By Get rich the hard way on The Capital
Welcome to Get Rich the Hard Way! Here you will find interesting, actionable, and useful information about: Investing, Stocks, Real Estate, Personal Finance, and like related topics. Thank you from the bottom of my heart for taking an interest in your personal financial success. I am grateful to be able to share my life experience with you and hopefully make you some money. You can learn more at: Getrichthehardway.com and my podcast Get Rich the Hard Way at open.spotify.com/show/704sUYJAhwzcd78bBq2rTx.
Now, to the information you are here for. Here is the best-kept secret in the world of the 1%. This is the one thing that everyone who has more than a million dollars has had to do to get that wealthy. This tip is not something that many people will ever do because they don’t want to get rich bad enough. I promise after doing years of reading, listening, and studying wealthy people they all had to do this one thing before they could get rich and stay rich.
They had to track their spending! Yep, that is it. There is a secret to getting rich. Why this is the first step to getting and staying rich? Because 99% of people either can’t or won’t do this one very simple thing to get rich. Without knowing where your money is going, you can have a seven-figure income and still be broke. I know that does not sound possible, but many famous people have had it all and lost it all because they didn’t follow their dollars. So, it is true you can not and will not get rich without this skill, nor if you become rich will be able to keep your wealth without this skill.
Let me explain how to do this. I am sure many people think aw, that’s easy, I know what bills I have and how much its costs. If you do, that is about half of what you need to master this skill. The other half is to track all the mindless, needless, and impulsive buying you do with the money you have after your bills are paid, if you have enough to even do that. If you can’t, this skill is even more important for you.
To implement this into your get rich quick plan, you need to grab all of your bank and credit card statements. I am sure most of that is online for you, so you can’t even say you lost them. Look at what you have been buying for the last three months. Get a piece of paper or open a spreadsheet on your computer. All your bills go into their own line of expenses. Your rent/mortgage, utilities, insurance, Car payments, Gas, Wifi, and Food. That is all you need to live. Then every other penny is money you didn’t have to spend.
Take a look at all the clothes, coffee, dinner dates, lunches, movies, trips to the beach, etc. All of that could be reduced or removed from your spending. This is what the wealthy do to get rich. Everything is accounted for no penny they have does not work to make them more money. If you do not have any extra money, here is how you get it. Cut everything I just listed off your list of I’m going to buy that. That saves hundreds of dollars, next make more money!
This is the very first baby step you have to take to get rich. As the name suggests, getting rich the hard way is HARD. But as I will continue to map out for you, here it is the surest way to get rich.