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12 Things I Learned About Money Far Too Late in Life

What Is Money Mindset?

Your money mindset is your unique set of beliefs and your attitude about money. It drives the decisions you make about saving, spending and handling money.


5. Live Within Your Means

“Do today what others won’t, so tomorrow you can do what others can’t.” – Dave Ramsey


In theory, if you have an income that can pay for your basic needs, you can eventually amass at least a small fortune by paying yourself first, using the power of compounding, making smart investments, and living within your means. However, most 20 somethings are still honing these practices. Not surprisingly, this is also the time when many people begin using credit cards to pay for things not necessarily within their budgets.

Living within your means may look like skipping the movies on the weekends, trading your daily Starbucks for a homemade cup of coffee, or forfeiting that shopping spree in favor of recycling your wardrobe for a few seasons. However, when you practice this without reliance on debt, you give yourself a better chance to build a strong financial base. You might not think so now, but if you don’t put down that iced latte, you may be kicking yourself in the future.

Defining Value

Back at my previous job, my wife and my combined income could comfortably afford us two overseas trips a year to locations outside of South East Asia.

This is on top of the basics.

Which includes stuff like servicing our mortgage, living expenses, supporting our families financially, and saving for our future.

All of these have been taken care of.

And the only way we could’ve afforded two overseas trips a year was because we prioritised travel over the convenience of a car.

“Was it worth it?” you ask.

Well… That’s really subjective because it depends on what you value.

Sure, I’ve had colleagues who owned a car AND took two or even more overseas trips a year.

Could I have done the same?


But my ‘internal compass’ was so strong that I already knew what I needed to do when faced with that decision.

In fact, when I was going to leave my job — without having another one lined up, by the way — I sat my wife down and explained to her that my foray into the unknown would mean that we need to tighten our budget.

And even though I had saved up the equivalent of one year’s worth of my monthly salary.

I knew that I didn’t know how long I might potentially be unemployed.

And that I needed to make it last for as long as I can while I experimented and figured out what I wanted to achieve in life.

Naturally, the most ‘sensible’ thing to do would be to put big-ticket items like overseas trips on hold.




Two months after I left a career which I built for close to 10 years.

My wife and I visited Melbourne and we had the most epic road trip of our lives on the Great Ocean Road.

Pictured above: a candid shot of my wife at The Twelve Apostles

I know what you’re probably thinking…

That’s money which could’ve given me a few more months to figure out what’s my next step.

In case you think I was being financially irresponsible for no reason.

I wasn’t.

I was guided by my personal core values when I decided to cut into my budget (not to a ridiculous extent of course).

For me, travel is about seeing the world.

It was about expanding my worldview and enriching my life with experiences in a way which no tangible object could.

At the same time, I also value spending time with my loved ones.

To be able to share the sense of wonder and awe that you feel in the face of nature’s ephemeral beauty with someone whom you care deeply about…

Pictured above: the vast Southern Ocean

These are the values that I hold dear to me.

I guess what I’m trying to get at is this:

When you understand and recognise your own personal core values. That’s when you’ll know how to prioritise how you spend your money and in turn, can live the life that you want.

Other Forms of Factoring

  1. Recourse Factoring: The finance provider manages your sales ledger without any credit protection. This means that if your customers default, you are liable for all credit costs.
  2. Non-recourse Factoring: This is a factoring arrangement where the finance provider takes full responsibility of the sales ledger and bears any risks associated with bad debt. This saves your business the hassle of worrying about customer defaults.
  3. CHOC’s: Factoring is assumed to be a disclosed arrangement with outsourced credit control. However, CHOC’s (Client Handles Own Collections) facility keeps the business in charge of their sales ledger. This could be a cost-effective solution for SMEs with in-house accounting systems.

