2 Principles to Become Wealthy

Principles to Become Wealthy

Becoming wealthy is not impossible. More and more people manage to become so and they are not smarter that you and me. You may be thinking that they are luckier or they were born with a silver spoon in their mouth. It’s actually not always the case.

Many wealthy people were dead broke, homeless or tremendously in debt when they started creating their empire.

So how did they manage to go through such terrible situations to become finally wealthy?

The recipe

They all followed a recipe. There is no secret to becoming wealthy you only need to know the good “ingredients”.

Those who are rich follow strategies, learn tricks from successful individuals and develop the right mindset.

There is no need to reinvent the wheel. Some people have already got the results you look for. Don’t make it hard for you, just follow their path and you’ll reach what you yearn for.

The 2 principles

When studying people who are financially successful, I noticed that they all followed 2 principles:

1) Pay yourself first

Paying yourself first means that every time you get any income you want to immediately put 10% of your money aside (on another account for example). Before paying any rent, any taxes, any loan, food, clothes…pay yourself first.
If you tell yourself that you’ll save that money at the end of the month, forget about it. Not only will you spend it all, but you will never give you a chance to collect enough money to make your first investment. So just do it! Period.

2) Don’t spend more than you earn

You might want to say at this point:

Thanks for nothing genius! I already knew it.

Maybe this principle is too obvious to be mentioned, but you can’t imagine how many people live way beyond their means!

They buy items they think essential even if that means being in debts. They find it normal because everybody does it after all.

Here are some examples that show that behavior:

If you recently bought a first-hand car with some cool features
If you borrowed money from the bank to buy a huge plasma television
The latest smartphone has just been launched. The device seemed so extraordinary that you took into your savings to buy it.
You have to pay off the loan of your house but you decided to get another loan to build a swimming pool in your backyard…

Those examples show that people tend to buy items they can’t afford. Maybe this is a way for them to pretend they are rich but that’s definitely not the case. Even far from it!

If you want to be financially independent you’d better forget all those fancy things for a little while. But don’t worry if you make the right sacrifices and follow the good strategies you will be able to buy more than you can imagine.

Simon Cave

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