DON’T BUY STUFF YOU CANNOT AFFORD!
If you do this, you’ll do well. Considerably better than average in fact, considering that the average person has 5 figures worth of consumer debt. It will not however make you wealthy, and it is still 100% possible to live paycheque to paycheque this way.
If you want to be wealthy, you need to add an addendum to that statement:
THE FACT THAT YOU CAN AFFORD IT DOES NOT MEAN YOU SHOULD BUY IT!
Ingvar Kamprad, founder of IKEA and multibillionaire, flies economy class.
Warren Buffett, investing guru and multibillionaire, lives in the same house he bought 50 years ago (Pre-McMansion days).
Mark Zuckerberg, founder of Facebook and multibillionaire, drives an Acura.
Amancio Ortega, founder of Zara and multibillionaire, eats lunch in the same cafeteria as his employees every day.
Seeing a pattern here?
Every single one of these people can easily afford more expensive options. They just don’t.
It doesn’t guarantee that you’ll become the next multibillionaire, but it certainly increases your odds.
Recommended Reading: How I Write My Monthly Budgets