Comments on: Financial Freedom Quick Tip #32: Pennies vs Pounds

By: Bad Entrepreneur

Bad Entrepreneur — Wed, 05 Nov 2008 04:27:34 +0000

Yeah I think it is a case of finding a balance… Its great to set your goals on ‘the next big deal’ that is going to make your small ‘cash flow issues’ go away, but if you are not keeping an eye on those smaller amounts, you might get a nasty surprise when those small amounts start adding up

By: Re@PeR

Re@PeR — Sat, 18 Oct 2008 18:47:10 +0000

Internet marketer Derek Vitalio has an exact opposite mindset, his mindset is, instead of spending time worrying over the small amounts, rather spend that time on projects that will make those small amounts obsolete, but after studying his work for a while, I realised that he too had to live in a scarcity mindset before he was able to squander small and large amounts of money left and right.

By: Francois Viljoen

Francois Viljoen — Wed, 08 Oct 2008 10:09:51 +0000

@Sharon

Thanks Sharon. I’m still smiling at the death to AMEX card. You’re like the grim reaper of credit card companies.

@Liquid

Yes, you are right. It is difficult for many people to grasp why they should try to cut or save little amounts here and there – it seems like nothing.

The thing is – it is only for a while. In my case it was about 2 years of watching every cent.

In the beginning it is really small amounts, but they grow bigger and bigger over time. Your “frugality boundaries” shift outwards, the more financially independent you become.

By: Liquid Trader

Liquid Trader — Wed, 08 Oct 2008 05:12:51 +0000

Agreed. I think a lot of people though are put off of any kind of savings because they want the ‘big money’ instant gratification.

Instead of focusing on getting started with small amounts, people tend to say “Its too hard to start small and only get a small return”… But they never consider the power of compounded earnings and how this can quickly add up.

By: Sharon

Sharon — Tue, 07 Oct 2008 22:19:41 +0000

Love this! Makes all the sense in the world to me….save your pennies, so you can have your pounds (or dollars).
Nice post, Francois!