Not all fingers are equal is one adage I have been hearing for a very long time and this tends to be true and applies to a lot of things including in the Job market. Just like so many people earn high paying jobs immediately after college, so many earn low paying jobs while others have to wait for a while before the eventually get a job which falls under the category of a high or low paying job. One thing we need to understand is that either a high paying job or a low paying job, it doesn’t mean that you can’t build wealth. Wealth is determined by input and output of money and it doesn’t matter how much a person make (income), what matters is how the money is used (outcome).
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A lot of people find it difficult to understand that time doesn’t wait for anyone and the longer a person start to build their wealth, the farther it is for them to achieve it. There is one thing that is constant but always limited and that is time. Time is never enough for anyone, even though you do not have enough money based on income, you have equal and enough time to get things done. Procrastinating on the wealth race means you might eventually not get to the top of the ladder.
Even though you are receiving a very little amount of money, another habit to learn is savings and financial management. If you do not learn frugality at the early stage, you might end up having a retirement that isn’t worth it and filled with boredom as you do not have enough money to retire on. In other to have a good life in the future, you need to start monitoring how money is being spent.
Work with a budget in other to increase your chances to be successful in your finance. You need to have a written budget and this budget has to contain needs and not wants. Also, this budget need to be followed wholeheartedly.
Make sure you are able to set goals that are achievable. Setting non achievable goals will not help in any way. Setting a goal of saving a $1 million a year when you are making less than $20,000 yearly is an unachievable goal. You need to first start by growing your wealth gradually before expanding into growing it larger. Set achievable and smart goals.
On a final note, growing your wealth is very important and one way to keep your wealth on check is to do without a credit card, stop eating out, eliminate high interest debt, and eliminate debt.
I agree with you, we should all save and start worrying about our old age, but most people think about spending and continue to prolong that which for many is feared, old age, I know that there is also the option that you have the job you have, you have nothing left to save, as in my country Venezuela, today I think the worst paid, as much as people want to save they cannot, everything goes on food, that is the sad reality of some.
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Hello @ireti
I highlight this: "needs and not wants."
I think that this is an important point to keep in mind when it comes to saving. Many people have more desires than needs, they get confused and lose the possibility of starting to save, by their own decision, because they do not know how to organize themselves. Having logical plans is another important thing that you have limited.
Achievable goals, you have to put your feet on the ground.
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Well drafted financial guide @ireti, I also started working on some financial guidelines and I understand that it is never about the amount earned but the value we put into the money.
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