You will never become rich unless you hack Parkinson's law..
Becoming rich is an ultimate goal for many people so as finding happiness, leading a healthy lifestyle, marrying the girl you love, having good relationships etc. It all depends on the individual experiences and one's view of this world.
Cyril Northcote Parkinson is a famous author who wrote a masterpiece back in 1957 called simply :Parkinson's law. Simply put, it states"work expands so as to fill the time available for its completion".From a financial perspective, this means that as the income increases, also the expenses. If you make 10.000 dollars a month, buying cheap clothes for example is no longer an option, you will force yourself unconsiously to buy expensive ones. This cycle will go on and on with every promotion you get, every lottery you win and every penny you put in your pocket, more money made=more money spent. YOU WILL NEVER BECOME RICH UNLESS YOU BREAK THE CYCLE ! To do this, you need to accept your current financial state for a period of time. Sacrificing 2 or 3 bad years for the sake of 15 good years but this doesn't mean living a poor lifestyle either. Things you can do to break the cycle: *Saving more money with every increase in the income *Following a good financial plan and stick with it. *Write your income and your expenses on paper and keep track of them. *Be careful of small purchases and wasting money to buy unnecessary things. *Last but not least, search always for new sources of income and invest more. You have the power to change your life, what you are still waiting for?
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Very sound financial advice! Many people spend more as they earn more. This is the reason why many high income earners ended up bankrupt when crisis hits and they lose their jobs.
It's absolutely important to save, invest and keep expenditure at a sustainable level
Posted using Steeve
People underestimate saving money, one should be very careful about his/her expanses !