How to Simplify Wealth Building

By Adran Riley •  Updated: 08/29/21 •  7 min read

Aside from getting younger, a lot of us are dreaming of a simple path to wealth.

A quick way they can make millions upon millions of dollars. And if you’re not well off just yet (I’m not), then I’m sure you wouldn’t mind a life that’s at least debt-free.

You know…

A life where you can meet every basic need you have and at least have the budget for a family vacation outside the country. Or even go to Disneyland or Walt Disney World.

The freedom to do what you want, when you want, and with who you want without worrying about your finances. 

Because to one day become wealthy, you need to first master personal finance.

Many agree learning how to handle money should also be part of one’s education.

They finally realize that no matter how high your monthly income is, you will break or go bankrupt if you don’t know how to handle your money. 

Books, magazines, and financial leaders have the same advice for those who want to simplify wealth – live below your means and invest the difference. 

Simplify Wealth By Spending Less Than You Earn

Yes, this sounds easy. But this is where financial problems all begin.

When you’re earning $2,000 a month, and your expenses are about $2,500, you’re just able to get by because you use credit cards. How exactly do you spend less? 

By Have Some Discipline

Food and watching how much you consume are not the only things you need to control.

You also have to control yourself when buying things. If it is not a part of your daily needs, you have to think through things before purchasing, especially if you don’t have the money set aside for it.

Some experts would advise you to wait a few days or even a month before buying that stuff you saw online or at the mall.

Because if you want to simplify wealth and the path to freedom, you have to learn how to say “no” to yourself.

Knowing Your Priorities

Before even receiving your paycheck, you should have a list written down with the basic things you NEED to survive and shop for.

The list is important, so the only aisles you will walk through at the supermarket are the aisles with items on your list. Aisles where your BASIC NEEDS are located.

And as soon as you’ve completed the checklist and have the items, you need to pay up and go home.

Build Wealth By Avoiding and Eliminating Debt

Debt is not normal.

Although it has become a trend, it does not mean it should be a part of your financial life for a lifetime.

And if it’s too late to avoid it, and you’re buried deep in debt, the first thing you must do is eliminate it.

Here Are Some Suggestions on How to Eliminate Debt:

And once you’ve paid off your debt, it’s time to…

Invest Your Money

The formula you should follow is:

MONTHLY INCOMEEXPENSES and SAVINGS = INVESTMENT MONEY

After you’ve set aside the budget for your needs and savings, any remaining money you have must be invested if you want to take the simple path to wealth.

And if you’re asking, where do you invest your money? Here’s my advice:

Just know you have a ton of investment options and different investment vehicles.

Take a Simple Path to Wealth By Saving

Simplify wealth by making it a habit to keep a portion of your income every time you get paid for a rainy day.

It’ll give you peace of mind knowing you always have some backup funds for any unforeseen events or expenses.

Start by…

  1. Keeping track of your spending
  2. Cutting down on eating out
  3. And avoid shopping for new clothes if you still have decent ones 

And while it is still debatable if money can really buy happiness, I believe everyone will agree MONEY BUYS FREEDOM.

You’ve experienced not being able to buy everything that your heart desires because your pocket are tight. Not being able to give in to your children’s wants and needs because you’re on a limited budget. You want to leave your toxic job, but you also need money to get by. And finding a new job is next to impossible. It’s a long process. One that you’d like to avoid.

You feel like you have no right to go on a holiday and relax because you’re chained to your financial obligations.

Because without financial freedom, you cannot live life on your own terms. You’re committed to hustling for the dollars and bills in your pocket.

This is why you need to simplify wealth and understand the importance of FREEDOM. And when you do, you’ll want to work really hard for it. And achieve it as soon as possible.

Because at some point, YOU will realize time and life is flying by.

And I doubt you’ve done everything you’ve wanted to do so far. So simplify wealth and experience some FINANCIAL FREEDOM.

I believe you truly deserve it!

Adran Riley is the creator of MentalVibe, a website sharing ideas on how to grow your mindset and money since 2015.

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