One of the biggest pieces of advice I give other young professionals is to stack versus spend. Live well below your means even when you’re making more than you ever thought you could.
This does two things:
- It keeps you hungry.
- It grants you power over your life.
Building wealth is hard, maintaining it is far harder.
With success comes riches and with riches comes pleasure. The reason people drop off after making serious money is because they buy the newer car and the bigger house and they eventually become slaves to habitual spending.
They earn to spend versus earn to save.
As the linens get softer, the food gets warmer, the cars get nicer… they stop doing the things that got them to where they are.
It’s tough to bite bullets and swallow fire when you have caviar at home (so keep the caviar out of the house).
If you’re not hungry enough, starve yourself.
By Cole Schafer.