To be revered by society as a gentleman, one must present himself in a specific manner. One of the qualities that define a gentleman is his ability to manage money responsibly. Here are some money habits that every gentleman should learn and develop.
Invest in Yourself, But Not That Much
Investing in yourself is important as it gives you more confidence and happiness. But buying too many high-end suits and ties, filling your bathroom with unnecessary cosmetics products, and subscribing to expensive gyms and fitness programs may be too much for the average gentleman. Unless you are well-off and can live extravagantly, it is best to invest in only the things you need.
Change The Way You Think in Terms Of Spending
Most people think of their available funds at the time when purchasing items. This habit is financially detrimental and always leads to overspending. Instead of asking yourself how much money you have to spend, the right question is “how many hours would you need to work to pay for it?” This helps put the real cost of the purchase into a clearer perspective. Taking a cab ride home or buying a new pair of earphones may seem infinitesimal, but when you consider the work hours you’d have to put in to buy them, it may change your decision-making.
Manage Credit Cards Responsibly
When you apply for credit cards, the gentlemanly thing to do is peruse the fine print and research the options available. The terms and conditions are often ignored by credit card applicants and regular men. But as a gentleman, you want to be aware of what you are entering into, so that you remain control of things. Once you have the credit card, use it responsibly and only for purchases that are too big to spend cash on, such as a new bed or car.
Invest Your Savings
Gentlemen know that their money won’t grow by much if they keep it parked in a savings account. Investing in market opportunities like stocks, commodities, or currencies is a great way to grow money. However, as a gentleman, you must also make sure that risk exposure is minimal compared to the potential monetary rewards.
Treat Your Lady Appropriately
As a gentleman, you must work on keeping the balance between treating your lady and spoiling her. How do you know which side of the fence you’re currently on? If you buy her jewelry once a week or month, you are probably spoiling her. If you treat her to a movie and dinner during special occasions like anniversary or work promotion, then you are doing the gentlemanly thing and deserve a gentlemanly handshake.
Develop these money habits and you’re well on your way to becoming a financially sound gentleman. It will be difficult to change some habits at first, but the results you get afterwards make it all worthwhile.