Wednesday, December 5, 2018

Could Collecting Hobbies Provide The Lessons You're Missing When It Comes To Your Cash?

We aren't all naturally talented with money. Some of us face a minefield before
we can earn our first million. Sometimes, it can feel as though you need a teacher
in even the most fundamental aspects of money management. There must,
after all, be some lessons which you were never taught. How else could there
be such a discrepancy between you and those people at the top?

Sadly, there’s no such thing as money management lessons. At least, not in the
way you’re hoping. The closest you can get is
that you don’t learn anything, and you pay for the privilege.

Still, hope isn’t lost. There are plenty of habits which improve our financial capabilities.
These teach the mindset you obviously lack right now. Something as simple as a
hobby of collecting could work for this. On the outside, it’s a fun thing anyone can
get passionate about. Deep down, it’s teaching you the following crucial money

A lesson in delayed gratification

It’s no secret that the millionaire mindset is rooted in delayed gratification. Us mere
mortals who spend every penny we see are never going to get rich. When you’re
collecting, though, you need to be in it for the long-run. You only build the value of
your collection over time. One coin or ornament does not a millionaire make. It’s
only when you let that collection build that you stand to see real returns from it.
Much like your finances, as it happens.

The importance of a nest egg you don’t dip into

Along the same vein, a collection serves as a nest egg, but one which you can’t
dip into. Like your savings, you risk undoing your work by taking things out here.
As mentioned above, a hobby like this only becomes valuable as your collection
starts to build. Collector’s items also tend to build value when they’ve been in
your collection for a while. That’s a value you’ll never see if you dip into this any
sooner than necessary. Your coins will never reach the price points you can find
from companies like LPM Precious Metals if you try to sell them straight away.
Your teddies will be worth next to nothing unless you give them time to build value.
And, you could say the same about your savings.

The need to work for what you want

Collecting hobbies also teach you about the importance of working for what you want.
Too often, we moan about the states of our finances without doing anything to
change them. When you collect, there’s no good moaning about the value of your
collection. Instead, you have to go out and work to find the most valuable pieces
going. Sometimes, that could mean searching years for one item. Just like you
may well need to spend years saving before you have a decent amount in the
bank. It’ll all be worth it in the end.

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