Have you ever wondered how wealthy people got so rich? Sure, some were lucky to receive a large inheritance or win the lottery.
But some people who become wealthy have mastered a set of key financial and life habits. And surprisingly (or not), frugality is at the core.
Every time you get a paycheck, you must try to not spend all of your money. If you can spend less than you earn, then your wealth grows.
Wealthy people don’t play around with debt. If they don’t have the money, they don’t buy it. That’s why they pay cash (or equivalent) for all their purchases.
Wealthy people pay cash for purchases, and they pay cash for emergencies, too. That’s because they have a safety net in the bank, ready to absorb unexpected expenses.
The longer you can leave your money invested, the longer it has to grow. So the best time to get started is the minute you start earning an income. And the second-best time is right now.