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How You can be rich

moneyexplodingoutofbriefcase30891474.jpgDid you know that being rich is within your grasp? It does not take a lot to get "rich" it just takes knowing what being rich means to you, and then making the sacrifices to make that possible. The following is a guide for how YOU can be rich:

1. Define what rich means to you. Does it mean wearing designer clothes? Does it mean driving a sports car? Does it mean eating expensive or fancy meals out? Does it mean all of the above? Everyone has different ideas about what it means to be rich. Some people think of a dollar amount in the bank, others things of dressing, acting, or socializing in a certain way. You have to decide what it is that want to feel "rich." Is it cash? Cars? Travel? Big house?

2. Now prioritize your finances to make it happen. This might mean moving into a smaller or more affordable home so that you have the room in your income to buy designer clothes. It might mean selling some of your expensive items so you can buy the things you want, or put some money back in your bank. Once you know what you want so that you can feel rich, you can realign your current income to make that happen. So, you may have to move back in with mom and dad so that you can make the $1000 a month payment on your Porche, but you will feel rich every time you drive it. So, if you want to be rich, know what makes you feel rich, then set your budget up to prioritize that.

3. Find leaks in your budget and plug them. Now you can't just decide you want a big house, and have it. You have to do something about your financial faults. One of those is usually overspending. So, track your finances, and determine where you have leaks that are leaving you feeling dry at the end of the month, and plug them up. These might be things like going out to eat, or ordering too many television channels, etc. So, identify and plug income leaks.

4. Trim discretionary income by 25% and start putting that to your "rich" plan. So, if you eat out a lot, say once a week each month, cut out one week, and put the money toward your idea of what it means to be "rich." You will find that feeling rich takes only a little bit of sacrifice in other areas, and you can comfortably make those sacrifices without feeling any real loss.

5. Save for specifics. If you know you are saving up for a fabulous vacation to Europe you won't be as quick to raid your bank account when you see a sale, or want something outside of your budget. As you strive to be rich, you have to have goals that you work toward. The man or woman who has what you want did not typically get it just by wanting it, but by creating a plan to get it. So, do the same, and save for it.

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