An athlete made 110 million in five years and was broke a few years later. So was rapper 50 Cent.
You can’t spend your way to prosperity.
If you haven’t read or listened to “The Richest Man in Babylon”, a short classic book by George S. Clayson, you should. I like the audio. In it there are “Seven cures for a lean purse”.
The first is “10% of all you earn is yours to keep”. Meaning no matter how much you make, spend less and save some.
How much have you saved?
Well I don’t have it where I can only spend 10% of what I make. I’m only able to save about 20% of what I make right now. I’d like to learn more finance information from you though.
Another book to add to my list… now should I read it before or after Iron Sharpens Iron?!
How much you save depends on how wealthy you want to be!
My uncle used to say “it’s really more about what you spend than what you make”, of course at the time he was the owners paying me (and all my cousins in our family business) but his advise was well-intended and on point. It stuck with me.
(edited) – My uncle used to say “it’s really more about what you spend than what you make”, of course at the time he was one of the owners paying me (and all my cousins in our family business) but his advise was well-intended and on point. It stuck with me.