Money Advice From the Rich Guys at Work
I get in conversations at work with Rich Guys and often at work and this adage came up: $5 will always be worth $5 or 5 cents will always be 5 cents.
But Wait…
So of course my finance brain jumped to – “that’s not true” – there’s inflation, time value of money, compound interest and all those fun topics.
Slow Down…. what he meant was
What he was trying to get across to my eager beaver Finance Brain was the fact that no matter how wealthy or poor you are – $5 is $5. $5 isn’t some how worth $1 if you are a millionaire and $10 if you are dirt poor. Yes those extremes may be how you think about materiality of the money to your finances but $5 is $5 just like 5 cents is worth 5 cents.
So $5 equals $5.. What does this mean for me?
So the Rich Guy went on to explain he still gets equally upset with his cable bill as I do, if there’s $5 more he can make on investments a month he goes after it, and when it comes to big picture investing for his retirement goals he hasn’t let the amount of wealth he has accumulated impact how he adds to his pile.
It’s not always $5 he is arguing over getting but it has been his focus on achieving raw dollar income growth on the side to help build wealth. $5 made somewhere else is $5 he doesn’t have to make from his day job.
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