Building wealth is simple. We make it complicated. It is not an overnight event. It takes discipline, focus and perseverance to take this journey. Are you ready?
- Spend less than you make.
So I know what you are thinking – I don’t make enough. Well we already took care of this in number one so we need to speak honestly about your spending. Make choices. Change the way you spend. Be aware of what you spend and you are on your way. Choose to spend less.
This does not mean be cheap. If you buy something that is poorly made or of poor quality materials, you will end up buying another in a short period of time. If you buy a product that is well advertised, chances are a great deal of the product price goes to marketing and not a great deal into production or materials. Of course this isn’t always the case, but it is often the case.
So put your thinking cap on before you buy things. What is the total cost of the item you are buying? Do you really need it? Is there another way to meet that need or want?
If you spend less than you make, you will have extra money to strengthen your financial foundation.
It is simple…unless we complicate it.