Why is that? I talked about this in my post yesterday, Newsflash – Just Because You Get a Raise Doesn’t Mean You’ll Get Out of Debt but I wanted to revisit it again today because I think it is such an important topic.
The trick to getting ahead financially is watching the small stuff – little spending habits you have that you’d probably be better off without.
I totally agree with that.
It’s not really how much we make, it’s the lifestyle we chose that can cause us financial gains or financial losses. Spending an extra $10 a day may not seem like a lot, but what does it to do to build our wealth? Absolutely nothing. That $10 a day, or roughly $300 a month put away in your retirement account over 30 years can mean an extra $251, 000 (figured at 5% interest) in your pocket! Now are you starting to see how the little things adding up don’t just mean cash out of your pocket, they actually mean a substantial loss of wealth for you over time.
If you want to start building wealth, but you are burdened with debt, the first step is to work towards getting out of debt and not creating more debt. I highly recommend John Cummuta’s Transforming Debt Into Wealth System to help you accomplish that. You can find more information about his products here.
John Cummuta’s Transforming Debt Into Wealth System is great reminders that personal finance isn’t always about cutting out. We need to keep in mind we must build wealth for ourselves to secure our financial future.