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Just as the biggest hurdle getting in the way of losing weight is the temptation to eat too much, the biggest hurdle that gets in the way of growing wealthy is the temptation to spend up to our income level (and then some). Unless you can control your habit to spend everything you make, you will never have the money to invest. If you can just put some money away and start building those pipelines, you can start to change your life.
One of the main places people unnecessarily spend money is on dining out. Perhaps this is because there were a lot of two-income families in the last generation and therefore no one learned to cook. Perhaps this is because kids are involved in a lot of activities so it is difficult to find the time to get a meal at home. Whatever the cause, it is tremendously more expensive to eat several meals out a week than to eat meals in. We’re easily talking thousands of dollars per year.
Obviously there is every excuse in the book. I’m too tired to cook. I don’t like my cooking. It is just easy to stop on the way home. Excuses are great, but again you’ll never obtain your goals by making excuses. As the author of The Lynch Pin will say, you’re listening to the lizard brain.
So, pull out those brand-new, never used pots and pans from your wedding and prepare a meal. If you don’t know how, buy a copy of Betty Crocker or The Joy of Cooking and start following recipes. Learn the basics of cooking roasts, baking chicken, and making pork chops. Learn how to steam vegetables and cook pasta. It really doesn’t take that much time and it really isn’t that hard?
Get home too late or too hungry? Set something up in a crock pot the night before. Cook extras on the weekends and freeze for quick nightly meals.
Best of all, cook a little extra each night and you have a great lunch for the next day. Be the envy of your office with agreat plate lunch and save dollars and pounds by not buying lunch.
There are always ways. Find yours, and you can save more than enough to be financially independent by the time you are fifty.
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Disclaimer: This blog is not meant to give financial planning or tax advice. It gives general information on investment strategy, picking stocks, and generally managing money to build wealth. It is not a solicitation to buy or sell stocks or any security. Financial planning advice should be sought from a certified financial planner, which the author is not. Tax advice should be sought from a CPA. All investments involve risk and the reader as urged to consider risks carefully and seek the advice of experts if needed before investing.