“All my problems will be solved once I have a little bit more cash on hand.” Sorry to disappoint you, but that will never happen. As your bank account grows, your problems will too.
As Profit First advises, as your income grows so will your expenses.
Foroux gives us five tips to increase our net worth.
- Desire less
- Know how the economy works
- Avoid personal debt
- Save as much as you can
- Have a short-term strategy
Getting out of my personal debt (number 3) was a huge saver of so many parts of my life. I recommend starting there because if you’re pushing hard on debt #1 should follow.
Best book I’ve read to get out of debt was The Total Money Makeover. It changed my life.