I am under age 35 and have more than $10,400 which makes me richer than the half of the population of America according to Wall Street Journal. I am very surprised by how little we save. Saving $10,000 isn’t very easy but if you can control your spending it can be achievable relatively quickly.
Track your spending and limit them as much as you can. That’s the easiest way to become richer. Why would you ever buy a brand new car on credit when you don’t even have $10,000? How can you commit to spend more than what you have for something you may not even need? These are the questions that you should ask yourself and try to get honest answers. Do I need to buy $35,000 brand new car on credit? Meaning you will have to pay like $500 from every after tax monthly paycheque of $2,500 (That’s 20% of your paycheque) or would $5,000 6 years old car can do the job? Can I afford to buy my lunch and pick up my dinner on the way home everyday? (That’s another $500 per month) What about parking, insurance and gas? If you deduct your necessities such as rent, mortgage, cellphone, utilities, grocery etc.. then you will never get out of the rat race.
Again, the easiest way to get out of the rat race is to sacrifice today to save some money. The saved money will work for you quietly without any complains from your investment account to grow themselves up. They are your silent soldiers.
What about you? Where do you stand?
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