4 Simple Way’s To Build Wealth On A Low Income

4 simple way's to build wealth on a low income
Build Your Wealth

Let me ask you a simple question- is building wealth important to you? If you answered yes, it is important that you realize, it is a mindset to form a habit, no matter where you are on the financial ladder. Start today to form the habit to build wealth.

Many people make the mistake of thinking that wealth building strategies are best left for those with cash to spare. When in reality, anyone on any income level can create wealth. You have to start somewhere.

By incorporating these 4 habit’s into your life, you are guaranteed to be on track for financial success no matter where you are starting from.

1. Every little bit counts
This is true whether or not you are going through a financial feast or financial famine. While this may seem simple; it is a method of thinking that will payoff. Many of the worlds richest people make it a habit to save when and where they can. Here is an interesting fact, Price Rainer of Monaco used to buy all of his socks in the same brand and color. Seems crazy right? Wrong! The reason he did this was because he would always have a matching pair if one sock became lost or worn out; there was no need to buy a new pair for replacement. Basically he was following the old adage, take care of the pennies and the dollars will take care of themselves.

2. Invest in yourself

The old adage, “pay yourself first,” is a great rule to live by, however, many of us fail to do so. I actually pay myself second, because I pay my tithe’s and offering’s first. After that, my necessary bill’s are paid, what’s remaining, I use to pay myself, in the form of saving’s and investment’s. Warren Buffet said it best when he said, ” Don’t save what’s left after spending, spend what’s left after saving.”

3.Don’t sleep on a bargain

Understand the difference between price and value. The price is what you pay but the value is what you receive. When making purchases, always buy quality item’s when they are marked down. When you learn to spot true value and invest wisely in it; this is a skill that will help you make smart financial decisions.

4. Think and plan ahead

In an perfect world, a plan for what you want to achieve in the long-term should form all of your financial decisions. That’s in a perfect world, but in reality, we know that is not always easy or necessarily the case. Forming a clear understanding of what you want to achieve in the long-term is an excellent way to start building wealth. Plans and goals provide the necessary context to focus all of your financial decisions with purpose. Taking the time to write your goals and craft a step-by-step plan to achieve them is an investment in your future. It will decrease wasted effort, increase efficiency, produce amazing results and most of all it is FREE.

Finally, even if you are starting from a low financial base, just spending one hour a week working toward your financial goals, and becoming financially literate, can help you gain the financial freedom you so desire. I would like to hear from you, what is one financial goal you would like to achieve in order to build wealth?

Your Money Make-Up Artist,

Tracie

 

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2 comments on 4 Simple Way’s To Build Wealth On A Low Income

  1. Dianca Chase
    December 11, 2015 at 9:04 am (2 years ago)

    Hi Tracie,

    I learned about your blog through the Writeous Babe Project blog and am super excited about 2016. My goal is to pay off the credit card debt and set up an emergency fund. I would like to learn more about the benefits of taking out a loan to pay of the credit card debt; I’m not sure if this is a smart option for me.

    Reply
    • tracie45
      December 11, 2015 at 8:48 pm (2 years ago)

      Hi Dianca, I am so glad that you found my blog! Writeous Babe is on point and is in the know! I would not advise taking out a loan to pay off credit card debt. I will be going into more detail about paying off debt in my FREE 30 day budget bootcamp, beginning January 1, 2016. You may feel free to register if you like. https://themoneymakeupartist.leadpages.co/budget-bootcamp/

      Reply

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