Where Do You Keep Your Money?

You should not have to do this to your wallet before you go out!

You should not have to do this to your wallet before you go out!

Is that a wallet in your pants or are you just happy to see me?

Unfortunately, a big ugly wallet does not equate to wealth and power, and least of all style…In fact it demonstrates exactly the opposite.

The problem

I’m sure we have all seen the wallets (or even used them) that, for a start are too big for our pockets, then we try to cram them full of every card we have (including Christmas cards it seems) as well as all our coins.

Small is sometimes better

Maybe not in everyone of life’s situations case but in this one it is. In fact over years of slowly downsizing my wallets, I have come to conclusion that the ultimate “money holder” is the smallest that you possibly can get:

The Money Clip

The money clip, I believe, has lots of advantages including:

  • It simplifies things – only have what you need on you. It will de-clutter your mind as well as your pockets.
  • Empowers you – When you go to make a purchase and you get out your money clip with folded up bills in nice sequential order it really gives you a boost of confidence and a wealthy mindset I believe. Try it for yourself and see what you think.
  • It impresses other people – If you have a “bank roll” in your pocket concealed only in a money clip, people are going to be very impressed and want to get to know you. This will create a simple power of attraction. Similarly to the way a lot of people like to know other powerful, wealthy and famous people. A form of social proof without anyone in society needing to do anything.
  • It Just looks good – It will fit in with all your clothes (or style) that you are wearing, because it is not brown or black like your wallet could be. It will also not bulge in your pants, which does not good on any man.

How it started for me

I first started experimenting with the idea of a minimalist approach to storing my money when I was traveling a few years back. Long story short because I was in areas where pickpockets were plentiful I left all my passport, id, and credit cards in a safe and only had the cash in my wallet.

It was the best feeling. I knew that I was stocked up with all the cash I needed for that day, and in the end if it got stolen I wasn’t too worried, because I only had the cash for that day, and not ALL my other valuables that I would have to spend a day on the phone trying to get canceled.

The Rules

After trying a few different things I have come up with a bit of a process that you can also used when you purchase yours:

  • No coins – Your wallet should never contain coins. If you have them keep them in the bottom of your pocket (loose), but never in your wallet. At least it is physically impossible for you to keep them in your money clip
  • Keep the big notes on the outside – Have your money folded directly in half with your biggest notes on the outside of the bunch. These should be the ones that are visible
  • Keep some “artificial notes” – by artificial I mean that I try to keep 1 or 2 (or even more, depending on what your comfortable with) $100 notes on the outside of my roll. These are more for aesthetic purposes than anything else. When all the notes on the “inside get used” I will get more out and always keep these outer ones there. This is a big point that helps with power and prosperity traits in your subconscious mind
  • Keep your most frequently used 1, 2 or 3 cards only – I keep ONLY the cards that I use or need ALL the time. All others I keep at home and take them only if I know I will need to use them for the day

My Money Clip example

Below Is what I will keep in my money clip (3 cards):

  • My ID
  • My swipe card to enter my apartment building
  • Sufficient cash that I believe will get me through the day (or night) depending on where I am going
  • 1 credit card for back up
  • My artificial $100 notes for the outer of my role

Take Action

1.       Buy a money clip. Or at least a slim line wallet that won’t allow more than 3 or 4 cards in and certainly no coins. Even if it is just a cheap one of Ebay to get you started, trust me you will notice the difference

2.       Follow the 4 steps in the “The Rules” section above to organize your money clip

3.       Take it out with you, next time you go somewhere. Just start on the weekend when you are out on a social gathering, and eventually incorporate it into your everyday life

What do you think? What sort of wallet do you use? Do you usually keep lots of cash on you or just rely on credit cards?

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Posted Wednesday, August 12th, 2009 under Intelligent Money, Intelligent Style.

One comment so far

  1. Keep up the good posts. I got wind of this site from Tim Ferris’s comments and I’ve been checking regularly ever since. I was kicking this idea around since I used to carry a clip around all the time…I’m going to head back out today and grab one.

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