7 money quotes that make you think

These 7 money quotes may change the way you approach your finances.

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Each day, most of us head off to work for one simple reason: We need the money. Sure, we might like our co-workers and might even tolerate our work, but we're there because of the money. Yet money isn't everything: It's simply a tool we use to get the most out of life. That's something we need to keep in mind so that we don't get so caught up in making money that we miss the bigger picture.

With that in mind, here are seven excellent money quotes that will hopefully make you think differently about money.

1. "Don't let making a living prevent you from making a life." - John Wooden

While we go to work each day with the purpose of making money so that we can make a living, we can't let that get in the way of making a life. We can't let our jobs take away all our time from our families. We need to take a vacation or leave early so that we can spend time with those who are closest to us.

2. "Never spend your money before you have it." - Thomas Jefferson

One of the reasons our work gets in the way of life is that we simply spend too much money on things that don't matter. That's why it's a good idea not to overspend, or, as Jefferson reminds us, to not spend our money before we've even earned it. If we're spending more than we earn, we'll end up in debt, which leaves us with a big future hole that we'll have to dig out of by working more or working longer.

3. "Every time you borrow money, you're robbing your future self." - Nathan W. Morris

Jefferson's theme plays into this next quote, which reminds us that using debt steals away our future earnings, requiring us to give up more of our time. While not all debt is bad, all too often we're just as quick to overdo it on the good debt, such as when we buy a house that's much bigger than our needs and stretches our budget to the limit. These purchases will force us to work longer and harder and can prevent us from enjoying life.

4. "Too many people spend money they haven't earned ... to buy things they don't want ... to impress people that they don't like." - Will Rogers

Not only do we tend to overspend on items we think we need, but we're also not immune to spending on things that we don't really want, just to impress others. Clothes are a great example, and while we might want a new pair of shoes or new dress clothes, the only reason we may want them is to impress people we don't even know.

5. "A good reputation is more valuable than money." - Publilius Syrus

Sadly, we often do things in the pursuit of money, which is needed to meet our overspending or debt, that aren't always honorable. In so doing we wreck our reputation by lying, cheating, stealing, or being overly aggressive. Reputation is of far more value than money, because it's the only thing that persists after our time on earth is over.

6. "An investment in knowledge pays the best interest." - Benjamin Franklin

Instead of wasting money on things we don't need, which causes us to miss out on life, we should invest to gain knowledge. One of the benefits of gaining knowledge is that it puts us in a stronger position to get a better job, which will increase our financial flexibility.

7. "Do what you love, and the money will follow." - Marsha Sinetar

Far too many of us are in a career we hate because we need the money to pay for all the stuff we've accumulated. A much better life awaits us if we can avoid overspending, as it will enable us to pursue a career we really love. It's a passion that might not pay well at first, but in time our passion will pay dividends and the money will follow. It might not make us rich financially, but we'll live a rich life.

Takeaway

All too often, we pursue making money because we need it, just so that we can have things now that don't make our lives any better. However, as these famous quotes on money remind us, there is a better way to live. It all starts with avoiding a lot of debt, because that not only steals from our future, but it also robs us of the richness of life.

Topics:
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  • Saving and Spending
  • Financial Planning
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This article was written by Matthew DiLallo from The Motley Fool and was licensed as an article reprint from June 21, 2015. Article copyright 2015 by The Motley Fool.
The statements and opinions expressed in this article are those of the author. Fidelity Investments cannot guarantee the accuracy or completeness of any statements or data.
This reprint is supplied by Fidelity Brokerage Services LLC, Member NYSE, SIPC.
The third party provider of the reprint permission and Fidelity Investments are independent entities and not legally affiliated.
The images, graphs, tools, and videos are for illustrative purposes only.
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