Personal finance experts don’t get wealthy by following their own advice

Re:Personal finance experts don’t get wealthy by following t... by fartingflamingo on Sunday August 29, 2021 @02:15PM (#28349093)

Therapy.

Also, one short term hack I haven't seen explicitly mentioned yet. Try to enjoy a healthier kind of buying: buy your house piece by piece. In other words, pay off your mortgage early. If you can direct some of your impulse buying towards early mortgage repayment like that, that would be a win!

Try to experience the process of increasing your ownership as close to your senses as possible:

- Can you make the repayments cash transactions instead of online?

- Make these early repayments as frequent as possible. If the bank allows monthly, quarterly or annually only, arrange for a trusted friend to collect weekly or even daily.

- Visualise your progress:

  - Make a drawing/real life 3d model/photo/lego model of your house.

  - Colour the bits of the drawing you now own.

  - Move the lego bits over from "the bank" to "mine/ours".

  - Mark individual stones or pieces of siding as your own versus the bank's.

  - ...

Just don't forget about finding a good therapist!

[ Parent | on HN ]

Re:Personal finance experts don’t get wealthy by following t... by thesmok on Monday August 30, 2021 @05:41AM (#28354103)

> Try to enjoy a healthier kind of buying: buy your house piece by piece.

That's kinda what I've started doing after getting a child: every time I look at a new shiny thing, I think how many ETF shares I can get for that money. A younger me would just buy the thing, a parent me buys the shares. A nice number of money invested, that I can instantly check out in the app, is just as good feeling as having a shiny thing.

[ Parent | on HN ]