A Fool And His Money Or A Wise Money Master? What Side Of The Coin Do You Fall On?

“A fool and his money are soon parted”  (Old English Proverb)

Dating back to the 16th Century, this old proverb still stands up today.

Foolish money practices are all around us – and you may be guilty of some of them yourself.

Think about it. How foolish are you with the money you possess? We are living in a world where many people are coping with the consequences of poor spending, bad financial practices, and lack of foresight regarding the future. We are living in a world beset by debt. Could you be driving yourself into financial ruin? Are you a fool with your money? Or do you implement wisdom in the way you manage your moolah?

Which side of the coin do you fall on? Consider the following.

  • A fool and his money spends recklessly, living for today, and letting tomorrow worry about itself. They treat themselves when payday comes, splurging their cash on their favourite things. Whereas a wise person considers their future, puts money aside and prepares a nest egg for a better tomorrow.

 

  • A fool and his money indulge in vices, spending their money on habits that are not good for them. Addiction rules their life, with impulses leading to bad health, both physically and financially. Whereas a wise person finds a way to overcome temptation. They recognise their weaknesses, and rather than indulge themselves, they decide to do something about those things that are eating away at their finances.

 

  • A fool and his money don’t bother to cook. Why waste valuable time in the kitchen when there are takeaway delights and frozen meals on hand to ease hunger pangs?  Whereas a wise person learns to cook, as this both promotes good health and saves money. A takeaway is the occasional treat, and not a regular fallback option when feeling lazy.

 

  • A fool and his money are content to work at the lowest level. Despite the minimum wage, they are either afraid or unwilling to further their career through any means of promotion. Provided they have enough money to survive, they are reasonably content and happy. Whereas a wise person actively looks to better themselves. Despite the work involved, they realise a better wage can lead to a better way of living.

 

  • A fool and his money looks to get rich quick through investing. They gamble with stocks and shares without proper education or risk management. Whereas a wise person looks for ways to manage risk. From sufficient research to using education tools provided by CMC Markets, they stand a better chance of getting rich through clever thinking.

 

  • A fool and his money still relies on the bank of mom and dad. It’s okay to get into a financial jam because the oldies will always bail them out. Whereas a wise person will stop putting a strain on their poor parents. Rather than rely on help, they look for ways to manage their money so they are less likely to fall into financial ruin.

A fool and his money are soon parted. Whereas a wise person will always have money for those rainy day emergencies and luxury extravagances. So, which side of the coin do you fall on? While none of us are immune to mistakes, and while many of us fall on the side of the fool from time to time, perhaps it’s time we took stock of our lives to err on the side of wisdom instead.

Something to think about anyway, when you’re considering a takeaway for your evening dinner!

 

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