Some people upgrade their lifestyle every time their income increases (no matter what their income is).
As a result, they never build any wealth.
If you spend as much as you earn, you will never have any left over.
If you spend more than you earn you will be in debt – forever.
How much should you spend?
I never understand why people have to be so flashy.. Example, I have a 1968 pieced together Harley that I used to ride to motorcycle shows. People would walk right by forty and fifty thousand dollar trailered machines to get to look at my old not flashy (at all!) Harley. Flashy or elaborate doesn’t always net bragging rights! People are most impressed by a persons efforts. Not their flashy stuff!
Today I’m grateful for Mark Daconto also. He’s always there when we need him, he’s an amazing person. Always has been to me!
One of the goals in our minds while we are in business is to increase our income. On the other side of the coin, it makes sense to work to increase our savings (or investments, or assets that will appreciate). That way we can have more to work with on both sides of the equation.
Our families guide is a little book called the richest man in Babylon. I can attest to its teaching as I practiced it from when I became a professional engineer. Wow that’s some 40 years ago.