EXPAND YOUR MEANS
The advice to live within your means is good. The question is, ‘who is determining the limits of your means’. Is it possible to expand the capacity of your means?
Living within your means may mean denying yourself of many things. If you place value on those things, if not having those things makes you feel life is not worth living, you will eventually live beyond your means.
Many people cannot curtail their desires; thanks to adverts which promote consumerism. Those adverts make you feel you are missing out if you don’t have it. As a result, several people break their limits again and again. Thus, many live in debt by trying to live a life beyond their means without expanding their means.
It is therefore wise to first learn to live within your means, delay gratification and do not live a pretense. When you do this, you would have developed the first character of the truly rich – “control over expenses”.
The falsely rich “show off”. They are “impulsive” they always need to “prove their worth”. To them, their life consists of the image they project and what grand opinion people have about them.
The truly rich have control over their expenses. They buy what they really wantt and have concluded is worth it. They also determine when to buy it (whether immediately or at a specific time later) and from which source the payment will be made (which account, which means etc.) For the truly rich, almost everything is planned and budgeted for.
To know where you fit in on the financial scale, take a look at the following table:
The second benefit of living within your means is that it gives you time to expand your means. It will be difficult to expand your means if you do not learn first to live within your means. This is well explained in the book you must have already downloaded (If you wanna be rich, you must break the law.
YOU CAN STILL DOWNLOAD THE BOOK FREE HERE
Expanding one’s means is a must. There is so much opportunity to do so now more than ever. Expanding your means can be done in many ways including the following;
- Acquire relevant knowledge and skills in same field or totally different field.
- Use your free time to earn extra income
- Study several investments and invest your savings. Do not be tempted to go into any get rich quick scheme. Do not put your hard earned savings in the hands of individuals that have no successful track record. This is explained by the five laws of gold as explained in the book “THE RICHEST MAN IN BABYLON”.
- Create a patent or product to meet a specific need and market it. Marketing is easy now, you can do it online! This can be by creating your own part time business, becoming part of a multilevel marketing network or performing affiliate marketing online. You may also take a second job to fill in your free time (this is not encouraged). The aim of this book is to stop you from being a ‘compulsory’ employee till you own your life. You may however create jobs for others to work for you as a team or as your employees.
- By investing in mutual funds or utilizing the power of compound interest.
Everyone who will truly be wealthy without stripping others of their wealth must learn to both live within their means, accumulate their savings and invest their savings, their time or their energy.
Stripping people of their wealth can be done by force (armed robbery) or voluntarily (scamming, scoping, deceiving), direct or indirect contribution e.g. taxes, (government and traditional rulers), direct pilfering e.g. corrupt politicians and business executives).
This book is a summary of books and a topic on investment is beyond the scope of this book. If you desire to learn more about investments, you may start from here. or request for a free book titled, “Get Rich Slow”.
The power of compound interest is the greatest force of passive income on investment. Every truly rich person must be saving/investing their money is an investment with return based on compound interest. Otherwise every saving on long term not invested gradually depreciates compared to rate of inflation in the same economy.
You must learn to expand your means and never give up till you succeed. Living with your means sets limits, grants you a sense of control as you become emotionally mature to make the right decisions. Expanding your means breaks the limits and enables you live the kind of life you so desire without failing.
Check here for an opportunity at network marketing.
Check out this book, “WHY WE WANT YOU TO BE RICH” by Robert Kiyosaki & Donald Trump