wealthofgeeks.com

5 Money Habits That Will Help You Build Serious Wealth

When building wealth and getting wealthy, our money habits profoundly affect us. They control – sometimes unconsciously, how we operate every day.

For example, our habits control when we go to bed and get up, the route we take on our commute to work, the path we follow to get to our desks, our lunchtime routine, etc. Our habits are everywhere.

These five habits are proven to build wealth over time. They take discipline and consistent resolve, but none of them are incredibly “difficult.” Once these habits become a part of our lives, we may no longer realize we're doing them.

The idea is simple: we buy an asset (for example, a share of stock or a piece of property) for a specific price. Over time, the asset appreciates (or increases) in value. And boom! Now we have something worth more than what we paid for it.

Habit #1: Invest in Appreciating Assets

Use debt as a tool, not a way to spend money you don't have. Brilliant debts are those that improve our future and support our longer-term goals.

Habit #2: Eliminate Debts

There are several examples in life where automation can play an important role. Many employers offer 401k or IRA retirement plans. And most of those companies will automatically make contributions straight from your paycheck into your investment accounts.

Habit #3: Use Automation

A detailed understanding of your cash flow (money in vs. money out) means you know exactly what you're spending money on and, ideally, how much you must pay.

Habit #4: Know Where Your Money Is Going

Here's the problem: If we spend the majority of the money that we bring in, we trap ourselves in a position where we need a progressively high income, year after year, to maintain the lifestyle we built over the previous year.

Habit #5: Curb Lifestyle Inflation

Swipe up to learn more!

Frugal Habits That May Not Actually Save You Money

19 Healthy Instant Pot Recipes That Are Surprisingly Cheap

Discover  more from  wealthofgeeks.com