How many times have you looked at your account and wondered where all of your money went? Or got paid on Friday and by Monday you run out of money to pay all your bills. You are not alone! Millions of Americans are dealing with that on a monthly basis. Are you living above your means? When I was younger my mom would always advise me to cut my coat according to my size, she would always advise me to not spend all my allowances, to save some for a rainy day. I was that kid that would spend all her allowances before the week would run out and lament to my dad for more. This always meant living broke for one more week before I was given more money to squander. As I grew older and started working, saving and living within my means was still a challenge, lessons I failed to learn as a child I spent my early adult years paying for.
The truth is I never learned to “ACT MY WAGE”, I never learned delayed gratification, and saving some of my earnings for days I might need it. Today I watched a video online that spoke volumes, several billionaires still live very simple thrift lives, Warren Buffet still lives in a home he bought over 50 years ago for a little over $31,000, eats breakfast at McDonald’s daily and never spends more than $3.17. Bill Gates still shops at thrift stores, and never splurges on clothing and gets his hair-cut for $7. These are a few examples of very wealthy individuals who understand the principals of living simply.
I have seen individuals whose life-savings is in their suitcases, no savings, no investments, nothing but amazing collection of Gucci, Louboutins, etc. I have also seen people with amazing cars without any tangible assets. Stop spending $500 at the bar on weekends to impress your friends and can’t afford to pay your bills. Stop spending your hard-earned money to impress individuals who probably don’t like you. Find ways to build wealth, save money, spend minimally, and invest.
One principal I learned two years ago was the principal of SIMPLICITY (SIMPLE LIVING); look at your life, take an inventory of what isn’t needed that you are subscribed to, that drains your income, evaluate everything and begin to simplify.
An example would be if you pay almost $300 per month on cable TV and you only watch 2 channels, find ways to cut it down to basic cable and save that money or use it for something else. Or let’s say you spend $100 per week on eating out, find ways to cut that down significantly by cooking and taking your lunch to work. Spend your money on experiences and not things, travel, explore, and see the world. Live within your means and live a simple life.