighbor, and even an enemy owns it. These days we are able to get the things we want by using credit cards and various other loans. This route has become too easy and shows no sign of stopping.

Many years ago, credit was not so easy to come by, so people had to do without or they acquired what some call money hunger.

Money hunger is when a person hungers for wealth and they become more aware of wealth creating possibilities around them. They focus on how to obtain wealth. They thirst for knowledge on wealth creation; they seek out opportunities to gain more money to get the things they want. This is how you should go about getting what you want, not using someone else’s money just to keep up with the Joneses.

Think of all the stories about how wealthy people started out poor only to work their way to a better life. They were hungry for money. They knew what it was like to be without what many of their peers had, and they did not want to live that way the rest of their lives. They became stronger through their struggle for wealth.

No one likes to struggle. If there is an easier way, most of us will take it. That is where credit cards have become such a pitfall and have taken away many peoples’ hunger for money. People think to the future only to figure out if they will be able to pay the balance, only to charge even more with the same thought in our head. When they bill comes due, they find they have miscalculated and will only be able to pay the minimum balance. Then the cycle begins all over again. They have lost the focus and clarity money hunger brings. People need to think about their future and plan by saving money today for tomorrow.

I am not saying credit cards are completely evil. They serve a purpose for emergencies when the cash is just not there. They are also useful in providing a level of safety in some situations instead of carrying cash. In addition, you build a good credit score by using them, giving you a better chance at getting a job or buying your first home. Nevertheless, people need to become more dependent on their actual earnings, not what the bank is willing to loan them. In addition, if they feel they need more, they need to get hungry and look for ways to earn more.

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7 Responses to Do You Hunger for Money?

  1. dan says:

    I agree that money has become to easy to get and this has made the fire of people to want to earn it die down.

  2. FinWhiz says:

    Credit card debt IS evil. There is not one GOOD reason to own one. And as far as wanting what my “Neighbor” has? Never would I want all of their debt. It’s insane.

  3. ben says:

    There isn’t one good reason to own a credit card? I would hate to take advice from you.

    1. They can help your credit score which can mean paying lower payments on mortgage and auto loans

    2. They offer protection on purchases that cash doesn’t.

    3. They off cash back / rewards

    4. They offer freebies such as luggage insurance while traveling and some rental car insurance

    There are four times as many as requested and I can give more. I hate it when people begin to personalize a credit card. it’s not evil. It’s a tool. You can use it however you choose.

  4. finwhiz says:

    Sorry Ben, no one has ever gotten rivh from their credit card perks. People who take advice from me break the addiction to credit cards and are forever out of the hassles credit cards bring. Most people who love them like you are addicted. And that’s okay, if that’s what you want out of life. Having no credit cards means I have the actual MONEY to buy luggage if I want to.

  5. ben says:

    Never said that they did, but they make financial sense if you use them correctly and financial sense is what you need to accumulate money.

    And people do stay a lot richer when their credit score lets them borrow money at better rates.

    Having credit cards means I not only have MONEY to buy luggage, I have the money, I am protected if the airline happens to go bankrupt, I get free travel insurance on the small chance I die, I have luggage insurance in case my luggage gets lost, I don;t have to pay for any extra insurance on my rental car and I even get money back for it all at no extra charge.

    You make the poor assumption that using credit cards means you are in debt. You are only in debt if you don’t know how to use them correctly. And if you don’t know how to use them correctly (or can’t admit that they can be used for an advantage even if you can’t), then you haven’t learned a lot about personal finances.

  6. finwhiz says:

    Ben it is NOT a “poor assumption” you are going into debt. You are playing with the sharks, and you will get bitten.
    If you really want a high “I Love Debt Score” then by all means, keep doing what you are doing. Have you read “The Millionaire Next Door”???
    I have learned a lot about personal finance. And no one that I counsel wants to be a slave to the cards any longer. Credit cards are strictly for people who do not have any money.

  7. ben says:

    Sorry, it is apoor assumption because you assume that I;m in debt. I’m not. In fact, I have a net worth that is likely a lot larger than yours. I have never paid any interest to a credit card company. I have always paid my cards in full each month.

    You make a poor assumption because you have had trouble with credit cards in the past. Not all of us have.

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