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What does it mean to economize?

Updated: Nov 1, 2019

In its simplest form, to economize means to get the most out of the least. To maximize the value of your resources. To put it in another way; Economize means to stop complaining about what you do not have, and instead start making the most out of what you do have.

I see it all the time...

I come across individuals who proclaim that they need more money, they need a new car, they need a bigger house, and so on. And that very same person who claims that they need a bigger house fails to keep their own home clean and in good working condition.

* I cannot take someone seriously who tells me they need a bigger home when the house they are currently living in is filthy.

* I cannot take someone seriously who claims they need a new car when the car they are driving stays filthy with squeaky brakes.

* I cannot take someone seriously who claims they need a promotion when they hit the 'snooze button' several times every morning, rushing to work making a habit of showing up late.

The average person in this country is not an economist because they simply do not know the value of what they already have. According to CNBC The wealth gap in the US is worse than in Kenya, the U.S. has a larger wealth gap than Kenya, and Kenya is a developing country. Developing countries are primarily given this label because the wealth gap is incredibly huge, so let that sink in for a moment...

This is very concerning because the wealth gap in the U.S. is continuously getting wider.

Why is this is so?

The reason is simply that more and more people within this country are failing to economize. Many individuals that I have encountered in my own personal experience tend to blame their economic status on everything and everyone under the sun excluding themselves, and therein lies the problem!

Many of us like to blame our economic status on the government, our employer, our community, our upbringing, our spouse, and even our children when in actuality the problem and the solution to your economic progress starts and ends with you!

What I am getting at is that the act of economizing goes back to the basic principle of management. To economize requires the act of effectively managing what you already have in your possession. To economize has nothing to do with complaining about what you do not have. To economize has nothing to do with making claims about needing more of this and more of that, especially when you are failing to manage what you already have.

For instance, every week millions of people play the lottery in hopes of becoming an instant millionaire. Majority of those very same people are living check-to-check with no savings, no investments, and are barely getting by with what they already have in their possession.

These very same people will be destroyed if they ever hit the jackpot. Most of those lottery ticket buyers can barely manage $500, let alone millions of dollars. This is precisely why most lottery ticket winners who started out broke end up right back where they started shortly after winning their fortune. It is because they have not learned the skill to economize before winning the lotto.

They failed to maximize the value of the little they already had prior to winning their fortune, therefore they had no clue of how to properly manage a fortune. You do not have to go to school to study economics to be an economist. You do not have to have an MBA to be an economist. You do not have to be the head of the Federal Reserve System to be an economist.

Enough with the excuses already!

I say again, to economize means to get the most out of the least. To maximize the value out of the minimum of your own possessions, to include your occupation, which means that you are in direct control of economizing. For each individual who economizes makes the entire economy a better place for all of us, so do your part!

Take charge of your wealth!

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Disclaimer: Hudson Wealth Management, LLC (HWM) is a FINRA registered investment adviser firm. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and HWM's fee schedule. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Past performance does not guarantee future results.

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