“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” – Will Rogers
Building and maintaining wealth isn’t about the visible signs of success, like expensive gadgets or flashy offices. Real wealth is about having savings, investments, and assets that provide financial stability and freedom.
The key to true wealth is not how much you earn, but how much you keep and grow. It’s about having the financial resources to make choices that benefit you in the long run, not just today. This means focusing on saving more than you spend, investing wisely, and avoiding unnecessary debts.
Look at Warren Buffett for example, one of the wealthiest men in the world. Despite his wealth, Buffett is known for his frugal lifestyle. He lives in a modest home and drives an average car. His wealth is not in the form of extravagant expenditures, but in his investments and savings.
This is a great reminder to focus on building wealth through saving and investing. It’s tempting to spend on the latest trends in business or personal luxuries, but real financial success lies in what you save and invest, not in what you spend.
This doesn’t mean you shouldn’t enjoy your success or invest in your business. It’s about finding a balance – spending where it matters and saving where it counts. It’s about making smart choices that will ensure your financial stability and growth in the long term.
Action Step: Take a close look at your finances. Identify areas where you might be overspending. Set a goal to increase your savings and investments. This could be through setting aside a certain percentage of your income, cutting down on unnecessary expenses, or investing in assets that will grow over time.
Remember, the true measure of wealth is not in flashy displays of success, but in the financial stability and freedom you build for yourself. By focusing on saving and investing, you can ensure long-term financial health and success.
For more practical advice on building and managing wealth, be sure to check out our book of the week: “The Psychology of Money” by Morgan Housel.