At the end of the day, we’d all like to be millionaires, and never have to worry about money again.
A secret of many millionaires, though, is that they never stop worrying about money.
The secret habits that many millionaires live by are so simple there’s no excuse for you to not be living the same way.
It can be easy to get overwhelmed by the sheer amount of information out there in regard to saving money and building wealth.
Don’t let that feeling of being overwhelmed dissuade you from trying to join the ranks of the incredibly rich.
Here are some incredibly easy tips to keep in mind that can help you build wealth and save money while expending the least amount of effort.
One savings tip you’ve probably heard a hundred times is to always track your income and expenses.
While you may be sick of hearing this tip, its importance cannot be underestimated!
The rich often become rich because they live below their means.
How can you expect to do the same if you don’t even know what your “means” are?
Tracking your income and expenses will ensure you know exactly where you stand financially, as well as holding you accountable for the money you spend versus the money you bring in.
If you’re not keeping track of each thing you spend money on, it can be easy to justify larger expenses, or even smaller but more frequent expenses.
Those all add up very quickly and can keep you at a point where you’re always spending exactly as much as you’re bringing in, keeping you from ever adding to your wealth.
As I said before, those who are very rich often do not live as richly as they are.
Living beneath their means allows them to save more money and contribute even more to their net worth, building their wealth steadily and efficiently.
Now I’m not telling you that you must live an impoverished life in order to save up any real wealth in your lifetime.
But simply living somewhat beneath your means allows you to save far more than you will if you’re paying the most you can afford for rent and food and other needs every month.
Another important thing to do in order to build wealth is to minimize any debt you have, especially credit card debt.
Credit card debt charges you massive amounts in interest, so waiting to pay off debt can quickly bleed you completely dry.
You cannot build wealth if you have existing debt, so that is one of the first things you absolutely must take care of.
A saying we frequently hear is “You are the company you keep.”
That is especially true in the world of finances.
For whatever reason, we tend to keep company with people who are in similar financial positions as us with similar net worth.
There’s a whole host of psychological reasons playing into this, but all you need to know is that surrounding yourself with wealthy and successful people can actually contribute to you becoming wealthier and more successful.
With that in mind, make it a priority to spend time where people you want to be like spend time.
While joining a country club or elite tennis club can be too expensive for every budget, you can always stop into a coffee shop or hotel bar located in an affluent neighborhood and get to know the people who frequent it.
Going along with this whole “you are the company you keep” finance mentality, avoid spendthrift friends.
If you’re constantly surrounded by people who spend above their means and prefer the finer things in life even when they can’t pay their bills on time, you’re more likely to spend money you don’t have and fail at your savings goals.
The final millionaire money-making tip I’ll leave you with is to resist the urge to change your standard of living when your finances increase.
This is relevant in the case of receiving a raise at your job or an inheritance.
You may feel an urge to start spending more than you have been or treat yourself to a large gift, but this is exactly how you will fail at building your wealth.
Instead, see any new source of unexpected income as a bonus to go directly into your savings or paying off debt.
It will benefit you far greater from your savings account then a silly new present you forget about after three months.
It’s easy to not save money when you can just spend it on things you want.
It’s also easy to be too discouraged by the wealth of information on the internet about how to save to actually start doing something.
Instead of getting overwhelmed, try incorporating these easy tips into your everyday life and see how things change for you.
It really can be that easy.