Step One of Getting Rich

Here is an outline of the strategy we use to create wealth; this is the first article of many.

Start with the income you have currently. Usually, this is in the form of a paycheck from a job. Some people own their own job. Where your money comes from does not matter. What does matter is how much you receive and how much you spend.

How much you receive - most of you are able to do cover your basic living expenses. We assume you can.

Your Spending - a lot of people have difficulty with this one.

The beginning step:

Reduce your expenditures to the lowest realistic amount. Single or married people/people without children, should be living in a one bedroom or studio apartment (unless you are in a situation where your housing is free or exceptionally reduced).

Stick to cars like Honda Civics or Toyota Corollas; you want to make sure that you are driving both a reliable and an economic vehicle. Reserve dining at restaurants only for special occasions or when no other option is available.

Cook cheap, but cook nutritious food. Go camping instead of taking a cruise. Buy only clothes that are cheap, but make sure they will last.

The choice whether to have a television or not is a personal one. Some need it to relax and enjoy their time at home; some do not.

Do not forget recreation! You cannot forget to enjoy yourself. Many people have difficulty keeping themselves in check. Try to tell the difference between impulsively spending money and enjoying yourself. There are many things you can do to enjoy yourself that don't cost a lot of money, such as hiking, reading, watching the television, etc.

In a nutshell, spend as little as you can.

Buying the cheapest thing is not always the most economical thing. Instead of paying a little for a product that lasts no time at all, pay a bit more for a product which will last you a very long time.

For excellent reviews on consumer products, check out Consumer Reports magazine.

Do not starve yourself, lose your friends, or find yourself bored with nothing to do, but do spend as little as you can.

Cody Scholberg is an expert author who writes for Rapidly Make Money, your guide to wealth creation.

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