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A Rich Attitude
When I teach people to become rich, I always start with attitude. If you don't get this secret down, all the knowledge in the world of all the other ones will never do you any good. Why? Because you will always behave in a manner that is consistent with what you believe. So if your attitude is that you intend to be rich someday, you will take all the steps necessary to become rich. However, if your attitude is that it is very difficult to save money, it is very difficult to get out of debt, it is very difficult to get ahead financially, then this will always be your truth.
Keep Your Car Expenses Under 10% of Your Income
If I could pick the number one thing that I see among young adults in their 20s and 30s that keeps them in the financial hole, it is spending way too much money on car expenses. My advice to you is to be sure that your car expenses, which includes a car payment, insurance, gas, maintenance, and anything else that it costs you to own your car, under 10% of your gross income. So if you make $3000 per month, your car expenses need to be $300 per month or less. Yikes! But for many young people the car insurance alone is $150 per month. Gas is another $100 per month. That is $250 already! We haven't even talked about a car payment yet. This is why I talked earlier about paying cash for everything you want so that you can be sure that you can afford it.
Eliminating Debt
So far, I have never met anyone who thinks they will become rich unless they save money (skip those wonderful inheritances for now). Using debt and saving money are polar opposites. Debt means that you are spending more than you make. Savings accumulate because you are spending less than you make. This is not a difficult formula!
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