Success in life is made up of many different factors, many of which are out of our control. For instance, I will never be an NBA player because I’m not seven feet tall nor do I have even an ounce of natural skill in basketball. Fortunately, making money and becoming wealthy relies much less on the parents we have and much more on the decisions we make and as such I want to share what I perceive to be one of the key differences between the rich and the poor and how you can use this difference to your financial advantage.
As I’ve gotten older and talked to more people, I’ve come to realize that most people have a very poor grasp on the direction that their financial life is taking. Simple things like avoiding getting into credit card debt or learning to create and stick to a budget are tall tasks for many people. Now, if you’re on the more savvy end of the financial spectrum then you’ll probably think it’s preposterous that people could struggle with these remedial financial tasks. And while I hope that someday everyone gets to a point where their finances are no longer are a burden and are a sense of pride, the reality is that most people have no clue where to start when trying to build their dream rich lifestyle, even those people who have their debts in order and can reliably save money every month.
If you ask me, there are really three types of people when it comes to money. There are those that struggle with money and will forever continue to face financial challenges. Next, there are those who have the basics of financial management down pat and make steady strides in improving their financial situation month after month through proper debt management and saving. Finally, we have those who excel at wealth creation because they understand how money works and deploy a strategy that will allow them to accumulate as much money as possible.
I would imagine that most of us want to be a proud member of that third group but the reality is that most of us won’t because we fail to deploy one aspect of the wealth building pie that is essential to seeing life changing financial progression. In fact, right now you might be deploying the exact opposite strategy that is required to build impressive levels of wealth. Where might you be going wrong and how can you change your ways to start trending…