The Grand Law of Wealth: Increase Your Income & Decrease Your Outgoings
Although it is very simple, easy understand, and a matter of fact, it is not practiced or done by millions around the world and country. If you want to amass wealth, all you have to do is increase your "incomings" and decrease your outgoings. Even if you are dependent of state "welfare," if you spent less than your welfare assistance money, you'd be developing wealth.
A good storied example is the "Riches Man in Babylon."
If you earn $50K per year and manage to only spend $30K; you're saving and keeping twenty thousand dollars a year. That can be used for investing or other projects.
A good storied example is the "Riches Man in Babylon."
If you earn $50K per year and manage to only spend $30K; you're saving and keeping twenty thousand dollars a year. That can be used for investing or other projects.
In the grand scheme of things, it's really that simple. If you are spending more than you're earning, your wealth begins to go into the negative.
If you are earning more than you're spending, then your wealth increases.
Period.
How to fix this if it is not correct in your financial life? Nix any outgoing payables that are not 1000% necessary. Attempt to cut back (including your living arrangements) until you have 200 to 300 dollars after all expenses have been paid. This is called liquidation. You just want to keep expenses lower than income.
When it comes to cash, more in and less out. View it this way, a man who earns a million a year and spends 2 million a year is broker than a man who earns 20 thousand a year and spends 10 thousand.
It's not rocket science; more in less out. Peace!
How to fix this if it is not correct in your financial life? Nix any outgoing payables that are not 1000% necessary. Attempt to cut back (including your living arrangements) until you have 200 to 300 dollars after all expenses have been paid. This is called liquidation. You just want to keep expenses lower than income.
When it comes to cash, more in and less out. View it this way, a man who earns a million a year and spends 2 million a year is broker than a man who earns 20 thousand a year and spends 10 thousand.
It's not rocket science; more in less out. Peace!
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Due Daniels
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