Ah yes, time for another personal finance philosophy discussion! In this edition, we address the age-old question: should you pick up a penny or dime you notice on the sidewalk?
Certain personal finance gurus believe you definitely should, I have read somewhere (although I forget where, my bad!) that it "affirms" to the universe and to yourself you have plenty of money coming your way, all the time, from a variety of sources. Sounds like New Agey The Secret and Oprah Winfrey stuff.
But I sort of agree, in a vague sense. If you become committed to financial freedom and building your net worth aggressively, why WOULDN'T you take the 2 seconds to pick up that penny or dime? A dime is approximately one year's interest on a $10 deposit at ING Direct... so 365 days of earnings in a single second.
Why wouldn't you go for that? Of course, if you are out on a date, this may look bad to interrupt your amazing conversation and bend over for a filthy penny, but explain why you're doing it: I'm ridiculously committed to financial success, and I make no apologies for that. Now that's sexy. No one can balk at that.
The other side of this argument: it's only a penny (or a dime), I make more than that in a second. OK, the "Bill Gates argument" -- but when you're on the sidewalk, presumably you are not earning your income as a lawyer, teacher, doctor, CEO, etc... you are just walking down the sidewalk at that moment in time. So picking up that penny, dime, or stray dollar does not interfere with your earning ability, but rather it provides you with an unanticipated "windfall." A very light windfall, to be sure, but a windfall in the technical sense nonetheless.
Make sense?
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