Lesson 1: How to create wealth
If you want to increase your wealth to improve your quality of life, the logical place to start is “How do you create wealth?”
It turns out that creating wealth is quite simple;
- Spend less money than you bring in.
- Invest the excess you are not spending.
- Let time do the work.
We certainly didn’t come up with the above, but we find it sound advice. Let’s begin:
Step 1: Spend less money than you bring in.
Spending less than you make is vital to wealth creation but not always what people want to hear. Frugality is critical to creating long-term wealth, and being careless with your money is an easy way to go broke.
Due to the subject’s involvement, we will not even attempt to offer our advice. Many experts in this field can help. We recommend Dave Ramsey, or Suzy Orman , but there are many to choose from, so pick someone who suits your character.
Step 2: Invest the excess you are not spending.
So here is where we are experts and what our “Investing 101” series will focus on.
Over time, we will explore topics such as:
- What is Investing
- The Importance of Compounding
- Why We Invest in the Stock Market
- Why We Invest in the US Stock Market