4 Ways Saying No Can Make You Richer

If you’re someone who finds it hard to say no, it’s time to rethink the way you think. Saying No Can Help You Build Wealth.

We are used to being polite, to being helpful and to saying “yes” whenever possible. If you’ve ever heard a 4 year old say, “You’re mean! Because you told him no, you will understand how early one learns to associate the word “no” with negativity.

The problem with always saying yes is that it can be costly, emotionally and financially. Here are four ways saying no can make you richer:

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1. Say no to the lack of time

Time constraints are obligations that drain you of your energy and distract you from your concentration. They start out pretty harmless. In fact, the invitations to participate in time-sucks look like this:

  • “You must be part of the board of directors! We need someone with your unique ideas. “
  • “Can you watch my children, just an hour or two?” I haven’t had a break in weeks and think I might crack up if I don’t run away. You are always so good with them. “
  • “You wouldn’t mind helping me with this project, would you?” The boss wants him for a meeting, and you’ll make us all look good.

No matter how much flattery comes with the request, anyone who asks you to devote time is asking you to donate a part of your life. Of course, if you have the time available and decide to give of yourself, it can be rewarding – if that’s what you want to. However, if there’s a little voice in your head that says you’ve already had enough on your plate, listen to it.

Here’s what saying no to lack of time can do for you financially:

  • Gives you more time to focus on your job, earn more money, and build wealth, whether you’re working for yourself or for someone else.
  • Gives you time to work on the kinds of projects that make you stand out at work, which will help you the next time you ask for a raise or apply for a promotion.
  • Gives you time to plan for your future (only 3% of Americans spending time each day dealing with household financial matters. Don’t let time stand still between you and your money).
  • Offers you the opportunity to rest and recharge your batteries. The more refreshed you feel, the more productive you will be.

2. Say no to offers “too good to be missed”

Have you ever made a impulsive purchase, just because the price was so good you couldn’t pass it up? American businesses spent nearly $ 198 billion on marketing last year. They know exactly how to grab your attention and make you think, “I can’t leave this tackle box here. It’s a great buy! »Even if you don’t fish.

There is no need to buy something that you don’t need just because it’s on sale. Stores love it when you do it because it helps them clear the warehouse, but it steals money that you could put in a interest-bearing savings account or investment.

Here’s how to teach yourself to say no to offers: try to see yourself in 10 years. Will you still be using the item for sale or will it collect dust in your basement or garage? What if, instead, you opened a IRA without minimum?

Suppose the sale item in question costs $ 10. If you let the sale go through and transferred that $ 10 to an IRA, you could make it work in your favor. Assuming your IRA has an average annual return of 8%, a single $ 10 investment would be worth more than $ 21 in 10 years. Passing on a $ 20 item and investing the money instead would give you over $ 43, and choosing an investment over a $ 30 item would give you close to $ 65.

And that’s one shopping trip. Imagine having lots of “too good to be missed” offers throughout the year. Each pass could be diverted to an investment designed to earn you money.

3. Say no to following the crowd

As humans, we like to fit into our pack, to be accepted by our group. Unfortunately, we often try to fit in by doing what others are doing, even if it’s not good for us. If all of your friends are buying a house before you’re financially ready, don’t. If your friends are going on a group trip that you can’t afford, plan another trip and save for this one.

The truth is, real friends don’t care what car you drive, what clothes you wear, or what furniture they sit on when they visit your home. Say no to follow the crowd It’s the same as saying yes to your innate worth as a human being, minus all the pitfalls.

Oh, and if you don’t have friends who care about you in a way that makes you feel safe and respected, find some new friends.

4. Say no to debt

Who among us hasn’t been tempted to charge for something we can’t immediately afford or take out a bad credit loans"}” data-sheets-userformat=”{"2":513,"3":{"1":0},"12":0}”>bad credit loans for more than our budget? Learn to say no to debt as often as possible. One of the following two things will happen if you wait to pay cash for the things you want:

  1. You will appreciate it more because you worked for it and waited, or
  2. You’ll decide you don’t want it after all, saving money

Have you ever heard of someone who turns around at night, worried that their investments are earning too much compound interest or that their savings account is getting too big? Not likely.

Sleepless nights are most often associated with having more debt than we can handle. In fact, most debts are taxed with a psychological cost. Of course, we are exchanging money (and financial security) for debt, but we are also exchanging a sense of well-being.

In a study conducted by The Ascent on the psychological cost of debt71% of those polled in debt said they thought about it more than they would like, and 69% of those with credit card debt said they were ashamed of it. Is getting something you want right now important enough to risk feeling bad about yourself?

Sometimes the nicest thing you can do for yourself is say no, either to yourself or to someone else. It may be uncomfortable at first, but keep practicing. It becomes easier.


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