You may have a well-paying job, but if you don't do this one thing you will never be rich
The most common mistake people make is when they spend $3 for each $1 earned. This was drilled into me by my dad—who was a first-generation American and teacher in Brooklyn—when I was a little kid. At the time, it didn't make any sense to me because I was a kid. What the heck did I know about money? He always said to live far below your means, save and invest as much as can, and in the long run, you’ll have a tidy sum to rely on. “Money begets more money” was his mantra.
We live in a time when credit is cheap and it's super easy to lease luxury automobiles and purchase whatever we like online with our credit cards. Social media pressures us to live up to the lives of Instagram influencers, compete with so-called friends on Facebook and keep up and surpass our neighbors by having the most toys.recently ran an in-depth piece detailing how “The rising costs associated with maintaining a middle-class lifestyle are.
Instead of being frugal because of these large expenditures, people are doubling down with their expenses and financing purchases with their credit cards and home refinancing. Previous generations, without the anchors of hefty mortgages, high real estate taxes and enormous tuition debt, bought things outright with cash to save on interest and penalty costs. The middle class today is left with little-or-no money to invest in the stock market or save in the bank for the future.
I encounter this type of scenario on a regular basis as an executive recruiter. A recently downsized professional will tell me that he needs to quickly find another job and will be flexible with his compensation requirements.
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