THE 3 Principles of Building Wealth

“These are the habits that brought us to where we are.” – my girlfriend once told me while filling a bottle of water so we don’t have to buy any in an amusement park.

I couldn’t agree more.

Although our principles of building wealth are not exclusively based on saving, any financial endeavor requires starting capital.

That’s why we’ll start there.

Principle #1: Capital

Capital – assets that can enhance one’s power to perform economically useful work.1

The opening sentence of this post might seem like I’m trying to promote aggressive saving or extreme frugality.

That’s actually far from the truth.

So unlike the advice you’d get from the personal finance police, I back to differ:

Don’t cut your own hair

Don’t wait for discounts

Don’t sacrifice quality to save cents

Don’t cook at home if you don’t feel like it, etc., etc., etc.

But would that mean that you’ll go broke?

Nope.

Just don’t spend emotionally.

That’s it.

Congratulations, you’re frugal now. That’s literally everything you needed to do.

To continue reading, please go to the original article here:

https://monkwealth.com/the-3-principles-of-building-wealth/#easy-footnote-2-1762