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Creating wealth without losing your sanity

As Dickens might have said if he were alive today, it is the best of times and it is the worst of times. Our economy is currently in the doghouse, to put it politely. It has been to hell and back and been dragged over hot coals more times than we can care to recollect or recount. And in this current state of economic ruination, creating wealth and saving money is something that is said to be very difficult. And yet, more than at any other point in history, more millionaires have been created during times of depression than at any other time. Creating wealth is not that difficult, and there’s no need for you to spend sleepless nights trying to unravel this not so elaborate mystery.

Save automatically

As far as possible, save automatically. This is the best way of creating wealth. If you can, have a certain amount of money debited directly to your account straight from your paycheck…it doesn’t matter if you don’t see it. The point is to save money. This alone is not the best way to build wealth, but it is the first step to getting there. Pay yourself first before you pay everyone else for the essential items in your life.

Spend money wisely

While you spend money, you can also make it work for you as well. If you have extra money lying around, put it to good use. Purchase items that end up growing in value. Invest in the stock markets. Invest in bonds. Open a high yield savings account. Do whatever you have to, but just make sure your money grows. Make your money make money for you.

Ensure that deals are as good as they look

Are those savings you just made really savings? If you do buy something in a sale, chances are that you haven’t got as good a deal as you think you have. If you do buy something in a sale and it genuinely is a good deal (lucky you!), take the money and invest it somewhere. Don’t just gloat about your savings. Make a policy of putting money you saved away safely. The little dollars add up to a lot over time and you can then invest it in something that will make you some serious money. Now that’s savings for you.

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