More Interesting Facts About Money

  1. The foremost banknote in the world was created in China around 1,400 years ago.
  2. It is estimated that 90% of all banknotes in circulation in the USA contain traces of cocaine.
  3. The first credit card in the world was created in the 1920s due to the embarrassment of a man who discovered that he had forgotten his wallet at home when paying for his dinner.
  4. More than 60% of all dollars that exist are in circulation abroad, not in the USA
  5. Every year more banknotes are printed for the game “Banco Imobiliário” than real money
  6. Studies have shown that the secret to happiness lies in spending your money on experiences – such as travel, for example – and not on possessions.
  7. They say that Bob Marley’s last words were “money cannot buy life”
  8. Pablo Escobar used to store his money in giant piles in places that were packed to the ceiling with bills. Because when his profits were around the US $ 20 billion annually, the dealer lost about 10% of the money because the mice gnawed at the bills or they were damaged by moisture
  9. Tea packs were used as money in Siberia until World War II.
  10. The flu virus is able to stay alive for up to two weeks on money bills.
  11. The first coins in history began to be produced more than 2,500 years ago.
  12. Only 8% of all the money in circulation in the world is in physical form, that is, in the form of banknotes and coins. Everything else exists only on bank computers.
  13. In the 1930s, $ 100,000 bills were printed in the USA.
  14. In the 1920s, during the period of hyperinflation in Germany, the currency lost so much of its value that many citizens started to use them as wallpaper.
  15. There are only two ATMs in Antarctica
  16. In Canada, a gold coin was produced that weighs 100 kilograms and is worth 1 million Canadian dollars.
  17. Banknotes produced in the USA are not made from cellulose-based paper but from cotton fiber.
  18. North Korea is the country where most dollars are forged in the world.
  19. Apple Company earns $ 300,000 a minute.
  20. The first coins were minted in the Lydian kingdom under King Croesus in the VI century BC. They were made from a natural alloy of gold and silver and had a square shape.
  21. The word “ money ” in a number of Western languages comes from the Latin word “Moneta”, which is associated with the name of the Roman goddess Juno Coins (it is translated as “Cautionary”).
  22. According to experts, today there is $ 700 billion worth of US dollars and coins in circulation. Moreover, half of this amount of money goes outside the United States.
  23. The most popular bills in the US – $ 1 and $ 20, and in other countries – $ 100.
  24. In the mid-90s, many Muscovites received an offer by telephone to buy an ordinary banknote for an amount of 5 times more. Moreover, people really bought that kind of money, and then willingly showed this bill to friends and acquaintances, they were even proud of it. Everything is very simple! The seven-digit bill number was the same as the buyer’s phone number.
  25. The approximate weight of one banknote, regardless of its value, is 1 gram.
  26. Imagine regular coins that regulate the course of the most famous watches in the world – Big Ben in London! If the clock goes forward, the chief keeper of the clock puts a single-penny coin on the pendulum, which reduces the second!
  27. Coins are used by football referees when choosing a goal before the game. It turns out that in England there is a legendary one million pound note, but few people held it in their hands. This banknote is intended only for settlements between banks.
  28. According to experts, in a few years, 15% of all banknotes in Russia will be exactly five-thousandths par value.
  29. The largest denomination of COIN in the world is 100,000 lire in Turkey. In 2005 the Turkish Government removed six zeroes from its coins and notes: the 20 million lira note became the 20 lira note. The 100 bin coin (100,000 lira) became a 10 kurus coin (0.10 lira).
  30. The most common currency name in the world is the franc! Franc name is used in 34 countries of the world.
  31. In Russia, roofing material is made from old money, which, according to experts, lasts much longer. And in Germany, new technology has recently been developed to obtain fertilizer from old money.
  32. The artist Anatoly Orlov creates his paintings from scraps of old banknotes: rubles, dollars, euros, and others. He was even awarded the title of “The First Banknote of the Planet.”
  33. In Japan, peace bells were cast from the coins that the children collected. One of them is installed in New York.
  34. In the USA it is forbidden to use portraits of living people on banknotes.
  35. In the Dominican Republic, money is still used as a weight for weighing. To avoid misunderstandings, on a coin in denominations of 10 cents next to the denomination is indicated – “1 gram”.
  36. In Belgium, 15 years ago, coins with real advertising texts were minted.
  37. We are used to the fact that there is only metal and paper money. But initially, money was completely in a different form. So in Burma until the 20th century, salt and tiled tea were used as money; in Mexico, bags of cocoa beans. Also, money in different countries was: tobacco, dried fish, grains of rice, corn.
  38. It is known that in China many centuries ago, standard pieces of silk served as money. In Southeast Asia, opium was used as money.
  39. It turns out that today money is made not only from paper or metal. Banknotes made of polymer plastic are now in use in Australia, Brazil, Malaysia, Thailand, and other countries.
  40. The most popular banknote in the world is a banknote of 500 euros. Because of this, last year we had to almost double increase the issue of banknotes of 500 euros.
  41. In Russia, the most expensive money can be considered gold coins weighing 1 kg, which the Central Bank issues once or twice a year. The face value of each such coin is 10 thousand rubles, and it is at that face value that they should be accepted EVERYWHERE!

See AlsoHow much money is there in the world?How money is made?