Money Doesn’t Require IQ
Many people like to brag about their IQ (Intelligence Quotient) scores. However, most of us can care less since we scored in the average range or below. And, although a higher IQ score can improve your potential for acquiring skills to earn money, there is still the element of acting on those skills.
For that reason, active minds with active plans have a greater chance for acquiring income and keeping it long enough to build wealth.
Most of us are too busy making a living to make the time to become rich. As an employee, you help someone else become rich. As an employer, your employees can help you become rich.
Think and Grow Rich, by Napoleon Hill, is a book about how finding ideas that serve others can translate into wealth. The idea, not your IQ, can make you rich, if you act on it.
Rich People Can Be Stupid
Not all rich people make the news. Most rich people are afraid to let everyone know they are rich, which makes sense for their own safety and the fact that thieves like to steal from the rich!
To say rich people can be stupid has two possible meanings. First, most rich people have fallen into impulsive decisions, on occasion, that can put all or part of their wealth at risk. Of course, a loss will make them more cautious with future decisions. Second, people can become rich by providing a service or product that helps others. They do not have to be smart. They do need the courage and willingness to provide what is needed to develop their ideas. It is a commitment.
If providing a service or product was easy, we would all do it. And many smart people see the work required and avoid that path to wealth. Maybe it is better to be stupid to acquire riches.
Money and Emotions
Being emotional with your money can be a problem. It is only money, not your child.
Granted, money can provide most of what you find enjoyable to eat or do. And those things can affect our sense of well-being.
Most investment advisors will tell you to allow for the ups and downs in the market. The downs, of course, will seem like a threat to your money. It will be hard not to be nervous about that threat. However, investments need a long-term outlook. Therefore, you need to be methodical not emotional as you track your investments.
Even your current spending needs emotional constraints. There are too many stories of people going on spending sprees to help themselves through some emotional event in their lives.
Listen to What Smart People Say
Smart people ignore their IQ and just try to make good decisions and do the right things. Their efforts bear fruit and that is reflected in their accumulation of money.
Certainly, budgeting can make some people uncomfortable. However, smart people have learned that by saving first and living off the rest, they can be more cautious in their spending and make a budget more resourceful rather than restricting. That is, they find ways to make what is available for spending go farther, by shopping for sales or delaying major purchases.
Become aware of your needs and define your wants. Then, you will become a smarter shopper and be able to work with what you have and save for what you want.
You will be much better off over time if you listen to what smart people say and see the fruits of their labor.
Avoid What Foolish People Do
No one wants to be called a fool. However, most of us have done foolish things or spent our money on foolish things. The hope is that we can learn to see what is foolish.
I cannot say that I have avoided foolish behavior. And, I have often justified my foolishness.
Debt is readily available, especially with credit cards. They can give you that foolish sense of wealth.
Credit cards are easy to use. You do not have to wait to make a purchase for something you want. Then, the card payment comes due. At first, this seems reasonable. Then, you start to look at the portion of your payment that is for the interest expense. And you realize how little is going for payment toward the charges to reduce the debt.
It will take a lot of time and effort to get over such foolish behavior! Please avoid what foolish people do!
Learn the Difference
If you are to make improvements in your mindset for money, you need to learn the difference between being smart or being foolish with your money.
Start simple. Take the temptation to spend too much out of your grasp by saving money first. Then, stop your dependence on credit by being smart about how you spend and when you spend.
A budget is a plan to do better. Reality is the test of your willingness to do better.
Read and listen to what smart people say and apply what you think will help you. Foolish behavior is not listening to reason and doing only what feels good. We cannot always afford to get what we want.
Fools are the suckers every person with selfish or evil intentions are looking for to take advantage of.
Smart or foolish? Learn the difference.
Forget Your IQ and Be Smart
Do not let pride get in your way for making good decisions. Forget your IQ, as it will not help with foolish decisions.
Be humble. Be patient. Let time help with your progress to accumulate money.
“A fool and his money are soon parted.” Will that be your story?
You may not be in the news for being smart. But you will feel smart if you find ways to improve your mindset for money and spend wisely and save more money. Accumulation will confirm you were smart in your habits because you listened to smart people.
Then, when you can retire, you will be glad to be able to help those in need. Some in need are there because of tragedy or misfortune. Others are there due to foolish choices.
My hope is that you can become the giver and not need to be the receiver!