Everybody knows that Americans ( at least most Americans ) carry an absurd amount of debt. Some debt is from student loans, some from hard times but most are from a lack of self-discipline. How many people buy a house that stretches the budget a little too far? You bought a new fully loaded vehicle when you would have been better off opting for a used one with fewer features. Could it be the credit card gets removed from its slot in the wallet a little more often than it should? If this is you, then good news! You can end this bad habit by implementing a few changes the next time you feel the urge to spend. Ask yourself some common sense questions. Do I really need this? Is this a wise decision? Will this negatively impact my financial health in any way? If we could all implement this habit in our lives, what kind of long-term effect would it yield? We all know the answer. The foundation of all financial success has always been sticking to a budget.
In my experience, almost every millionaire that I have ever met became a millionaire because they lived below their means for a long period of time. I know, it's not sexy or flashy. It likely means not buying the yacht and traveling the globe each year. But it works! If you would like to see the enormous difference living by a budget can make, start today and look back at your progress in just one short year. You will be delighted with the results, I promise. In no time at all, you can find yourself well on your way to becoming the next millionaire.