I first learned what a paradox is in a JSS 1 Literature in
English class on ‘Figures of speech’. My teacher explained a paradoxical
statement as one with two contradictory words placed side by side, or a self
contradictory statement that still makes sense in spite of the obvious
contradiction. For example bittersweet, cold fire and ‘that Lion is gentle’.
Paradoxical statements sometimes sound ironic (Irony, itself being a figure of
speech).
In personal finance, the key to becoming financial free (-which
I define as being able to buy anything because you can afford to), is to not
buy everything (commonsense!), or anything at all even though you can afford
it.
Don’t go about buying things simply because you can afford
it, definitely is paradoxical. Then what’s the whole purpose of being
financially free- being able to have anything because I can afford (to have) it
if I won’t but it even then?, you ask.
Exactly, it is because you go about not buying everything
you see that you can afford anything you see.
When you teach yourself to curb your expensive impulsive
spending habits, you will learn over time that human wants which are infinite
and insatiable are best checked by knowing what your true needs are. Remember ‘Scale
of preference’ in Economics? Accept the fact that we live in a world of
infinite wants and limited, scarce resources of meeting them. Set a priority on
your needs and wants according to the amount you have budgeted to spend on them
for that month, and you will end every month of your life happier than you
started it.
You don’t need money to make money. But you need money to
make more money -paradoxical….? I know!
Start to trim your wants today so you can have more money
to make even more money tomorrow.
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