Are You Getting Money All Wrong?

Erm, stop spending

Saving alone won’t make you rich if you’re spending money like it has an expiry date. In fact, one of the most common traits of habitually wealthy people is that they never lose sight of the value of a dollar. Think Steve Jobs in his jeans and black turtle neck, Mark Zuckerberg dining out at McDonalds on his honeymoon, and Warren Buffett living in the same simple house since the 1950s. Of course, at the extreme lurks downright miserliness, like John Paul Getty installing a payphone for guests in his London mansion. In general, though, think of every moment you don’t spend money unnecessarily as paying yourself. Fly economy instead of business class and you just paid yourself over $5,000 for many journeys. Sip a quality scotch in a quiet booth with friends rather than showering strippers with 100-dollar bills and Crystal. The key is to make yourself wealthy, not someone else.

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