Characteristics of a Wise Person
Characteristics of a Wise Person
1. They Educate Themselves.
Educate yourself. Wise people learn the basics of personal finance, including information about budgeting, retirement accounts, mortgages, and life insurance. You can’t make solid decisions about money without a deep understanding of all of the elements involved in your finances.
2. They Are Disciplined.
Wise people exercise self-control. If you’ve invested in a stock as a long-term investment opportunity, don’t panic and sell the stock based on one day of volatility. If you have a set budget, use discipline to stick to your budget as you walk though the shopping mall. Tip: If you have trouble following a budget, try the envelope budgeting system.
3. They Admit Their Mistakes and Learn From Them.
People learn from their mistakes because they must live through the consequences. For example, if you’ve ever lent money to a friend or relative who wouldn’t pay you back, you are wise if you never lend money to these people again. No matter how hard the fall, always get back up and start again. Begin by admitting your mistakes, and then use those mistakes as learning opportunities.
4. They Are Patient.
Patience is a virtue, and valuable when it comes to personal finances. A wise person saves enough money to purchase a fun, new gadget instead of charging it to a credit card. Wise people take their time when making important decisions, like buying a new car, or a home. When you exercise patience, you give yourself a chance to properly gather information, and to weigh all of your options.
5. They Take Instruction Humbly.
A wise person admits that they don’t know everything. They accept the fact that other people are more qualified and more knowledgeable than they are, without dismay. By valuing others’ opinions and knowledge, a wise person opens up to the possibility of acquiring and retaining valuable information. Wise people are not entitled, and they welcome the input of others.
6. They Can Handle
1. They Educate Themselves.
Educate yourself. Wise people learn the basics of personal finance, including information about budgeting, retirement accounts, mortgages, and life insurance. You can’t make solid decisions about money without a deep understanding of all of the elements involved in your finances.
2. They Are Disciplined.
Wise people exercise self-control. If you’ve invested in a stock as a long-term investment opportunity, don’t panic and sell the stock based on one day of volatility. If you have a set budget, use discipline to stick to your budget as you walk though the shopping mall. Tip: If you have trouble following a budget, try the envelope budgeting system.
3. They Admit Their Mistakes and Learn From Them.
People learn from their mistakes because they must live through the consequences. For example, if you’ve ever lent money to a friend or relative who wouldn’t pay you back, you are wise if you never lend money to these people again. No matter how hard the fall, always get back up and start again. Begin by admitting your mistakes, and then use those mistakes as learning opportunities.
4. They Are Patient.
Patience is a virtue, and valuable when it comes to personal finances. A wise person saves enough money to purchase a fun, new gadget instead of charging it to a credit card. Wise people take their time when making important decisions, like buying a new car, or a home. When you exercise patience, you give yourself a chance to properly gather information, and to weigh all of your options.
5. They Take Instruction Humbly.
A wise person admits that they don’t know everything. They accept the fact that other people are more qualified and more knowledgeable than they are, without dismay. By valuing others’ opinions and knowledge, a wise person opens up to the possibility of acquiring and retaining valuable information. Wise people are not entitled, and they welcome the input of others.
6. They Can Handle