The wise store up choice food and olive oil,
but fools gulp theirs down.
For me this speaks to the wisdom of making sure some income is always going towards the assets side of the balance sheet. Much of our society immediately spends what they make on “needs” that are simply wants.
One example was someone I talked to a few weeks ago who is chronically short of money. But they live in one of the most expensive parts of our city, renting a house that is larger than they need. There is always a great deal that they’re finding to spend money on. The latest was a high end grill that was $500 but was a good deal because it wasn’t the retail price of $1,000. And then all the accessories had to be purchased.
I’m not being judgmental. Okay maybe a little. I’m sorry.
I’m simply saying that someone who spends money on all the great deals that come along that they don’t need is always going to be short on cash.
I think it was Abraham Lincoln who had a saying that went something like “You can’t get where you’re going if you stop to pet every dog along the way.” In the same way, you can’t grow wealth over time if you spend money on every “once in a life time bargain” that seems to come up every few months.