Are you Ordinary? Here’s the Secret to Becoming Rich
We’ve all seen the catchy headlines and probably even shamefully clicked on a few of them (no shame with THIS article though):
“Frugal teacher retires with $2 million in savings”.
“Mailman makes millions in the stock market.”
“Librarian builds net worth that exceeds school president.”
Two of the most popular finance books in history, The Wealthy Barber and The Millionaire Next Door, achieved their popularity for the very same promise implied in their titles: ordinary people like you can defy the odds and become rich – here’s how.
Many of these articles, books, and courses probably aren’t worth the time invested in consuming them. A few might actually be phenomenal and worth their weight in gold.
But whether the advice is good or bad, one thing I am sure of, is that most people who seek out these types of articles or are lured in by the linkbait will not achieve their desired riches, sadly. Relax – if you read this blog and follow my musings, you are exempt for being a loyal supporter and not a linkbait chaser.
So why won’t these folks achieve mass wealth?
They want the sexy tip that only a few have seen until this very moment. The quick fix. The secret hack. The one true infallible (and easy) solution that will overcome decades of zero net worth gain.
Believe it or not, it does actually exist! You ready??
Spend a lot less than you earn over time.
This shouldn’t come as a big surprise. There’s really only two parts to the wealth equation: spending and earning.
Spending a lot more than you earn = massive debt and bankruptcy filings.
Spending a little more than you earn = high interest consumer debt.
Spending a little less than you earn = the average American (5% personal savings rate).
Spending a lot less than you earn = wealth building.
I know that it’s not sexy and I’m sure you’ve heard it before. Yet, it’s still the one true way. And shortcuts usually leave you burned.
The challenge is in the THOUSANDS of details that really can’t be summarized in one article, one course, or even one massive book. And that is the differentiator, right there. Are you willing to spend the time to work hard, learn, take action, resist temptation, invest wisely, consult others, become an active wealth chaser? Outside of a very rare and lucky few, that is what it takes. It’s what separates a middle class millionaire from a middle class debtor.
Unfortunately, I don’t see the title “How to accumulate wealth from decades of hard work, learning, frugality, consultation, investing, and avoiding temptation” earning too many clicks or copies sold.