From Marvin Schulz, staff writer:
I have no clue how you found this article.
Maybe you stumbled upon it by accident. Perhaps a friend shared it with you. Maybe Google spat it out in your search results.
But, no matter how you got here, you have found the single most valuable free wealth-building resource on the Internet. Here’s why:
In this article, I will outline a bulletproof wealth-building strategy…
A strategy that will outline, in detail, how to get richer every day. It’s the same strategy Mark Ford used to become a multimillionaire. Tom Dyson is using it, too, and, thanks to the strategy, he just moved into a surfer shack on the Atlantic Ocean, a long-term dream of his.
However, before I dive into the specifics, consider this:
How Not to Build Wealth
The Internet is full of complicated wealth-building advice. Amazon is flooded with dubious moneymaking books, and glossy magazines pledge to know the secrets to creating lasting wealth.
While they all have good intentions, they overlook the obvious:
When building wealth, simplicity trumps sophistication!
But I can’t blame them. We Westerners are doomed.
In school, we spend long hours pondering abstract ideas and concepts. We are told complexity outweighs plainness. Teachers praise blood, sweat, and tears. They say building wealth requires superhuman skills, mostly because they never made it financially themselves.
We leave the education system confused. There’s too much information. We carry our teachers’ critical and off-putting chatter in our minds, and continue comparing, judging, and grading ourselves. We don’t think we can get rich. It seems so… far out there.
The truth is, building wealth is simple. We just need to forget what we learned in school.
With that said, here is how to get richer every day.
How to Get Richer Every Day
Pillar No. 1: Spend Less Than You Earn
The first pillar of getting richer every day is so simple, our brains will fight it. To create lasting wealth, you need to spend less than you earn.
That’s it. That’s all it takes. You earn 50 bucks per day? Spend 40 bucks, max.
Let’s look at what Mark Ford says about spending in his essay, “The Secret of the Golden Buckets.”
Discover your own, less expensive way to live a rich life. By a “rich life,” I mean a life free from financial stress, but also filled with things that give you pleasure.
Your family can be just as happy in a house that costs $100,000 or $200,000 as they are in one that costs $10 million or $20 million. Likewise, a $25,000 car will get you where you want to go just as well as a car that costs 10 times that amount.
In fact, there are dozens of ways to live like a millionaire on a modest budget. If you learn those ways, you will have a tremendous advantage over everyone else at your income level. (In the Wealth Builders Club, I give lots of ideas for “living rich” without spending more. But for the moment, I am just going to assume you agree this makes sense.)
Mark’s full essay is available here, for free.
In it, Mark dives deeper into how to pull this saving strategy off when you have a family, bills to pay, and recurring expenses to take care of.
Let’s move on to the second pillar of how to get richer every day.
Pillar No. 2: Increase Your Active Income
Tom Dyson once told me:
To grow rich, you need to spend less than you earn. But focus on ways of earning more, rather than turning around every dime you spend. You don’t want to waive your morning Starbucks. Rather, look for ways to make the money back.
Now, there are several ways to increase your active income.
The Simple Dollar shares five ways. Here is one:
Don’t waste time at work.
The time you spend sitting idle, browsing the Web, or chatting on IM or Twitter with your buddies is time you’ve effectively lost. Instead, invest that time in something devoted to your career, even if it’s not directly on a work project. There are lots of things you can always be working on—see the other things below, for example.
The full article is available here, for free.
Okay, two more pillars to go…
Pillar No. 3: Develop a Loathing for Debt
Debt only benefits one side: the person or institution granting it.
To grow a bit richer every day, you need to see debt for what it is: a wealth-gobbling daemon.
While there are few exceptions, the general rule is to avoid all debt.
If you find yourself stuck in the debt swamp, study this piece by Mark Ford.
And now, the last pillar:
Pillar No. 4: Take the Long View
Here is what Entrepreneur states on the long-term view of creating wealth:
Your daily tasks should have a direct connection to your long-term goals. If they don’t, you need to re-examine them and decide whether to cut them out completely or reduce the time you are spending on them.
To stay focused on your long-term goals, it is vital to set a date they will be accomplished. Put a note on your phone, in your planner, or on an index card taped to your computer. It should be somewhere where you will see it every day and be reminded of what you are working toward.