Many of the practical tips found in this book are specific for the UK, and refer to government laws and plans that are not found in other countries. What follows are the general recommendations that can be applied regardless of your country.
Whatever your definition of “wealthy” is, it takes time. Becoming wealthy can be a goal. If we pursue it deliberately and carefully, we will learn some good habits that, applied constantly, will help us not only to build financial stability, but to not squander it when we think we are "safe".
Everything You Need To Know
When aiming at an objective such as financial stability, it is necessary to adopt the right mentality, which is based on some concepts that we must always keep in mind:
- The world is full of distractions - we all have our weaknesses and temptations. The trick is to be aware of them, and be ready to face them.
- Well-being belongs to those who are careful - nothing valid happens without planning and commitment. Building financial well-being is simple, but it is not easy.
- Nobody cares about you more than yourself - it's up to you. You are solely responsible for your future well-being. This is good news, because no one else would take as much care of it as you will.
Everything You Need To Do
It's time to take control of your economic future. Here are some steps to get started:
- Visualize your future - take a piece of paper and write down what well-being means to you. Imagine a future in which you will have achieved this goal, and describe it.
- Be determined to win - it all starts with your decision. If you really want your future to be as you described it in the previous step, make the decision and see it through.
The Three Steps To Economic Success
There are three basic steps that each of us must take to achieve economic success. They will be slightly different for each of us, but the basic structure remains unchanged. If you take these steps and keep repeating them, you will reach your goal. It won't be easy, it will require a lot of work, but the mechanics are simple.
- Spend less than you earn. This is undoubtedly the fundamental thing to learn to do. There are two ways to do it: you can spend less, or you can earn more. The best way is to do both.
- Insure yourself against disasters. As much as this book can help you take control of your finances, there are things in life that you cannot control. Fortunately, there are ways to mitigate the effects of catastrophic events like illness and death, such as insurance and emergency funds.
- Invest wisely. Learning to manage expenses and eliminate debts are fairly simple things, but when it comes to putting money away for the future, we are inundated with a myriad of possibilities, and this often leads us to do nothing.
This book cannot tell you exactly what you need to do in your situation, but it can provide you with the information you need to deal with these decisions.
