Question the standard, the status quo, and the normal.
Live on half your income.
Fight the wave of consumers who are living on over their income and live on 50% of your income. It’s possible, blame your priorities and make adjustments.
Purchase assets to earn cash flow.
Don’t buy toys to keep up with your neighbors or a single-family house because…well, that’s just what families do. Purchase investments which appreciate over time and/or pay dividends. Purchase equities, bonds, or a duplex.
Increase your skills (or build new ones).
Move beyond average and become an expert in your field – take additional courses, study, apply your trade. Curious about something new, make sure you find the time to discover an unknown subject. (As a bonus, this may create new ideas for your current profession.)
Always look for opportunities.
Instead of being comfortable, recognize new opportunities for change, new opportunities to be challenged, new opportunities to invest in, and new opportunities to gain knowledge.
Don’t settle.
Don’t be content. Don’t be ordinary. Don’t settle for the path you’ve been on or a path meant for someone else. Always be searching, reaching for new dreams.
Explore your world.
Learn from your surroundings, and make sure those surroundings vary. Societies, environments, and nature teach us about ourselves and the sphere we live on. Travel, visit, and sight-see.
YOU should be different…be very, very different.
Do you live life differently? How so?
Cool! I am always searching... for knowledge. ;-)
ReplyDeleteThere's always room for knowledge!
ReplyDeleteOur version of "save 50%" has long been "live on one income." When we bought each of the two homes we've owned, we only borrowed mortgages small enough that we could easily make the payment on one income if we had to. And we've avoided taking on any recurring expenses that would be more than we could pay on one income, on top of the mortgage payment. That's not to say that we're perfect savers (we've gradually gotten to the high savings point we're at now), but it's been a helpful philosophy to have, born of fear really. We saw people get foreclosed on and didn't want to join their ranks! It's been a super helpful outlook, though, for not just avoiding a big mortgage, but also for avoiding lifestyle inflation.
ReplyDeleteGreat tips and thanks for sharing your experiences! We shoot for "live on one income" too. I completely agree that high savings is a process that comes over time - patience, commitment, and forward motion.
ReplyDelete