When it comes to attain long-lasting success with respect to personal finances and build incredible wealth, here’s the simple and straightforward recipe:
- Spend intentionally by getting on a budget
- Live below your means
- Avoid debt
- Save or invest a dedicated percentage of your income every month
You must write a monthly written budget and act in accordance with it. When you get on a budget, you tell your money where it needs to go instead of wondering where it all went. In other words, you become proactive, not reactive, with your money.
Each one of the everyday millionaires follow the above-mentioned recipe. They set up a budget and thus have a clear vision for their money. When you set up a budget, condition yourself to live below your means and avoid consumer debt, and develop the habit of saving and/or investing a certain amount of every paycheck, you start building a solid financial foundation for yourself and your loved ones.
In words of financial expert Dave Ramsey, you must live like no one else, so that later you can live and give like no one else. You need a solid foundation to achieve financial freedom.
You’ll have to make some sacrifices right now and you’ll have to let go of instant gratification, so that in the later years, you’ll succeed in accumulating true wealth and have the freedom to do and have whatever you want.
PS: If you found this insight useful, I encourage you to read or listen to my book Daily Wealth (The Daily Learner, Book 1). This short book is an attempt to distill the life-changing ideas from the best books on finances, money management, and investing in clear and concise daily meditations. I can confidently say that your money game will reach a new higher level in record time if you put the principles mentioned in this book into practice.
You can order Daily Wealth here:
- eBook: https://books2read.com/money-meditations
- Audiobook [NEW]: https://books.apple.com/us/audiobook/id1548105972
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