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Unless you plan on winning the lottery, if you want to build wealth you need to take action every day. You can either increase your income or reduce your expenses (or do both). Either way, nothing will happen unless you’re living a lifestyle that is geared to creating wealth.
Are you doing the following:
Evaluating purchases by waiting for discounts, delaying purchases or eliminating ‘wants’.
Building personal skills to stay relevant in a changing work environment.
Methodically saving and investing.
Paying down expensive debt.
Budgeting for monthly cash inflows and outflows, and reconciling that with reality. (I.e. Do you know where your money is going?)
While some people might get rich by starting a business, many people with average salaries build lasting wealth by living a conservative and purposeful lifestyle. Deliberate and consistent actions are key.
Start with one super-simple action today. The next time you want to buy something, delay your purchase by a week. After a week passes, you might forget you even wanted the item. Or you might find a better deal. Or you might decide you can wait another week. This psychological ploy has stopped me from buying tons of stuff I didn’t need, saving me at least thousands of dollars.
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Does Gold Outperform Stocks Over the Long Run?
Canadian Mutual Fund vs ETF Fund Flows
What You Need to Know Before Buying a Home
How Much Should You be Saving?
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