A common tip that you think about to save more money is to either cut back on those small luxuries, or to cut coupons…
But when the wealthy want to build their worth, they don’t do either of these things.
The wealthy focus on things that matter. When they do, they make a much greater impact.
So, my #1 money saving tip?
Buy more Starbucks…
And start worrying about the big things that will really make a dent in your bottom line!
JD Roth told us on the YoPro Wealth podcast that 1/3rd of our budget is made up in housing, and another 1/6th is from our transportation.
So, if you want to make a big impact, focus on the big ticket items and stop worrying about the pennies.
There is a saying we always used in the corporate world: “Penny wise; dollar stupid.” Many people are this way. They’re great with the small things, but don’t take care of the big things.
If you want to become supremely wealthy, you’ll want to do the opposite.
Action Items:
- Look at your expenses (I use mint.com), and see where the majority of your money is going. My guess is that 3-4 areas will make up the vast majority of your budget. Identify one problem area, and reduce that area by 10-20%. It is possible!
- For more money saving tips, go to YoProWealth.com/savings
