If you want to invest more money, you should mercilessly cut your expenses, stop buying your favorite drinks, never go on a vacation and starve your goldfish.
Many financial experts are telling you that living on a tight budget will make you rich. I tend to disagree.
Cutting your expenses will just make you miserable. I think that much better (and enjoyable) way to become wealthy is to increase your income.
Now, don’t get me wrong… I am not teling you to spend all your money on things that you don’t need. You need to be careful about how you spend your money. But don’t overdo it.
Yesterday one of my FB fans asked me how she can save more money so she will be able to invest it in index funds like I recommend in my book.
I inquired about her current income and found out that her salary is really low and she can barely make ends meet.
And then I gave her a piece of advice that can potentially change her life.
My advice to her was to change her focus.
If you are focused on saving money (when your current income is very low) you will never make it. There is a limit on how much you can save. Let’s say that you earn 100 and spend 100. If 100 is a low income you will hardly be maybe able to save 10 or 15. And even if you do that and invest that money wisely, it will take like 157 years to get rich.
But if you focus on increasing your income, there are no limits. You can go from 100 to 200. You can go to 1,000. Or 10,000.
And then you can save & invest much more and grow your wealth fast.
So, stop focusing on cutting your expenses. Instead focus on learning new money making skills like sales, marketing, persuasive writing, leadership, technical skills and so on.
These skills will help you get a better job or to start your own business. And this is how you can make much more money, invest more and get wealthy in 7 years instead of 157 years.
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