The road to financial independence can be difficult and it doesn’t hurt to have some inspiration. You can find inspiration in people, books, movies, and even quotes. Here are 10 smart money quotes that I find incredibly inspiring.
“To get rich, you have to be making money while you’re asleep” – David Bailey
This quote epitomizes the idea of passive income and it is the ultimate dream for most people – the ability to make money without actively working. It also touches on the idea that to build wealth, you may have to pursue side income opportunities. I have a full-time job that pays a decent salary but the salary alone isn’t going to help me reach financial independence at the rate I want. Therefore, I’m pursuing side hustles that provide hands-off income-generating opportunities. Who doesn’t want to make money in their sleep?
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
We all heard of the phrase, if it sounds too good to be true, it probably is. The path to success may sound boring but it works – you have to prepare and to work hard. Stop believing in get rich quick schemes. You’re more likely to lose your money and waste time than become an instant millionaire. That’s not to say you shouldn’t be adventurous and take risks.
“The real key to making money in stocks is not to get scared out of them.” – Peter Lynch
I invest in the stock market for the long haul. It sounds easy but it’s hard to do. Humans are wired to avoid risk so when the stock market drops, it’s our instinct to stop contributing money and pull our money out. Logically though, to benefit from the stock market, you can’t be scared every time the prices drop. You have to stay committed and ride through the thick and thin.
“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” – Mark Twain
What a profound message this is. This herd illustrates that the herd mentality and groupthink can be incredibly dangerous. Ever heard of tulip mania, the dot-com bubble, or the housing bubble? When you blindly invest in something just because everyone else is, it’s a good idea to pause and reflect. You need to ask yourself, are you making an investment choice based on your own research or are you just following the crowd?
When you choose to invest in something that is already popular, it may be a sign that it’s too late and the market has already hit its peak. Here’s my litmus test – if everyone and their grandma is talking a hot investment, the bubble’s probably about to burst.
“Sometimes when you innovate, you make mistakes. It is best to admit when quickly, and get on with improving your other innovations.” – Steve Jobs
Steve Jobs is known for innovating and pushing boundaries. What we don’t hear as much about are his mistakes and failures. That doesn’t mean he didn’t make them, it just means he used them to fuel his next innovations. The moral of the story is that we are bound to encounter failures in life. Instead of wallowing and dwelling on them, let’s learn from them and move on.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
I wasn’t super impressed with Robert Kiyosaki’s book Rich Dad Poor Dad but I really dig this quote. It doesn’t matter how much money you make, if you don’t save any of it or put it to work, you can make millions and still have nothing. Accumulating wealth isn’t just about earning a big paycheck. It’s about how much of your earnings you can sock away and grow.
“The quickest way to double your money is to fold it in half and put it in your back pocket.” – Will Rogers
This quote’s rather tongue-in-cheek but there’s wisdom we can take away from this. When you buy something that’s on sale, you’re not saving money. You’re spending less money than you would if the item wasn’t on sale but the point is, you’re still spending money. The only way you save money is if you don’t spend it.
“The way to stop financial joyriding is to arrest the chauffeur, not the automobile.” – Woodrow Wilson
I really like this funny expression that teaches us when things aren’t going well, don’t blame your tools, the fault likely lies with you. In other words, take responsibility and ownership for your own actions. Be accountable. If you’re always broke, don’t blame your family, your job, or anything else. Start by examing your own habits and actions and you may find the solution to your problems.
“If you would be wealthy, think of saving as well as getting.” – Benjamin Franklin
There are multiple ways to accumulate wealth – saving and making money. When you combine both, you can really see results. That is what this quote gets at. When you pursue multiple avenues, you can achieve optimal results. Don’t exclusively focus on saving or making more money. If you can, pursue both!
“Try to save something while your salary is small; it’s impossible to save after you begin to earn more.” – Jack Benny
I love this quote because it pinpoints human nature so accurately. Isn’t it funny how people have the tendency to forget making do with less as we start to make more money? Ever heard of lifestyle inflation? Start saving the moment you get that paycheck and keep living like your paycheck never increases. This will help ensure that you don’t live beyond your means and that you actually save money.
Are there any quotes that you find especially inspiring?