Many Americans want get-rich-quick and end up busted flat broke. That’s because we live in a society that is dominated by advertising and marketing that is geared to flash credit as king and your lifestyle is more important than you life.
There is a reason for that story from your childhood “The Tortoise & The Hare.” The marketing tells you that you can have it all, but the truth is more simple: The only way to have it all is to build value over time. The best news is that you can do it. You can build your race the value-tested way that “The Greatest Generation” did in in the 1930s, 1940s, 1950s, 1960s and 1970s – they controlled their expenses and made it mandatory to pay more to themselves than they had to do. That means that savings was not considered optional.
Want to test this tough love theory? You have weapons “The Greatest Generation” never had – including the principles of business education. That means that you can do what companies are doing all across America. You can reduce your expenses by 10 – 15%. Call every business that sends you a bill. Let them know that you have to reduce your expenses by 10 – 15% and ask them how they can help. You may be surprised at the results. If nothing else, it will get you thinking about the money you spend and how to reduce expenses to put more in savings.
However, the single biggest thing you can do to really begin your move to true wealth-buildings is to use automatic savings in:
1. Your paycheck.
2. Your checking account.
Using automatic savings is a very strong way to pay yourself first.
Automatic savings builds faster than you think, too. Once you have the proper emergency savings fund, you should focus your efforts on assets that generate more assets.
The rules to wealth-building don’t change:
1. Struggle more than your peers to put away as much savings as possible.
2. Use time as your friend and workman to build wealth over time and have a long time horizon.
3. Purchase assets that generate income or dividends.
4. Stay away from debt of any kind – especially credit card debt.
For more tips on saving and investing, just check out our main blog @ http://www.stickyasset.com/blog.