Money-Consciousness – A Basic Foundation For Creating Wealth.

Many people may not know that I did not carry a credit card for a long time.

Recently, as a result of mentoring a group of people on the discipline of creating wealth, I stopped carrying a credit card again.


1. Be mindful about money.

When you start to use cash, you can become more conscious about spending money.

You can be more mindful about reality of daily financial transactions.

When money is spent, it’s gone – forever.

Over time, when you become more conscientious, you will become more careful about your spending behavior and habits.

You will be more wary about not wasting hard-earned money.

2. Appreciate value of money.

By using cash, you can be more aware of what you can get with your current amount of warm tender – not cold hard – cash.

In the same way, you may realise what you cannot get with your money.

You will realise that you have to save for awhile to get many good things in life.

For example, investing in quality education so that you can be better positioned and prepared for success.

3. Develop financial discipline and habits.

When you appreciate the value of money and the good it can do for you, your loved ones, and society as a whole, you will become more motivated to earn more money.

You will learn to explore more and better ways to generate a higher income and ongoing profits.

You will develop a habit of saving money. Once you start this wonderful habit, you will want to save more money.

You will realise that you don’t need to spend as much money as you thought.

You don’t have to follow other people’s spending habit.

Many of them don’t know how to manage their finance, let alone know how to achieve financial freedom.

You will learn how to spend less money and still be able to live well.

For example, I have learned to go to factory outlets and sales to buy good products but at a substantial discount.

Earning more, spending less and saving more money are basic but significant habits to become rich and wealthy.

4. Become a wiser consumer.

When you use cash to buy something, you will need to ask for its price.

You will have to take money out from your wallet and collect back the change if necessary.

When you save your loose change, you will realise every cent can add up to a lot of money.

In addition, you will also become more mindful of the price of your purchase.

Soon, you will discover that prices of goods are not pegged scientifically and they are not absolute.

You can always get better buys and better bargains in different ways and places.

You may also realise that you don’t need the “stuffs” and “toys” that are being merchandised, advertised and promoted to consumers like us.

You will learn to stop yourself from impulsive buying. You will not be easily misled by salespersons and cheated by con men who knows how to win your heart and mind.

You will learn to make better buying decisions and live a more effective life.

You will learn to be a wiser consumer.

5. Build a more sustainable reservoir of positive emotion.

You may discover that the outcome of buying something is in the hope of an emotional gain.

Such emotion is transient and frequently not sustainable.

Fact is, there are other ways and even better ways to enjoy positive emotion without having to spend money.

You will learn to appreciate and value relationships, experiences, and memories more than whatever you can buy in a shop.

Some of the best things in life as they say are free.

Sad to say, we often choose to spend unnecessarily and pursue materialism and affluence.

The great things in life include learning to appreciate beauty around us, being grateful about daily blessing, and meditating about the goodness of life.

It also includes spending quality time with family and friends, going for a nice walk, or recording your reflection on a hand phone like what I’m doing right now.

You will learn to major on the majors. And like Steven Covey would say, put first things first.

6. Live simply.

There is another related cousin of the credit card. It’s called an ‘ATM,’ ‘Cash’ or ‘Nets’ card.

For me, I use a non-local bank’s ATM card. I make it less convenient to draw money.

In addition, I draw only a small sum of money each time.

This is to remind me and compel myself to spend less.

When you spend less money, you will have less baggages to carry in your life.

You will learn to live simply.

Then, you will realise that you don’t need to live lavishly to live a happy life.

Simplicity is one of the keys to a life of happiness and well being.

Using cash can lead you to appreciate the more important and finer things in life.

7. Cultivate discipline of delayed gratification.

Spending money is the most expensive way to live life. Lol!

Learn to say no and cut down on unnecessary expenses.

Appreciate the value and discipline of delayed gratification.

It may be hard to practice delayed gratification in an ‘instant fixes’ society.

Most people are looking for easy ways, short cuts, get-rich-quick schemes, and on-demand pleasures.

Delayed gratification requires self-control, discipline and perseverance. These are also traits that are common in many successful people.

When I studied these people, I found they are masters in controlling their urge for immediate gratification.

They do it through self-restraint, training, and constant practice.

They know that success requires self-mastery, determination and hard work. They practiced these disciplines in their daily life.

People who exercised more self-control in fulfilling their wants became more positive, self-motivated, and resilient in achieving their goals.

As a result, they became more successful in life.

8. Be an effective negotiator.

When you use cash, you will have a greater tendency to ask for a discount and bargain for a better deal.

As you take a firmer grip of your financial position and have a better control over your expenses, you will be more conscious of better buys.

You will seek for advice. You will ask for a better way to acquire things.

You will find out if you can get a better returns for your money and a lower interest rate when you need financing.

You will learn the art and science of bargaining and negotiation.

That in and of itself can be fun and exciting. Besides, it is an important skill to develop and apply to be an achiever in life.

9. Develop long term vision and goals.

As you realise what money can do for your life and for others, you will be compelled to develop long term vision and goals.

You will not be satisfied with fleeting pleasures and short term gains.

In time, you will be able to afford better things in life.

You and your family can live in comfort and security even as you give more of yourself to the world.

You will have more resources to give back and live a more purposeful and meaningful life.

With sound vision and goals, you will be more mindful of how you should deploy and channel your resources.

