Creating wealth is not an unfamiliar dream for many people but actually doing so can seem insurmountable to most.
It really doesn't matter if you make $12,000 a year or $120,000 a year, people can be utterly broke at both ends of the income spectrum.
Sure, one group of people may have bigger houses and fancier cars, but those are no measure of wealth, let me assure you.
Even high income earners loose their homes to foreclosure and bankruptcy.
When I read stories of an elderly couple living in a trailer home and leaving millions to their kids, I have to wonder, how is it they did that when their income was so low?You've heard similar stories I'm sure and we are always struck with ah and wonder.
But why aren't there more people transforming debt into wealth?Why aren't there more people retiring wealthy and leaving a legacy of millions to their children and grandchildren?How do I do that? These are all good questions but before doing anything, understand this single universal truth; income has little or nothing at all to do with the way to wealth.
So how does a person escape the grip of living paycheck to paycheck? Here are 3 keys that will unlock the mysterious door to wealth for just about anybody, regardless of how much they make.
These keys are timeless.
They do not care about your background, where you work or what your personality is.
They will work for everyone.
The only requirement, is that you actually use them.
That's it.
KEY #1 - Spend less than you make Most people don't want to hear it and the first response will probably be, "but I can't.
"I say, yes you can.
The truth is, you can't live on less than you make while living the lifestyle you now live.
Change how you are living and you CAN live on what you make, assuming you are working at least 40 hours a week.
KEY #2 - Don't borrow No matter how bad you want it, don't borrow.
There are VERY few exceptions to this rule, if any, but "payday" loans, 90 days same as cash, auto loans, store credit and consumer credit cards are NOT included.
You must avoid these and other forms of borrowing AT ALL COSTS.
If you borrow, you are borrowing against your ability to create wealth, period.
KEY #3 - Save The older couple living on nothing has millions of dollars in the bank BECAUSE they are living on nothing.
They are able to save.
By spending less than they make and not borrowing, they are able to put their money away or invest it in some way.
They've passed "Wealth 101.
" It's amazingly simple really.
You just have to decide that it's more important to you to save instead of spend and then to act on that decision.
If you take each of the three keys I've just given you and apply them over time, consistently, you will know how to create wealth.
Sure, it will take some people longer than others, that's to be expected, but it WILL happen.
Try it and see for yourself.
What have you got to loose?If anything, you'll have more money in the bank and you won't be living paycheck to paycheck.
Wouldn't that be worth it?