Financial wisdom often comes through hard-won experience, and I’ve been reflecting on what truly matters when it comes to building wealth. I wish this were my story—but it’s Steve Chen’s story that I reiterate here. I watched him from CALLTOLEAP share three powerful insights that resonated, and I hope they will for you.
The financial principles Chen outlined aren’t complicated, but they’re transformative when applied consistently. What struck me most was how these simple truths can dramatically alter someone’s financial trajectory when embraced early in life.
Stop Buying to Impress Others
The first principle Chen highlighted was something I wish I’d learned sooner: stop purchasing things solely to impress others. How many of us have bought expensive items solely for the social validation they offer?
Chen suggests asking a powerful question during your financial review: “Would I still buy something if no one actually saw it?” This simple filter has helped me save thousands by avoiding status purchases that don’t actually improve my life.
It’s remarkable how applying this principle can dramatically change spending habits. Purchases based on personal value rather than perceived social status make a difference. This shift alone freed up significant money for investing and experiences that genuinely matter.
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Take Responsibility for Your Financial Future
The second insight Chen shared was about changing your mindset and taking complete ownership of your financial situation. This means:
- Stopping the blame game with parents, teachers, or society
- Recognizing your power over financial decisions
- Building micro-saving habits consistently
- Working hard with a positive attitude
This mindset shift is perhaps the most challenging but also the most liberating. Stop blaming all external factors (even if they are true) for your financial situation. Get clarity about what can be controlled.
Full responsibility doesn’t mean you can’t acknowledge systemic challenges. Instead, it means focusing your energy on what you can change, rather than what you can’t.
Patient Investing Beats Quick Riches
The third principle Chen emphasized was that saving alone won’t build wealth – patient investing is essential. “I see too many people investing in the wrong things because they think they’re going to get rich quickly,” Chen noted.
The get-rich-quick schemes always seem appealing, but they rarely deliver. Meanwhile, those who consistently invest in quality assets over time build substantial wealth.
Chen’s analogy stuck:
“I always learn to play the long game because at the end of every story, the turtle always wins the race.”
The turtle approach to investing means:
- Consistent contributions to investments
- Focusing on long-term growth rather than short-term gains
- Avoiding emotional reactions to market fluctuations
- Letting compound interest work its magic over decades
Embrace this patient approach to investing, and anxiety decreases dramatically. Stop chasing the next hot investment and instead build a portfolio designed to grow steadily over the long term.
Building Wealth Through Micro Habits
What makes Chen’s advice particularly valuable is its focus on small, consistent actions. He mentions “micro saving habits” as a key component of financial progress. This approach works because it makes wealth-building manageable rather than overwhelming.
The combination of mindful spending, personal responsibility, and patient investing creates a powerful framework for financial progress. These principles may not be flashy, but they work reliably over time.
Financial freedom isn’t about making a few big moves – it’s about making hundreds of small, smart decisions consistently. The relationship with money will improve, and indeed, net worth will steadily grow. Most importantly, gaining confidence in our financial future will take us a long way.
If you’re just starting your financial journey, these three principles offer a solid foundation. And if you’re further along, they serve as valuable reminders of what truly matters in building lasting wealth.
