“Here’s what is normal in our society. You have a car, you make more money, and you get a better one. You have a house, you make more money and you get a bigger house. In general, as income goes up, expenses almost invariably go up too.”
That is why income alone will never create wealth! Think back to when you first started working. How much were you making then compared to now?
Do you have any more money in your pocket now? How about your savings? Poor people struggle just to pay the bills and buy groceries. Time to make a change. It’s time to increase your net worth.
HOW TO INCREASE YOUR NET WORTH
The true measure of wealth is net worth, not working income. Net worth is the financial value of everything you own minus your debt.
Today, a large percentage of people probably have a negative net worth. With the proliferation of credit cards and jobs being scarce many more people are declaring bankruptcy.
Stop thinking that the only way to become wealthy is to be paid more for your job or work more jobs. There are four net worth factors – income, savings, investments, and simplification.
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Working income is important because it gives us more money to save and invest. Simplification means changing your lifestyle to create more income.
Maybe it means giving up that expensive coffee every day and taking that money and investing it. You won’t have to think long about something you buy often that you don’t really need, right?
I am sure Donald Trump doesn’t think at the end of the day “wow, I worked 12 hours today, think of how much overtime I will get paid?
Start thinking like a rich person and look for more ways to create income. When Donald Trump went bankrupt did he look for a job?
I am sure there are many companies that would have loved to hire him, right? No, he looked for investments and ways to recreate his wealth.
The best way you can earn more income without trading dollars for time is to start your own business. The tax deductions just for having a home-based business are worth it. You can create wealth apart from your day-to-day job by investing just a few hours a day.