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How To Get Rich: Stop Buying Liabilities

How To Get Rich: Stop Buying Liabilities

Getting rich is easy, if you know how. Most people want to get rich, but fail to do so because they do not understand the process of building wealth. Knowledge is power, and becoming financially literate is the first step to take on the road to riches.

People that are wealthy, do things differently from everybody else. they are financially literate. They know the difference between assets and liabilities. Most people do not know the difference, and this lack of knowledge is the reason they also lack money. Assets increase your wealth. Assets add money to your bank account. Liabilities cost you money, cause your bank account to shrink, lead you to debt, and keep you struggling financially.

If you are not wealthy, but you spend money on new cars, clothing, dinners out, and other items that you do not need, then you will never become rich. Spending money on stuff does not lead to wealth. In fact, most of the stuff you purchase is a liability. Investing and depositing money into interest bearing bank accounts leads to wealth. Overcoming bad habits, and avoiding instant gratification lead to wealth.

Rich people know that you only buy luxuries after you become rich. The working class usually buys stuff they do not need and cannot afford in an effort to look rich. As a result, they are typically stuck in a cycle of debt. Get rich first, and then buy all the stuff you want as long as your assets are abundant and your liabilities are few. With the exception of a house, pay cash for everything. Do not use credit cards. If you cannot afford to pay cash, you cannot afford to make the purchase.

Take time to read books on money management, financial planning, and investing. Educate yourself so that you will be able to become rich. Do not waste time taking advice from other people who are also living paycheck-to-paycheck and running in the rat race. Becoming rich is a choice. Are you choosing to become rich, or are you simply choosing to look rich?

By Dr. Aleathea Wiggins -

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