The Cornerstone of Building Wealth
September 25, 2013
If you were to focus on just one thing in order to be wealthy, what do you think it would be?
How do you save money? Earnings-Expenses = Savings
The only way you can grow your net worth is by earning more than you spend, or conversely spending less than what you earn. There is no way you can get around this.
If you are in debt or behind on your financial goals, you will need to find a way to either earn more or cut back on expenses. If you can do both, that would accelerate your progress.
There are several pitfalls that can prevent you from saving more. The top three are:
- Laziness/Lack of discipline: Without effort and discipline, you will not be able to earn more or spend less.
- Fear: Fear of failure or fear of success can prevent you from maximizing your income.
- Envy: by comparing yourself to those around you, you will be like those around you. The average person in the US is in debt, so you will be too. To be rich, you have to act and think differently than most people.
Ask yourself, “What is holding you back from saving more?”
Stay tuned for more insights and tips on building wealth through saving and investing. Please leave me a comment or message so I can talk about the topics you are most interested in.