Christian-Secrets.com

by VC Edwards

Think Frugal.

 

A self-made billionaire does not start his (or her) journey to billionaire status at the billion-dollar mark; he starts at $1, a point where all of us start financially, whether we exceed far from that starting mark or not. A self-made mogul generally begins his road to riches with frugal spending habits.

 

Years leading up to the recession, when the middle-class consumer was spending recklessly and thoughtlessly, the wealthy were positioning themselves for financial opportunity by saving. When times were seemingly good for all, the wealthy were holding onto their money and studying potential opportunities to grow their money. Even though, some of the wealthy have lost substantial money in the recession, most are making money now because they are able to take advantage of deals that require cash or assets with mininal debt ratios.

 

Self-made tycoons typically strategize to make smart money decisions, while mastering the art of frugality. In a time of recession, most Americans are now forced to be frugal, and some to drastic measures, but consider it a lesson of wealthy thinking. The less-haves have spent as if they were wealthy for decades, while those who were building financial empires spent wisely, saving and negotiating only when great deals came along. The difference between the haves and have-nots is that the wealthy do not take a twenty-dollar bill for granted, as do the middle and lower classes. The wealthy do not get caught into the hype of spending; they get absorbed into producing and selling their own products and inventions.

 

So, to think like the wealthy, look at a $1 bill differently. Think how you can invest each dollar to generate money for you and your family. Hold on to every $1 possible that is typically taken from your paycheck to pay someone else (making someone else rich). Most people have nothing left after they pay their mortgage or rent, utilities, car payments, gasoline, food, cell phone, cable and Internet. A budding entrepreneur reduces those expenses drastically, if he (or she) has to live with relatives (paying a reduced rent, instead of outrageous rent) or take the bus (instead of buy a car) to jumpstart an idea or business that will generate good money over the years.

 

When a budding mogul has money, he does not go to the mall to buy the latest fads or spend hundreds of dollars on a cell phone to talk to friends and family; he holds onto his money, invests, and waits to buy a business or a building. A wealthy person has a disciplined handle on spending and on saving, and he waits for opportunity to buy what others can’t afford, which puts him in position to benefit from the spending habits of others. Mind you, he started at the $1 mark, just as everyone else.

 

How many billionaires the recession will produce is yet to be determined, but those who consciously set goals now for their financial success and are responsible and appreciative of each $1 they earn, may find themselves, one day, classified with the wealthy.

 

For more information, read “How to Hear God to Prosper.”

 

© VC Edwards 2009, All rights reserved.

Found Treasure Publishing

Christian-secrets.com

 

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Tags: Frugal Habits for Success, Holiday Shopping, How to Become a Mogul, How to Get Rich, Recession-Proof Tips, Self-Made Billionaire, Smart Money, Spending Habits of the Wealthy, The reason Americans are in a recession

This entry was posted on Thursday, July 16th, 2009 at 3:18 pm and is filed under Business, Making Money, Saving Money, Your Money. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.