Think You Don’t Have the Funds to Invest? Try This Exercise.
Money Fact or Hack
Think you don’t have the funds to invest? Try this three-step exercise and see how things change.
Step 1: Get your latest bank statement and go to your transaction summary.
Step 2: Separate your purchases into the following two categories: (1) Needs vs. (2) Wants
Step 3: Add up the amount of money you spent in the wants category.
Now that you have totaled up the amount of money that you have spent on wants, consider that total be the amount you could have invested in a stock, bond, or even applied towards debt that you have accumulated over time. Building wealth is more than making an income. Building wealth requires changes in behavior and thinking outside the box.