51% of Americans making $100,000/yr or more are living paycheck to paycheck.. WOW! What a crazy statistic. This highlights the fact that high income does not necessarily correlate to your ability to build wealth. There are people making $50,000/yr that have amassed more wealth and live more financially free than others with income in excess of $100,000. How is this possible? Here are 3 principles that can create massive wealth when abided by:
1. Get out of debt and stay out of debt: High-interest debt DESTROYS your ability to build wealth.
2. Live below your means: Learn to control spending and maximize savings. Build a budget and stick to it!!
3. Invest wisely: Consistent, long-term investing is a key component to building wealth and a preferred method for most millionaires.
Maybe none of this information is new to you, but are you taking action? Most of us have some knowledge about what to do and what not to do, however, our behavior holds us back. Mastering money is 90% behavior, 10% knowledge. As my favorite book says “The spirit is willing, but the flesh is weak.” Matthew 26:41
If you are having trouble taking action, then it may be time for some accountability and strategic input. We can help you close the gap between where you are and where you need to be. We are here to be a resource for you.
Book Your Free Breakthrough Session Today
Samuel Shinn, MBA
Wealth Advisor
Samuel.shinn@lpl.com
856-437-9294
Source: https://fortune.com/2023/01/30/more-high-earning-americans-stretching-paycheck-inflation/amp/