When you don’t spend everything you have you can invest, save, and give yourself the chance to build wealth.
Have you ever wondered how someone is able to pay cash for a car?
How about that person who is able to put a hefty down payment on a house and still have plenty money left over?
Or, what about the retired professional athlete whose career ended in the 1980s but he still seems to be living very comfortably?
One thing that they all likely have in common is that they’ve learned to live beneath their means, which is simply spending less than you earn.
You don’t have to be a professional athlete who makes hundreds of thousands of dollars at a time in order to live beneath your means. You can learn to live beneath your means with what you already have.
It’s easy to look at someone like NFL football player Ryan Broyles, who chose to live on $60,000 while having a contract that guaranteed him $1.2 million and compare situations.
You may be thinking,“It’s easy to live off $60,000 when you’re making that much money!”
But here’s what I know: whether you’re making millions, or $50,000 a year, living beneath your means takes discipline.
When you are disciplined with your money, you won’t spend more than what you’ve allowed yourself to.
Let’s look at something that Ryan did, and see how this could work for you:
Ryan told ESPN.com that he sat down with a financial advisor who helped him develop a game plan.
My question for you is simple:
If someone making millions sees the need for coaching from a financial advisor to help them wisely use their money, then why shouldn’t you do the same?
Sitting down with a coach is critical.
Any good coach has a desire to win. When you win, they win.
A win for your financial coach means helping you take a look at your budget and finding areas where they can help you cut unnecessary expenses.
By doing this, your coach can help you get to a point where you don’t have any more money going out than what is necessary.
In the long run, you’ll be able to pay for that car in cold cash or put that hefty down payment on that dream home.
Remember, you don’t have to be a professional athlete to live beneath your means.
All it takes is being disciplined. And if you need a coach, don’t hesitate in finding the one who is ready to help you win!