Becoming wealthy comes down to three things:
- Make more money
- Spend less money
- Invest the difference
Continually improve these three steps and you will become wealthy.
Step #1: Make more money
You need to get a raise at work, find a new job, take on a second job, start a business or side hustle. Get your hands on more money. You won’t get rich making minimum wage even if you crush the next two steps.
Step #2: Spend less money
If you become an income-machine but spend it all, you will never get rich. You have to not only make more money, but keep it so you can invest it. Eat ramen and beans for all I care, just don’t blow all your earnings.
Step #3: Invest the difference
Becoming wealthy is all about widening the gap between how much money you make and save, but then investing that extra money. You need to invest it and make a return on your money. This can be in the stock market, real estate, your business. Investing is about owning an asset that grows in value over time.
These are the three steps and they all work together. You have to improve all three if you want to become wealthy.
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