I think many people who struggle with money think there’s relief at the next earning level. If only you had another $500/month you’d be set. But when that $500 comes, it’s gone just as fast. Now you just need another $1K/month, THEN you’d be set.
Well guess what, the median NFL salary is $860,000/year, yet 78% of NFL players go broke 2 years out of the league. Is it because they didn’t make enough money? Just three years of that salary is more than most make in a LIFETIME. Yet they’re broke within 2 years of leaving the league.
Stop believing the relief to your money problems is waiting for your at your next income increase. For sure, increasing your income is part of the battle. But you can never outearn bad spending habits. If you spend every dollar you make, you’ll be broke no matter what your income. Start living below your means TODAY. Devote a large chunk of all future income increases to investing. Avoid lifestyle creep. Focus on relationships and freedom, what actually brings happiness.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Jeremy
p.s. I recognize many struggle with poverty or making minimum wage based on terrible circumstances and an unfair playing field. I don’t mean to mitigate those circumstances, rather provide hope and a path to a better situation.
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