The Habit of Wealth....why making more money doesn't necessarily make you wealthier
Wealth is a Habit.
There is one simple rule to become wealthy. Spend Less than you earn and invest the difference.
That's it
Simple, yet not easy
In the news, Johnny Depp is going broke. He is set to make $100 million dollars this year. So why the heck is he going broke?
Johnny Obviously has a habit of living a lavish lifestyle.
Meanwhile the little old lady across the street living in her modest house and driving her old Honda may be a Millionaire.
Start making wealth a habit. Spend less than you earn. This means getting out of debt. If you have more debt than you can handle than maybe its time to consider filing bankruptcy. I know people who don't like me saying this, but in many cases it could save your financial future.
Once you are out of debt, save whatever you can. If you are in the habit of keeping up with the Joneses, this may be hard for you at first. Figure out what you really need to be happy. Chances are you can be happy without the latest Iphone and $4 lattes.
Invest smart. Think like Warren Buffet. He recommends investing in the big index funds. Check out SPY or VTI through your brokerage. Those have low fees and proven track records.
Do yourself a favor, make wealth a habit instead of a dream. Bit by bit you will get there.
Very good tips!! It really motivates me to spend less money.
This phone i now have can ineed serve me a few years extra.
Hey hey! Glad to see on and I couldn't agree more with everything here.
Understanding the economics, the "system", the debt and what we actually need to be happy "sans" the social programming and constructs is so key to moving past this quagmire of @$$ backward muck we are in.
And ending on a warren buffet note. I love his famous quote.
" Rule no. 1- Don't lose money.
Rule no. 2 - Dont forget rule no. 1 "
Steem on 🐳 Sister!
Simple advice, but it takes discipline to enact. Great post!
Thanks for resteeming!