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Money Management: Your No.1 Wealth-Building Tool

tool set on plank

Your No.1 wealth-building tool is your income. If you get into a habit of feeding more of your income into investments, you will be using your income as an effective wealth-building tool.

Most people do not take good care of their money.

You may know what you are spending on big items in your budget, but are you aware of where your money is actually going? 

Many just spend recklessly.

Some, without thinking just charge any item they want to their credit card. They have instant gratification but are left with a mountain of debt that steals income and wrecks cash flow. Interest and monthly repayments on debt are often not accounted for.

If you live like this, it will often feel like your money just evaporates, and you will battle to save and build up your investments.

Don’t take the lazy approach with your money and just spend without thought. Work on your money management. Study your bank statements. Analyze your spending habits. Review your priorities and use your income as a wealth-building tool. 

“Lazy people want much but get little, but those who work hard will prosper.”  (Proverbs 13:4)

I want to encourage you to manage your money wisely.

Know what is going on with your money. Keep a close eye on your spending and make sure that you invest part of your income. Get into a habit of converting part of your income into assets. You need to spend less than you earn and invest part of your income to do this.

“The wise are cautious and avoid danger; fools plunge ahead with reckless confidence.” (Proverbs 14:16)

You will most likely always use the majority of your income to cover your living costs, but can you possibly cut out the extra expenses that are wasted on non-essential items? Can you use part of your income as a wealth-building tool? 

“He who gathers money little by little makes it grow.” (Proverbs 13:11)

If you use your income correctly you can build up your wealth portfolio by investing.

Let your income become your No.1 wealth-building tool.

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