Get Rich Every Single Day

My good friend Mark Ford writes The Palm Beach Letter, a financial newsletter. Mark has been very successful over the years both financially and in other ways. Not only is he one of my friends and mentors, but he is also one of the people I admire most. Recently his newsletter included an article about growing richer each day, and I think his points are worth sharing with all of you.

Mark decided one day his way to wealth would be to become richer every day. At that time, he decided that adding $10 a day to his wealth over the years would add up to over half a million dollars by the time he reached retirement age. If he added $15 a day, it would grow to over $700,000. Those are nice numbers. However, it is what he didn’t say in the article that intrigued me.

In order to follow Mark’s philosophy of getting richer every day, you need to know just how rich you are right now. Most of the people I counsel on financial literacy do not know where they stand financially. Do you? How much do you really have?

The best way to answer that is to consider this scenario. If you quit working today, how long could you survive living the same lifestyle you have right now? Once you have an answer to that question, you need to find your net worth. Net worth is calculated by subtracting your liabilities from your assets. Assets are anything that make you money. Liabilities are anything that cost you money.

By simply taking an account of what you actually have at the moment, you will be putting yourself miles ahead of most people in your quest for financial success. Why? Because of a truism in business that says what you focus on and what you measure improves. By calculating what you already have at regular intervals, you can create a tremendous incentive to try and strive for more. However, if you never calculate where you are at, you will lose focus on your goal, and you will have no true way to measure your success at achieving it.

The business truism also implies you need to watch not only what you make, but also what you spend. If your goal is to get richer everyday, you should be more hesitant to spend more than you make. Thus, you must create a spending plan. Notice I said a spending plan, and not a budget. Budget has a negative connotation and tells you that you cannot do something. A spending plan actually allows you to spend, but only on things that will keep you within your goal.

In addition to a spending plan, you also have to plan your investments carefully to avoid losing money. You should be skeptical of “the next great deal” that looks like it may save you lots of money but could end up doing just the opposite. Thus getting richer every day implies more than just putting back money. It also implies you spend less than you put away. What an amazing concept!

Once you start on the path to getting richer everyday, “it will turn you into an income addict”. Those words from Mark’s article may seem like a bad thing at first, but truly, there is nothing wrong with being addicted to financial success. It will force you to focus on things that make you more money in smarter and smarter ways. This means you will find ways to make money without you having to be there. What a novel idea!

Everyone has the ability to get richer every day. As you look for ways to make this happen, remember you can start small. Then, as time goes on, increase your daily savings amount. No matter where you are at right now, I challenge you to commit to getting richer every day starting today. I have already made the same commitment.

Obviously money isn’t everything, but man it makes everything else a lot easier, truly giving you the opportunity to keep Living Every Minute of your life.

PS: I encourage you to take a look at The Palm Beach Letter, and consider subscribing to it, too.

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