How to smarten up?
Here’s how men how made their way to wealth generation after generation:
Experts say that if you wish to build wealth, the fastest way to do it is to model the wealth creators you admire. So here’s a short read that will help you look at how the rich remain rich for generations.
Spend less than you earn
Like all habits that lead to financial freedom, spending less than you make is simple to understand, but hard to follow. For some reason, we always want more. At times in my life I’ve made very little, and other times I’ve made a lot, but at all times I’ve wanted just a wee bit more. I find it just as difficult to live below my means today as I did 15 years ago making about one-third of what I make today.
The problem isn’t about how much we make. We are the problem. And this is critical to understand because until you identify the problem, you can’t fix it. If you think the problem is your income, you’ll spend your energy trying to make more money. While there is obviously nothing wrong with making more money, I speak from experience when I say that making more money will not make the concept of spending less than you make any easier. So what will?
Control your expenses
The last year has been a very difficult one. Not only have we had to deal with travel restrictions, lockdown orders, and fears of getting sick — many of us have also been struggling financially. In fact, research suggests that financial stress is at an all-time high in America, a phenomenon explained by the numerous hiring freezes and layoffs brought on by the pandemic.
Financial stress can be caused by a number of things: debt, unexpected expenses, or a compulsion to make purchases that we can’t afford. Without the right coping strategies or support, it can feel impossible to get through. But it is possible.
If you are suffering from financial stress, keep two things in mind:
- You are not alone, and there are plenty of services and people out there who can help you.
- There are some tried-and-tested ways to begin to feel in control of your money again.