Ballin’ On A Budget: How To Live The Good Life Without Going Bankrupt

We’ve all seen him, that guy that has the nicest car, the best suit, and the sweetest gadgets. But what we don’t see is behind the scenes, and that is where things become a lot more clear. His wheels are rented. His suit is from eBay, and his gadgets are on credit. He’s a baller, but he’s spending money that he just doesn’t have, and at some point, it’s going to end in disaster. Don’t be that guy! Live the good life without having to go bankrupt. Read on to find out how.

Make your money work for you

The first thing you need to get under your belt if you want to love the good life and not lose your shirt is making sure that your money is working for you. This means looking at money as a tool, and not an end in itself.

It’s not enough to just amount masses of the stuff, you should be thinking about how what you have can get you even more.

To do this, you could choose to invest your money in the stock market, or buy property that you want to sell on later for a profit. You could choose to open up your own company or business.

Or you could keep things simple and just look around for bank accounts with the best benefits and interest rates. As that is something that will cause you minimum hassle and risk but can ensure your money is working for you without you having to do anything.

Budget bro!

Now, this is advice that some people aren’t going to like. It’s about budgets, so brace yourself! You need a budget! Yep, you! Whether you’re poor, or rich, or somewhere in between. If you want to be living the good life, you need to have an idea of what is coming in and what is going out.

The myth that ballers can just throw money around wherever they go is a nice fiction, but it’s not reality. No matter how rich you are, you still need to think about what you are purchasing, how much money you are spending, and how this will affect your financial well-being.

To illustrate this, there are plenty of rich people that have earned millions or inherited from their families, and burnt through it all in a couple of years. Ending up back where they started, or even worse bankrupt.

Having lot of money doesn’t ensure that you will be comfortable for the rest of your life. How you spend money does, and to spend it wisely you have to have a budget and be on top of all your financial details.

Side hustle

Next, if you find that the things you want to live a good life are currently out of your financial reach, then what about starting up a side hustle? OK, so it might seem a little dodgy, like you are going start selling knock-off Rolexes from the inside of your coat, down dark allies, but in fact, it’s not.

A side hustle is just another name for the second stream of income. So it can include things like setting up a blog, selling your own creative works, or even consulting on an area in which you are an expert.

In particular, the Internet has made finding and setting up a side hustle much easier. This is because there are a lot of opportunities to advertise your services, sell you products, or display your thoughts on a blog that are accessible to millions.

In particular, blogging is hailed as the holy grail of get rich quick schemes. With multiple people saying how they easily made six figures just by writing a few articles.

Of course, this isn’t the case for most people, but that doesn’t mean that you can’t earn a decent stream of income from blogging. Just don’t pack in your day job before you have got your number of followers up.

Bargain Hunt

Now, living the good life isn’t all about earning money. It wouldn’t be much fun if we didn’t get to spend some of it as well. But are you paying what things are worth? Or are you paying over the odds?

This is a question that you really need to ask yourself. Too many of pay the price asked for things because they are associated with luxury and an aspirational life. Not because what is being charged for them is their true worth.

Now there are two approaches to this. The first is to become more utilitarian and only buy the items that have a specific purpose, and not worry about the conspicuous consumption angle. That means you buy things because they are the best for the job. Not just because they have a high price tag.

Although this can sound a little strict and boring, especially if you are looking for the good life.

If the first approach doesn’t work for you, then the second may hold more appeal. That approach is to buy the things that you want, whether they are perfectly utilitarian or not. But find a way to do it without breaking the bank.

This might entail brushing up on your negotiation skills, so you not paying full price for big ticket items like cars, home and holidays. Or it may be that your scour auction site for high-end goods at a bargain cost, a useful skill that you can find out more about here. Either way, it’s pretty doable to have the trappings of wealth, without bankrupting yourself, if you are clever about it.

Give it some space

The next thing you need to think about when aiming to live the good life on a budget is ensuing that you put some space in between browsing items that you like and purchasing them.

Impulse buying is never a good idea, but when you are doing it with expensive big ticket items, it can be ruinous to your bank account.

That means you never but something on the first look, or without doing your proper research to see whether this is truly something that will positively benefit your life.

Play the 0% credit game

However, it may be that you have done your due diligence and that you have decided on an item that you want. But said Item is too expensive to buy outright in one go. Then what do you do? Well, of course, you turn to credit to buy it.

But beware, only 0% credit is worth having, and then only if you can be disciplined and ensure that you are saving the right amount each month to pay off your debt before any charges are incurred.

In this way, you can have the things you want for your ballin’ life, without causing yourself financial problems in the long run.

Otherwise, You get to get into a situation where something you couldn’t really afford n the first place is costing you double its original price because you chose to purchase on credit. Obviously for baller wishing to live the good life, wasting money in this way isn’t to be done.

Separate your savings

Lastly, living a ballin’ life on a budget can be done, but it takes some self-discipline and organisation. In particular, you need to be organised about your financial security and that requires you having some saving out away from a rainy day. This is in addition to any investments, as we all know that these are never a sure thing.

The thing with saving is that they can seem very attractive just sitting there in your back account. They can start to call to you and sing to you, asking why you’re not spending them because they aren’t doing anything there anyway.

But beware their siren song, back it’s a lie. Saving are there for security, you might not need them, but if you do, it’s a damn good job that you have them. That is what they should be separated off into an account that you can’t  get to as easily.

Michael Foote

Quote Goat's founder and money-saving enthusiast.

Ballin’ On A Budget: How To Live The Good Life Without Going Bankrupt

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