The life in front of you is more important than the life behind you, so pay close attention to what you're about to learn. If you follow even one of these pieces of wisdom, you'll do well financially. If you follow more than one, your chances of building wealth in your lifetime dramatically increase. With this said, below are 5 best pieces of advice about money and wealth.
1. Invest Most of Your Income
Believe it or not, if you want to be rich, you can't afford to be spending your income. Although you're earning money, you shouldn't increase the quality of your life until your investments, not your salary allows it. The biggest reason some people accelerate to riches is that they live like they're poor when they don't have to. The quickest way to build wealth is to invest between 50 and 80 percent of your income and live on what's left.
2. Money Is a Numbers Game
You have to get comfortable with numbers. Don't worry your teachers have been bullshitting you with all that complex math, all you need to understand is basic mathematics; addition, subtraction, division, multiplication and percentages, that's really all there is to it. You know why? Because money isn't real; money is a measurement unit, it has no intrinsic value, it's just pieces of paper with people on it. Its sole purpose is to help you determine how much value something has and facilitate an accurate exchange. In order to measure correctly, you need to know math 101. Know your numbers; how much you make – how much you spend = how much you're left with.
3. Let Your Assets Buy Your Toys
Big, big, big wealth building lesson here; rich people don't work in order to buy stuff, they work to buy money-making machines. You know why? Because if you earn money and you spend it on something you no longer have the money but if you buy a moneymaking machine, you can buy anything you want with the money that machine is making for you. This is pretty simple but a powerful concept you have to embrace in your life.
Not many people know this but there's a point in someone's wealth growth, which we call the great barrier, where the individual will never be poor again. The great barrier is when your money-making machines are making enough money to buy other money-making machines. Your wealth is actively making you wealthier. This is why the rich are constantly getting richer; they passed that great barrier.
4. Don't Spend Money You Don't Have
It wouldn't be a list of the best money advice you ever read without this one. Stop spending money you don't have. You don't have to keep up appearances, you don't have to go into debt just to satisfy your desire for a bigger TV. Learn to live without one until you can finally afford it. Debt is the modern-day evolution of slavery; somebody owns your effort until that debt is repaid.
5. The Best Time to Start Is Right Now
If you want to build, build now. If you want your life to matter, start manifesting yourself into the world, the timing will never be perfect. You're consuming this content right now because you're not like everyone else, or at least you want to avoid ending up like everyone else. The opposite of success isn't failure, its inaction. Your life doesn't change because you're not changing. If you want to avoid falling into the same trap as everyone else, start today, not tomorrow, not Monday, not next year. Today, do something you've been postponing. Immediately after reading this article, that's how you move ahead. You have no excuse and saying you don't have the information, that you don't have the guidance, the motivation or don't know what to do.
Thanks for reading. See you in the next article.
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