I have tasted poverty. I have been hungry and desolate. I’ve had to heat my bathwater and my home in the winter using the stove. Before you stop reading, this is not a pity party. I’m only bringing this up to make a point. I have learned so many things as I clawed my way out of poverty, but one sticks out above and beyond all others.
I overheard this piece of advice in the bank one day while I was waiting for someone to notice me sitting there in the customer service area. They were joking with each other when they said it, but their little joke changed my life.
One of them said to the other, “You know you can’t put all of your eggs in one basket.”
This comment seriously got me thinking. I wouldn’t eat the same thing every day. I wouldn’t let my kids only experience only one fun thing in life and then call it a day after that. I could think of a thousand other crazy scenarios, but the point was that I had been putting all of my eggs in one basket my entire life. I had even been proud of that fact and had called myself a loyal customer.
I made immediate changes to rectify this and have only come out better for it in the end. It changed things for me in every aspect of my life, but for brevity’s sake, I’m just going to talk about how it helped me financially.
I had maintained one checking account for twenty-five years at the same bank. Immediately, I opened two more checking accounts at other banks (one was strictly an online bank). Instantly, I found that I was saving more money and spending less because it felt like I was poorer than I actually was with my money spread across the board.
I then did the same thing with my savings accounts. I also made sure that they were not linked to any of my checking accounts, as that made it too easy to transfer money when I wanted to make an impulse buy. I won’t deny that impulse buying is a bad habit of mine.
After that was successful, I opened three investment accounts. I used one for high risk, one for low risk, and one for mutual funds. I then set aside some money in bit-currency as well.
Mind you, I did all of this with the bare minimum of money required to open these accounts. This amount was usually around $25.00. But, after several months, I was accruing savings and I was spending less.
You can take this advice and use it in other areas of your life as well except for your love life. That doesn’t tend to end up well for a lot of people, especially if they’re not aware of the change.
The second best advice I ever received was not to eat yellow snow.