You will learn to move in the right direction and achieve better outcomes.

10. Avoid unhealthy credit card debts.

Last but not least, you will never be trapped by evil clutches of financial hell because you can “charge it to the card.”

Credit card debts has become one of the biggest reasons for bankruptcy and financial ruins.

When you use cash, you will never live beyond your means.

You will never have to worry about paying high interest rates to credit card companies.

You will never have to worry about being overcharged and living with recurring payments.

You will not have to suffer auto-renewals of purchases that you don’t need and want.

By using cash, you can develop money-consciousness. It will prevent you from suffering financially or going broke.

Without money-consciousness, even if you are rich, you may not be able to keep your money and grow it over time.


By the way, I have also recorded other reflections.

Visit my Inspiration blog at

For my opinions on social affairs, please visit my Transformation blog at

Please visit my website,

Please read my reflections and continue to teach me.

Life is FUNtastic!


About Patrick Liew
About Patrick Liew Patrick Liew MBA, MSc, BSc is the Managing Partner of Global Enterprise Exchange Pte. Ltd.. He is also the founder and director of Success Resources, arguably the world’s largest personal development seminar organiser and a major shareholder of a company, which is listed on the Australian Stock Exchange. He was previously the Executive Chairman and CEO of HSR Global Ltd., a publicly listed company on SGX-ST. Previously, he was the regional director of the Gartner Group, providing strategic advisory and planning services to governments, banks and MNCs. He was also the regional head of sales and marketing operation for Dow Jones Telerate. Patrick graduated with a BSc in Estate Management from Heriot Watt University, an MSc with emphasis in global business and marketing from The City University Of New York, and an MBA from Henley Business School / Brunel University. He has also earned more than nine other professional qualifications. Patrick is arguably the first person to develop a multimedia e-learning programme on entrepreneurship. He authored a Chinese book on business systems and was also the co-author of a Times Bookshop best-selling book. Patrick has conducted both ‘brick and mortar’ and online lessons for participants from more than 60 countries. He has also conducted keynote presentations in many international conferences, including being the first Singaporean to teach at the National Association of Realtors. Through his team at Success Resources, Patrick has organised educational conferences for prominent leaders such as President Bill Clinton, Prime Minister Tony Blair, Michael Porter, Richard Branson, Robert Kiyosaki, Donald Trump, and many other prominent leaders. Patrick provides leadership and advisory services to many professional and charity organisations. He is actively involved in supporting humanitarian, philanthropic and charity causes. He has organised three fund-raising events and in the process, help to set three national records in the Singapore Books Of Records. Patrick won the Entrepreneur Of the Year Award For Social Contribution, the Asia Pacific Entrepreneurship Award, and six other business awards. Patrick believes the best way to live your life is to live your life for others. The more you reach out to bless other lives, the richer and better your life will become. -------------------------------------------------------------------------------- A Personal Note to my Friends The articles that I post online; or what I term as Love Notes, are written with the purpose of inspiring readers to live at a higher plane in life. They are also meant to motivate those who are struggling in life and help them find handlers to overcome their conflicts and challenges. It is my ardent hope that we will form networks and alliances of like-minded people who will put to right many of the wrongs in our midst. Together, we will leverage on each other's resources and create a synergistic impact in making our world a better home. These articles are written as part of regular reflection about the vicissitudes of life. They are at best work in progress and at worst, grumblings, grouses, and gripings of a finite old man. I have deliberately decided NOT to delete many of the articles and pointers that I may not agree with or are outrightly wrong. This is to keep a record of how my personal ideas, beliefs, and values have evolved over time. In addition, I hope to encourage readers by letting them know that I also make mistakes and am struggling with many of the complexity and complication in life. As long as we hang on to hope and work on finding a solution, there will be light at the end of whatever tunnel we are in. I do not pretend to know everything or for that matter, anything of substance. In fact, the more I study, learn, and think about the vast wisdom and knowledge out there, the more I realised how little I know about life and the ways of life. Hence, I have always ended my article by asking readers to continue to teach me. For I, too, am a sojourner in the exploration of truth and the adventure of finding meaning, purpose, and significance for my existence. I am proud of and make no apology for being a Christian, albeit not the most exemplary one. I believe our Creator can lead and guide us to be the best that we can ever be. I bear full responsibility for the shortcoming and error in my life, including my words. The fault is entirely mine and not due to anyone else. Readers have and can exercise the power of choice. They can discard what will not work for them and adopt those that can propel them further and faster in the pursuit of better performance, outcomes, and fulfillment. If I have disappointed or hurt you in any way, form, or manner, I would like to apologise to you. Please do not hold them against me or whoever or whatever is related to me. There are much to pray about, learn, and do. And I'll work on them with a sense of urgency. I hold on to the belief that 'Anything worth doing is worth doing with passion and excellence'. I'll endeavour to live by it. Life is short. There's no dress rehearsal and neither can we turn back the clock to change the drama of life. Therefore, by the grace and power of our Creator, let's live a full life and live it to the fullest. May God bless you abundantly on the journey of life. Your online servant, Patrick Liew I hope this message will find a place in your heart. By the way, I have also recorded other reflections. Please 'Like' me on Visit my Inspiration blog at For my opinions on social affairs, please visit my Transformation blog at Please visit my website, Please read my reflection and continue to teach me. Life is FUNtastic!

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