You always think, more salary will make you richer.
this is not true!
Your financial wealth and freedom do not depend on your salary. It depends on your investments, and how much money you make while sleeping. It means you work to get paid more and end up taking more loans and credit card bills. Having a good salary will never make you rich.
1. You trade time for money
In my office, I see many people work after office hours, just to gain traction. They rely on the mercy of their boss for getting promoted.
They have a simple idea of working more means getting more money. But, I experienced such things won’t work in the long run. These people end up getting a low band or they are not get paid for their efforts.
When you start trading your time for money go start running into the rat race. Really enjoyment is in making money while sleeping.
Rich work less but still they become rich and rich and we middle-class people work more, we trade our time for money.
Don’t trade your time for money. I’m not saying, don’t work till your office time. Try to maintain a work-life balance at work.
2. You believe more income means more wealth
Your school don’t teach you about money management. Teacher’s in the schools are just passing your time and your parent’s money.
Schools don’t teach us money management. Everyone knows the power of compounding. You laterally make lifetime income with money you have in your hand.
I’ll tell you how to do it. If you invest your money in the share market or do SIP in funds then it gives you good returns over time. You increase your wealth over time.
You invest in yourself. Learn skills and make money from those skills. If you learn how to code, you can take coding jobs and make money. It means your skill is helping you earn money.
It simply means more salary doesn't ensure more wealth, but wealth generation from wealth work best.
If anyone who has a habit of saving money from childhood then he will definitely get rich in future. When it comes to saving and investing, then you can trade your one time eating out for your investing. It is a fine line between cutting unwanted expenses and saving money for the future.
It helps you in two ways, It makes you fit and you get investments that you can use for future investments. You are getting benefits in two ways and it will make you strong financially.