In Creating Wealth you need to remember to stay focused and follow the basic rules. Equity & Appreciation; meaning you always want to build equity (ownership) and have the asset appreciate (grow over time) in value. Many of us loose site of this principle and spend our money on things that give us immediate gratification but go nowhere. We see in America today most people carrying a lot of consumer (non-residential mortgage) debt. They are simply spending more money than they bring home and this action destroys any chance of creating wealth.

People have to wake up and start making hard and sometime uncomfortable decisions about their spending habits. Two generations ago people made sacrifices to get ahead; they went without and denied themselves certain pleasures in order to achieve their goals.

You’re not the Federal Government who can spend trillions of dollars they don’t have and then just stick someone else with the bill. This current administration has lost its’ mind and doesn’t seem to have any conscience about what they are doing to our children and grandchildren. But, you can’t do that.

As a responsible adult you owe it to yourself and your family to look past today and focus on the future and your goals of creating wealth. Live within you means (pay check), pay down debt, save money where ever you can (every dollar counts) and make wise decisions with ever purchase. Remember the old saying "watch your pennies and nickels, and your dollars will take care of them selves". The road to riches starts with you. Don’t follow the governments’ lead… they’re idiots.

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This entry was posted on Friday, February 26th, 2010 at 3:52 pm and is filed under Wealth Building. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.