Tuesday , 25 June 2024

Why You Might Not Be Getting Rich & What To Do About It

If you aspire to join the millionaires’ club, perhaps it’s time to tighten up your wallet and cut out wasteful spending. Here’s a look at 5 items to eliminate from your daily spending.

The above edited excerpts, and the copy below, are from an article* from MotifInvesting (motifinvesting.com) originally entitled 5 Things That Could Be Keeping You From Getting Rich which can be read in its entirety HERE.

A common misconception about the super rich is that they are heavy spenders because they have the means. Surprisingly, a majority of affluent households are quite frugal. One of the characteristics of the wealthy is the tremendous amount of discipline they have with their money.

There are many ways to start eliminating wasteful spending today so you can have more money for tomorrow. [HEREs a look at 5 items to eliminate from your daily spending.]

Rather than getting a rush from spending on things you don’t really need, focus on the excitement of how much you can achieve by investing that money instead.

Consider how much money you could have in 10 to 40 years if you stopped wasteful spending now and invested that money instead. As can be seen in this example HERE doing so could save you in excess of $1,500,000 over a 40 year period (in excess of $150,000 over a 10 year period) assuming an annualized return of 6%.


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