Live Inside Your BudgetWealth Principles
Living beneath your means and inside of a budget allows savings to be built, which will be used to increase wealth through investment. Without these savings, there won’t be an investment. You must budget to accumulate wealth.
The most important thing is that you be content during this period. Note: this does not mean satisfied. You must continue to desire and strive for wealth, but realize that the items which seem to signify wealth and wealth itself are not the same. You do not calm your motivation; you simply change what you are motivated for.
Those who spend more than they earn will always owe someone, or barely break even, which is an intolerable and unsustainable way to exist. This eliminates their short term enjoyment of life, as they are surrounded by constant financial stress. The debt they leverage to survive accrues interest, which kills their ability to gain wealth in the long term. That limit’s their long term ability to live.
The further you live below your means, the faster you can gather money with which to clear previous debts, avoid new debts, and invest and gain wealth. As you increase your savings and income, decreasing expenditures allows you to accelerate the rate your wealth increases.
You should not live so low beneath your means that you suffer. You should avoid spending unnecessarily, but shouldn’t fail to provide for your essentials or your family’s needs. You only need to preserve money that clears your debts, and then build savings that allow you to invest and grow wealthy. Not punish yourself with an insanely restrictive and unlivable budget.
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International Economic Analysis:
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