23. Don’t step over a dollar to save a dime.

There are few things that waste your time in regards to your finances more than clipping coupons. One big lesson you learn from any wealthy person is you can’t save your way to wealth. Clipping coupons are not going to make you wealthy. You aren’t saving money. You’re wasting time: the time you could use making more money somewhere else.

Using Groupons are not going to make you wealthy.  Instead, it’s most likely blowing money you normally wouldn’t spend or could save in an alternative way somewhere else. My book goes deeper into this but the message is clear. Cheap is not always better.

Also, doing it yourself does not always save you money. First-time landlords learn this the hard way. Sometimes it’s better to pay a professional to get the job done correctly and in a timely manner instead of doing it yourself. This is especially true when you have a high-paying job. For instance, my husband is a doctor. If one of our tenants had a leaky sink, my husband is a handyman so he could fix it. It would probably take him half the day, though. There would be trips to Home Depot and back with wrong-sized parts but he would eventually get the job done right. However, a half-day in his office would earn him much more than paying a plumber, a professional who could fix the leak right and in a timelier matter.  His time (and yours) is better spent doing what he is an expert at and paying someone else to do it right the first time.  It actually saves money in the long run.

Although this is our final Key in this publication, please read tomorrow's blog for a Special Gift.  Merry Christmas!

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