How Building Wealth is like Weight Loss

To lose weight, you need to burn more calories than you consume. You don’t need a fancy gym or personal trainer, just eat less calories than you spend each day. 

Building wealth doesn’t have to be a complicated process but you’ll need self discipline and a plan to meet your financial goals.

Building Wealth through Spending Less and Saving More

Just as those baby back ribs call you to break your diet, easy credit card offers are constantly calling you to break your plan for building any real wealth. 

Financial dieting is the same way, you need to keep to a budget for months to retrain your brain that you don’t need a 3,000 square foot house or that new tech gadget just to be happy. 

Just like eating less to lose weight, your spending plan may not save you a ton of money at first and you might hit a few hurdles along the way. Stick with it, trying to save a couple hundred dollars extra a month and build up to saving even more money as your good spending habits develop. 

Most of us need to make our money grow through investment if we’re ever going to build enough wealth to meet our financial goals. 

Building Wealth through Investment

While investing pundits on TV and the net would like you to believe otherwise, building wealth through investment doesn’t have to be complicated. You don’t need to get the latest stock tips or strike gold on the next big thing.

1. Investing basics are actually pretty easy, just setting up a schedule of regular deposits and investing across a group of stocks through an exchange traded fund. Don’t worry about “the market” or if prices are up or down.

2. Understand what kind of a return you need to meet your financial goals is the first step in creating your own personal investment plan. Starting without a plan is like going on a trip without knowing where you are going.

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