Both the rich and the poor spend money. The rich spend money and become richer while the poor spend money and become poorer. If you want to be rich learn from the rich what they spend their money on. Many are not rich. Many are not on the path that leads to wealth. Many think that there is someone, somewhere sitting on their destiny for wealth. Free yourself from this mindset. Work on yourself, and go and learn how to earn money. Do not rush in life.
Few are wealthy, few take responsibility for their lives
Few are on the path that leads to the wealthy places of life. One of the things that make a person rich or poor is his spending habits, what do you spend money on that doesn't generate money for you? How do you spend the money that comes your way? Are you of the mindset that money is meant to be spent only on liability? There is no way you will not spend. Our problem is not spending but what do we spend money on?
If you spend money on your needs after you put a certain percentage into saving and investing, your spending habit is on the right track to riches.
You must have a budget for your spending. You can spend to build wealth. Do not leave all your money in the banks. Banks can't make you wealthy. Your money in banks makes the banks richer and they pay you less than what your money does for them. Do you know no bank will pay you up to 5% on your saving in a year?
If you save huge money in banks, inflation can make the money useless Save some money in banks but invest more in what will become assets for you. I am not saying that you should not use banks but use them wisely because they still have some benefits you can gain from them.
If you spend all the money that comes your way on liability, poverty is not far away from you. This is not a curse, but raw truth. Poverty has no nationality. It can be found anywhere in the world. It makes its dwelling wherever it is welcomed. Learn to be disciplined, when money comes into your hands. Make part of your money your employees that work and produce after its kind. You must avoid spending on impulsive buying, this is where the scale of preference is to be put to good use to avoid unnecessary spending. Spend money on having assets that generate more money for you. Your spending habit can either mar or make you. The choice is yours, action is everything. Your financial freedom lies in your hands.
Thanks for your time and your comments will be appreciated.
