I love collecting and reusing old phrases as the situation calls for it.
For example, my absolute favorite is, “The person who says, ‘I can,’ and the person who says, ‘I can’t,’ are both correct. Which one are you?”
When I was an educator, I used to say such things to my students.
They would then groan in annoyance as though they were being verbally inflicted with one of those bad pun jokes.
One other favorite phrase of mine is, “Death by 1,000 papercuts.”
Or, the idea that an accumulation of small imperfections or the continuance of flawed mindset that is manifested in small ways over a long enough timescale will trigger an undesirable, and perhaps, irreversible effect.
Like indigence or bankruptcy.
It turns out that being, “broke,” can be a mindset, and perhaps even a prideful identity, for some people.
Its why we try to teach financial responsibly to children in the simplest ways.
Like keeping a piggy bank, for example.
As adults, we tell children to collect piggy banks and save their change and think about their financial futures.
Then, we turn around from such lectures and spend every spare coin or dollar we have on fleeting, indulgent vices, like fast food, alcohol, cigarettes, gambling on lottery, candy bars, or whatever, just to get through the day.
Just to get through the stresses of life.
Or, rather, like I used to do.
The Glass Piggy Bank
There are three perpetually revolving steps in the, “broke mindset,” or the mindset where being financially unstable is a fully realized mindset, instead of a behavior to correct.
The inability to plan ahead, not keeping budgets, and extremely poor financial habits.
It was horrifying for me to realize that I have been committing the irresponsible behavior that I would formerly chastise my students about when it came to money, especially spare change.
Its why so many adults may have insufficient funds in a bank account, negating the need for a piggy bank.
I would use my spare change and small currency bills to buy junk food, candy bars, cheap beer, and so on.
Its easy to complain about not having money when you spend all the money you get your hands on.
Richard Quest, the loud and boisterous financial news anchor from CNN, is sometimes a little too comically loud in his vocal delivery for my viewing tastes.
But one of his advertising promos, where he is shocked a woman in a bank doesn’t care to pick up a dropped penny, has a quote I paraphrase here and think about a lot:
“Its doesn’t matter how much money you have. Its what you do with it that counts.”
Every time I get some coins or dollars in my pocket, I rush to relive myself of ownership.
It was a mindset that had to stop.
So, I recently converted a gallon-sized glass pickle jar into an ad hoc piggy bank.
I had a similar one as a kid, so I could see the coins accumulate.
It’s amazing how such simple lessons concerning important ideas can be forgotten as we become adults.
Even as we stress those same important ideas to children.
Big things happen in small ways.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.