Posts Tagged ‘Income’

“No matter how skilled you are as an investor, upping your savings rate is more powerful to your wealth than either increasing your income or increasing your investment returns.  That’s because it’s a one-two punch… you increase what you have to invest, while decreasing what you spend.  You also learn how to live longer on less money….  Remember that ultimately, how much you save will be the difference between a lifetime of poverty… or one of wealth.” -David Eifrig

“You need more than a high income to be wealthy.  It’s amazing how many people, young and old, don’t understand this.  Too many folks equate making ‘mucho dinero’ with being rich….  A big income can give you a great lifestyle. But if you’re spending it as fast as you’re making it, when you stop working, or when a financial emergency arises, you’ll very quickly find out how un-rich you really are.  If you want to become wealthy—in terms of having lots of money put away for a rainy day or money to spend after you stop working for it—you are going to have to learn how to save and invest a significant portion of your income.” -Mark Ford

“Remember…the average rich person has seven sources of income.  While the average poor person has one source of income.  The only way to avoid being crushed financially is to diversify your income sources so no one person can destroy you.” -James Altucher

Rich House

Posted: November 20, 2016 in Mortgages
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“Buying a more expensive home every time you get a big raise is a great way to ensure that you will never get rich.  What you want to do is find the least expensive house you can love and keep.  The longer you keep it, the more income you will have to invest in the sorts of assets that will, eventually, make you rich.” -Mark Ford

“But you must replace the old, defective idea that retirement means living off passive income only. Paint a new mental picture of what retirement can be: a life free from financial worry that includes lots of travel, fun, and leisure. Funded in part by active income from doing some sort of meaningful work.” -Mark Ford

“You must take responsibility for your future finances and well-being.  This is not something you can just agree to.  You have to review what you’ve done in the past and make a serious personal commitment to change.  After that, you have to curtail your spending, manage your money, and allocate your investments wisely.  Then you must create a plan to increase your income.” -Mark Ford

Income Spent

Posted: June 4, 2016 in Money Matters
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“Making more income is the best way to build wealth, so long as you don’t spend it as fast as you make it.” –Mark Ford