Two rules of thumb on getting rich in this country.
Rule number one: you cannot borrow your way to being rich. If you borrow money, you owe money and if you owe money you have no money. Money is like a pregnancy. You’re either pregnant or you’re not pregnant.
Rule number two: you must spend LESS than you earn. It doesn’t matter how much money you earn you simply absolutely must SPEND LESS than you earn or you’ll never have financial freedom and you’ll never be rich.
The more money you owe the less money you have NOW. Thinking or waiting until later will only delay you getting rich and may even keep you from getting rich. It’s called the power of compound interest. The longer you save money the more compound interest you make. The longer you borrow money the longer the compound interest YOU PAY.
Better to earn compound interest than pay compound interest.
There’s an easy way to get rich in country, spend less money than you make.
David…
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