Case Study, This Little Tool Helped Me Build Wealth Over $20K

build wealth

Today, I want to share what I did to Build Wealth of over $20,000 in a short time.  It really is an amazing feat to me how I was able to do this.  I’ll give you a case study of what I used and how I used this very common utility to build real wealth.

Let me give you a hint.  It cost about 1.98 and can be found in just about any general store.  Another hint, you don’t need any other training or knowledge in order to use it.  Have you guessed what I’m talking about here yet?   Well, if you haven’t guessed by now I’m talking about a simple notebook!

Yes, you can get this simple little tool just about anywhere.  In fact, it’s the original Word editor!  Ok, so I digress, now back to the main point.  Just how did I Build Wealth so quickly using this simple notepad?  My answer is simple:  I simply cut my expenses by ridiculous measures turning my trusty notepad into a journal.  A journal is simply a way of tracking down what you spend and when you spend it.  By knowing what you are spending, you effectively can cut out non-essentials that make you waste a lot of money.

build wealth

High Tech, Word Editor!

In my case, by cutting down on what I was spending and cutting expenses where possible, it put me in the position where I was able to save approximately 85% of my income at the time.  By disciplining myself, I had given myself an instant raise with the income I was already taking home.  By saving this income to the max, it had a compounding effect, not just on my money, but an emotional factor that helped me turn this into something fun to do.

Keeping a journal of what you spend isn’t really hard to do.  All you have to do is keep your trusty little notepad and something to write with.  Every time you spend, make sure to write it down and subtotal your spending daily. Do this for at least a month, so that you can get a historical way of how you normally spend.  Now, what you need to do is cut out the non-essential spending.  Partying too much or eating out too often are great examples of where you can cut back along with many other things.  It could be that you have too much of a cell phone plan or bought into too much cable service.  The possibilities are endless.  Just remember to find a cheaper alternative to fixed and variable expenses when  you can.

Another good way to build wealth is to effectively budget and use a  good money management and budgeting tool , as it can make a world of difference in building your personal wealth.  Learn to budget your money month by month and put an emphasis on saving.  Saving makes all the difference in building your portfolio.

Most people that want wealth fast tend to look for high yield investments and many are volatile, meaning you can use also lose your money quickly as well.  What I recommend is saving a good lump sum of money as it really does make a difference on your financial well being.  Not only that, but it makes you feel so good emotionally to have a good bag of money set aside for yourself.  Example, when you go to the ATM and see your balance of say $15,000 does a lot more than seeing $1.24 in your balance!

Journal everything, from gas to chocolate bars.  Know where you can make the most difference to really saving.  Once you have saved effectively, you can take say 80% of your money and build a diversified portfolio that helps grow your money even while you sleep.

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Category: Case Studies