From decade to decade, generation to generation the consensus passed down by the generations before us hasn’t deviated too far from the “Golden Rule”, that the best thing you can do is ‘Save, Save, Save’. While this doctrine will continue to play a valuable role in society, should we still continue to push this “Savers Religion” as strongly onto the coming generations?

To clearly clarify my position, I am by no means “against saving”. I only question the validity and magnitude to which this rule is being broadcasted out. The ability for an individual to simply be able to “save” is not really that simple, it requires a multitude of factors ranging from planning, strategizing, patience and self-discipline. The lessons and values gained one may experience by successfully carrying out a financial goal/ plan, can far go beyond ordinarily achieving that first, second or third financial goal. It has potential to have tremendous carry-on effects at positively curating ones individual characteristics. However, there is a bell curve to this lesson, where the degree in which this lesson is pushed and indoctrinated, starts to negatively gear and even hinder an individual’s ability to take on financial risk that may inevitably end up leading them onto greater financial success.

While “Save, Save, Save” is a lesson I will continue to pass down to my future offspring, there are other valuable, fundamental principles or “Golden Rules” that I believe should equally be distributed into the belief systems of our younger generations minds.

Save for a rainy day or save for a day which may never come…

While breaking your back to save has been the rave for the last few decades, what’s the point of killing yourself over your savings, while simultaneously your savings might be killing you? And perhaps if it’s not, what if something else did. Then what was the point?

The idea here that I am trying to get across is while savings and saving for a rainy day is important, it is more important to enjoy the day and enjoy the current moment you’re in, the future isn’t always guaranteed nor is it worth worrying about as much as what the “Worry Warts” may warn you.

Just like many things don’t end up as easy as what you may have liked, many/most instances of the future don’t turn out to be as bad as what you might have anticipated. You always seem to somehow get through and make it all come together in the end, so is it really worth worrying about that much?

Saving or working towards a goal whether we’re speaking financially or not, is an extremely important aspect to incorporate into any person’s life. It creates meaning and purpose for each and every given day. It generates drive, which many in today’s current climate many seem to lack. Goals, aims, ambitions, missions, are all fundamental factors which positively affect our state of psychological wellbeing. So, save, work towards something, but also have fun and enjoy life, the process and allow some time to put your feet up and enjoy what you’re working towards.

Abundant vs Scarcity / Savers vs Makers

What’s the problem with being extremely conservative in today’s modern world? Well… there is no real progression, and it’s the same with money. The world today is full of people so scared to lose money that it inevitably leads them to being too scared to make money. Being too overly conservative with money puts you in a worse off position to what could alternatively be achieved if you were a little looser with your change. Now this isn’t me telling you to go and splurge all of your savings on a new Mercedes Benz. However, with the Australian inflation rate at 5.1% your money saving techniques are eroding by the minute! I suggest perhaps investing your money into areas which has the potential to double, triple or even 10x your money over time. This doesn’t always have to be buying property, though if you can afford it, can be a great option. Simply or more cheaply it could be investing in yourself, educating and upskilling yourself in ways that could prop up your career, teach you about other passive revenue generating streams such as stocks, mutual funds and so forth. The possibilities of using your money to work harder for you can be endless.

So many people have a slow lane mindset of “I can’t afford it, I need to save more”, I feel a more useful thought practice is “I can’t afford it, how do I make more”. Unless you’re happy with getting to places slowly in life, then by all means save until the cows come home. Though I feel like for most people they prefer to get to places sooner rather than later and thinking along the lines of “How can I afford it” is a much more expedient approach to your long-term savings goals.

Change your relationship with how you view money is a crucial steppingstone to attracting it. Thinking of money in abundance allows individuals to take the necessary risks required in surrounding themselves in money making possibilities. Opportunities rarely fall out of the sky; therefore you must be on searching for them, ready to identify an opportunity, distinguishing whether or not it’s the appropriate opportunity while accounting for the risk involved. Being strategic in choosing your risk is crucial, however we can perhaps go into how to appropriately evaluate risk in another blog post.

In my opinion, as this is an opinion piece “Save, Save, Save” will in most circumstances end you up in a similar position as what failing a few times trying to make more of yourself and your savings might have done anyway. So what have you got to lose?

Written for you by Joshua Riseborough