3 ways to be rich, feel richer or set stronger financial goals.
Rich is not in HOW MUCH you have, but HOW you MANAGE your finances.
True.
1) Pay off your debt: Your debt DOESN’T include your mortgage.
(more on that soon) For now understand your debt: Debt is your Credit card balance, your unsecured line of credit, your personal bank loan, your car loan, what you owe your friend… Pay then off. Arrange your debts first. If you are saving and your credit car balance is increasing, that means you’re losing money!! A credit card interest is 20% or more…. your investment is definitely NOT making you more than 20% in interest… Be smart and pay off that debt. I will discuss debt another time in depth, but for now, please be regular, make payments at least 5 days before your due date, pay MORE THAN the minimum amount…and you are rich.
2) Spend less than you earn. This one explains itself. Think about it, if everything you purchase is on loan or credit, you are not rich. If you have brand clothes, and a fancy car, and eat out in restaurants on credit cards and loans, you are not rich. Nothing wrong with USING your credit card and paying it off asap… what is wrong is not having the means to pay off the debt -> like in point 1. So please stop spending so much. Do you really need all that food? All those clothes? all those things?? NO!! You are rich, act like it!
3) Save and invest your money!!! Once you have managed Point 1 & 2, then you are finally able to save and invest your money wisely and long-term. Savings is not a short term thing, it’s projected for 5,10,20 years.
I’ll develop this understanding soon.
If you are saving for a short-term goal, it is not called savings it is called projected expense… Yes live your life, but live a life that will not imprisson you!!!!! You are rich
Rich is contentment.
Rich is a mindset.
You are Rich.
fleximoney 