Getting to 40 has never been easy, but will be, if properly planned. The Secrets of getting wealthy at young age is hidden here. You need to change certain things about your lifestyle from things you purchase to things you consume. Below in this article, i will share with you certain DOs and DON’Ts you must oblige to, to make it to 40 wealthy. Some people i know made this mistake as youths but openly regret it now.
Save much when you earn much and Spend less when you earn less. Just to economize.Ifeanyi Aniekwe
Tips to Help You Make it To 40 Wealthy and Healthy | Mistakes to Avaoid
Avoid Lifestyle Inflation
You obviously have to avoid lifestyle inflation. The ages of late 20’s and late 30’s are the time where people get the big pay rises of their life. At this time, many businesspeople see their success and breakthrough. So many people in their 20’s sometimes suddenly make 10x their income. However, so many youth people waste this money on expensive lifestyles, like housing, luxury cars and whatever else. Lifestyle inflation is would bring you regrets when you have gone past that age.
Your life after this section of your age will be terrible if you spend it without budgets. Draw yourself a really economical budget that will see you through your expenses. You budget must be planned with respect to your total monthly income.
Save and invest the rest, after your budget has been fully sorted, this will give you backup should there be need for money. Failure to have budgets accounts for Lifestyle Inflation, more easily should kid be coming along.
Work With Your Partner
If you’re married, relying on one source of income could be devastating, especially when it’s not enough. Get your partner to work with or indulge in some online businesses for mothers while at home. Let your partner understand the need to work with you to supplement your efforts of providing for the family.
If she doesn’t work, you will never provide enough for the family, unless you earn tens of thousands. She will lack the knowledge of economical home management, hoping you can bring more. It’s said that people don’t value what they have, if they didn’t strive for it. So, get your partner to work with you and together you both can plan and management your family more efficiently.
Failing to Save/ Invest
Save up some money from your salary and invest with them so you could earn some more money. You could invest in stocks and real estate (if you earn higher). According to Bill Gates, “The goal is to invest and make more money, not to save and save”.
Investments would give you future even when you’re retired and work no more. Save up and invest while you still work actively and you will never lack in old age.
Yes, you can afford to buy 3 Luxury Cars but what do you think about it maintenance, you can maintain that. Sure you could, but if you’re reading this post, you need one car, not even two. Minimalism is not for the poor but for those who understand the reason to be low and save/ invest much.
The opposite of Minimalism is Lifestyle Inflation, which we opposed in the #1 tip. Do not accumulate much clothes, computers, televisions and even phones, you’re supposed to have few not many. Constantly opt for things in your ” Need List” and not for things in your “Want List”.