Time is Money #2: Save By Adding Value in the Present

Have you ever wondered why people save money? We all believe we have the answer, but it is still worth a deeper dive.

We recently explored debt and how it keeps you focused on the past. Now it’s time to focus on today, which reduces much of our stress.

What is saving? Most people think that saving is just an emergency fund, but it is much more than that.

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Saving, understanding, and having a positive relationship with money are crucial to reducing stress and being present in our current situation.

It’s hard enough to have a family pizza night when you need to pay $3,000 to fix your air conditioner tomorrow. When you have $15,000 in savings, you can relax in the moment (although fixing anything will still piss you off).

What is a positive relationship with money? Your relationship with money is critical to being able to save. Most of us inherit a negative association with money from our parents.

If you grew up poor or “middle” class, you heard your parents say certain limiting beliefs about money. They say things like “money doesn’t grow on trees” or “we can’t afford that.”

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These statements will give you the illusion of scarcity. Even worse, they lead you to believe that “rich” people are the only people who can have abundance in their lives.

So you are now poor and have a mindset of being poor. When you have a scarcity mindset toward money, you’ll end up losing more money than gaining.

If you have a scarcity mindset, you’ll save money with the express intent to prevent disaster. You’ll wait and wait for a disaster to happen, and guess what? You’ll get your disaster.

Building a great relationship with money? Money needs you to know that you can make more of it. There is enough money in the world for everyone to be rich.

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Part of becoming a great saver is understanding what money is and why we need it. Money is an exchange of value, nothing more, nothing less.

Going to work every day and hoarding your money in a savings account does not add value to anything.

Adding value comes from your mind. We can add value by assisting others, creating items, and donating our time. We can often exchange (or barter) amongst ourselves instead of exchanging money.

An example of a barter system. My tenant in Florida left last month. I knew I would have to replace the carpets and do some work inside. Let’s say this was $4,000 of work, and I would miss one rent payment of $1,700.

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I would stand to lose $5,700 over a month or two. No big deal, I plan for these things—but still annoying.

My wife asked around her work if anyone was looking for a lovely home to rent. She got an immediate response from a family.

The family was looking at close to $8,000 to $10,000 to move upfront through a property manager. 

My wife and I hosted the family at our house, talked through things, and came to an excellent resolution. They don’t pay anything upfront but take the house as is. We both save thousands of dollars and have a much closer relationship than leveraging property managers.

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The key to being a successful saver. There are many ways to save: high-yield savings accounts, certificates of deposits, Series “I” Bonds, and Treasury Bonds.

However, seeing the world through abundance is the key to being a saver. You will always have to pay out-of-pocket for something. Don’t let these things discourage you.

Trust me; I own three houses. I have kids ages 16 and 13. I have a wife. We have three cars. There is always something happening amongst any of these things.

Focus on the value you can add, and let the money flow out as required. Of course, you want to be smart about your outflows but don’t become (for lack of a better word) an asshole.

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Being frugal vs. being cheap. Can you get rich by being cheap? I would say no. You can accumulate a lot of money, but that doesn’t take much talent.

Saving every penny, clipping coupons for 40 years, going to yard sales every Saturday, etc., are great if they are hobbies. However, if you do these things solely to add or keep money in the bank, you’ll never experience wealth.

A much better approach to life is learning new skills and generating a small amount of cash flow doing these things. Can you teach someone a skill?

Can you write, talk, sing, knit, do nails, help someone in the gym, babysit, etc.? Doing these little things can add value to someone else and give you some cash flow.

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Putting it all together. Saving money isn’t about making $30,000/month and trying to save $2,000/month in your savings account.

Saving money is the sum of all your daily actions, including budgeting, bartering, adding value, side-hustling, assisting, and mentoring.

So your family may only make $8,000/month at work but can save $2,000/month by having a roommate ($800), doing nails ($200), writing for Medium ($200), dog walking ($400), and selling fruit from your garden ($400).

Life is more than work. Earning $30,000/month would be great, but what value would you add? In the above scenario, the $30,000 person would be a high-powered doctor, lawyer, or engineer. 

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I’m sure they add value to their corporation or practice. But, the above family would be helping many people with their kids, pets, beauty, reading, and dieting. 

Life is about these intimate moments. Yes, we all require money to eat and survive, but we must be able to create money from thin air by adding value.

When you hear a co-worker complain about needing a babysitter on Saturday night, offer to help. Maybe you two take turns watching each other’s kids and going on date nights with your spouses.

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Conclusion. I see far too many people hoarding their money and focusing on work—a closed hand cannot receive. 

Adding value to others means you have more money than you can imagine. Start to see the world through what you can give, not what you can take.

This new mindset will take time and reading to build. Some books I recommend are “Know Yourself, Know Your Money,” “Effortless Money,” and “Rich Dad, Poor Dad.”

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If you learn how to create money, you’ll never fear the unknown. By learning to do nails twice a week, you know you can ramp it up if you lose your job.

Learning to “write to market” gives you a profitable skillset if the stock market tanks. If your “value” is going to work to follow instructions, it’s time for a mindset shift.

I am a saver. It entails how much value you can generate without your job. Yes, it is the entrepreneurial mindset. Good Luck!

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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it.  I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing