What does "rich" mean to you?
I have said before that the current debt to income ratio for Canadians (in particular British Columbians) is $1.65 of debt for every $1 earned. This information, along with the results from this survey taken by the Canadian Payroll Association, is a clear indicator that people are trying to fulfill a lifestyle that has been defined by someone else.
What does “rich” mean to you? If you think that being “rich” means having a big house, driving a fancy car, and eating dinner at celebrity chef restaurants then you’ll be forever chasing what The Real Housewives of any city have framed as “rich”. Define this for yourself and take your financial life back. If being “rich” to you means driving a super-car, then you’ll happily live in your mom’s basement suite because every time you’re behind that wheel you’ll feelfulfillment! The point is, once you define what “rich” means to you, you’ll mercilessly cut out wealth draining expenses and get greater enjoyment out of the money spent on what you love.
So how do you stop living paycheque to paycheque? Kevin O’leary of Dragon’s Den says “put 20% of every dollar you earn into savings and investments…it will amass a small fortune.” I couldn’t agree more. Pay your essential expenses first, automate your savings/investments, spend guilt free. If you’re trapped living paycheque to paycheque or would have a hard time scrounging up at least $2,000 in an emergency I would love to help change that. I'd love to connect over a coffee and discuss some next steps.