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We are going to share with you five ways the rich build wealth that the poor don’t know.

1. They track everything.

If you ask the average person what percentage of their income they spent on living expenses and entertainment last month, they likely wouldn’t know. You would probably get the same blank stare if you ask them how much they saved last month, this isn’t shocking as 61 percent of the world adults don’t employ any form of budgeting. But if you ask a rich person, they will answer all those questions correctly. Budgeting your expenses and tracking your spending are critical to financial success. Many rich people use that two-step process to budget their money. First, they determine their expected income for the upcoming month, this will include their salary or business income, as well as possibly income earned through their investments. This total figure will be the starting point when they employ the 20,30,50 budgeting method. This budgeting technique works by dividing your income in the following way fifty percent is designated to living expenses like rent utilities and groceries the next thirty percent goes towards entertainment costs like going out to eat or seeing a movie finally twenty percent is meant to go right into your savings account once their budget has been established. The rich then diligently track their spending. The rich track their money because they know that what isn’t measured isn’t managed. Now while you may not feel like it’s as important to track your spending, when you aren’t earning a massive income, the truth is that the sooner you can start building good financial habits the better.

2. They employ financial discipline.

If you ask any millionaire the key traits in becoming rich they will surely mention discipline. This is because discipline is involved in all aspects of becoming wealthy. For instance, if you want to get a high-paying job you have to have the discipline to get a good education, which takes years of intense studying in preparation or if you want to become rich through building a business you will have to employ discipline to work on your company even when your friends are out partying and having fun, and once you start making big money, the discipline only becomes more important. You see it doesn’t matter how much money you make you will never be rich if you cannot save and saving takes discipline. it means driving the car you’ve had for 10 years rather than spending thousands of dollars on that new sports car you’ve had your eye on. If you read any major financial book or listen to any successful entrepreneur you will find that they consider saving money as one of the foundations of building long-term wealth. The crazy thing is that 77% of people in the world have less than $1,000 in their savings accounts and 49% have no savings at all now. I know saving money can be difficult but there are a few methods that can help make it easier to put away money. The first method is to set up automated deductions one of the best things I ever did for my finances was setting up automated deductions for my pay with my employer in essence. When I initially set up this process I allocated 10% of my actor tax income to my saving account but over time I have found that I’m able to up this amount to 20% and double my monthly savings. Setting up these deductions helps you avoid spending your entire paycheck, meaning that saving money is guaranteed. The other way to increase your savings is to start earning more. The truth is your ability to save is restricted by how much you earn, but sadly most people’s only strategy for saving more money is cutting costs. Now cutting costs is a great start because you can realize quick wins in the saving department but realistically you could only reduce your monthly cost by so much you will always have to pay for things like housing food and transportation. Meaning that if you want to take your savings to the next level then you need to focus on the other half of the income statement which is your earnings.

3. They live within their means.

When most people think of the millionaire lifestyle, they think of rich people spending endless amounts of money on designer clothes and fancy cars but in reality, millionaires are quite responsible spenders who live within their means, and one of the ways that they’ve been able to amass the wealth they have is by avoiding the income trap. You see when most people start earning more money they begin to spend more. For instance, your standard may be enough when you’re earning $50,000 a year but when you suddenly find yourself running double you may gravitate towards getting a luxury vehicle instead. This rise in spending can be attributed to what’s known as Parkinson’s law. Parkinson’s law states that work expands to fill the time available for its completion. And in the financial context, it means that you will spend up to the amount you have available and available doesn’t just mean the money in your bank which is why people will go broke and then some by maxing out their lines of credit and credit cards. The reason this phenomenon takes place is due to a lack of financial control. Unfortunately, the school teaches things like how to find the slope of a line or how to write in cursive but it never teaches you how to create and maintain a budget. Peerless you have family or friends who bestow sound financial principles upon you then you are almost destined to run into money management issues later in life. This habit of living below your means is especially important for those who run their businesses. This is because as a business owner there will be good times when you’re making significant revenues and bad times when your business will decline but if you spend well beyond your means when times are good then you will not be able to weather the storm of harsh economic times likely causing your business to go bankrupt. Once you master the art of living within your means it can set you up perfectly to begin employing

4. They put their money to work.

Life is like a game of Monopoly, the person who owns the best properties on the board makes the most amount of cash. These investments make them positive income as the game goes on but they can be disposed of for a significant lump sum at the end of the game. However, you can only acquire these investments with your cash which is why the rich put your money to work through investing. Unfortunately when the average person gets paid they either spend it or at best stick the money in their savings account. Now putting money in a savings account is better than blowing it on frivolous items but the problem with this method is that sending money to your savings account every month will not grow your wealth the average savings account yields just 0.09 percent interest annually which means that even if you have $50,000 in savings you would earn a measly $45 in interest. This is why the rich make a point to put their savings to work. Through investing and the earlier can start investing the better. Just take Warren Buffett as an example Buffett bought his first stock at age 11 and by strategically investing over many decades has become one of the wealthiest people on the planet. But it’s not just billionaires who practice ongoing investing. On average, millionaires invest 20% of their household income each year making investing a significant part of their wealth accumulation strategy and if you think the millionaire’s invest in exciting products you may be surprised most millionaires invest in the same things as the average investor like a Roth IRA and a 401 K but also send these investments to include things like real estate properties and personal development method.

5. They never touch the principle.

At this point, we know that the rich track your spending diligently, the employee’s financial discipline, live frugally, and put their money to work. But what separates these wealthy individuals from the poor is that they never spend their principal while they previously said that most millionaires live frugally some do like to spend on luxury items and while you would think that spending large sums of money would Rouge their wealth or even make them poor, it doesn’t because they never touch the principle in financial terms. The principle is the original amount of money put into an investment for instance if you were to buy ten shares for $100,000 that paid an annual dividend of $2 a share the hundred thousand dollars you invested will be the principal and at $2 a share or the twenty thousand dollars will be the dividend income. In short the rich never detract from the assets that are already earning them income meaning that their wealth will never decline due to their spending. Rich Dad Poor Dad out there Robert Kiyosaki alluded to this method of spending in a tweet where he said, live it up, buy everything you want, one caveat buy the assets to pay for them first Roberts been known to use this basket of investment properties. To fund his purchases like when he goes on vacation or buys a new car unfortunately most people generate their cash flow in the form of active income by trading time for money. When you only earn an active income it means that any money you spend is directly reducing your wealth as income earned but not invested will never grow to a point where you can spend the excess cash it produces. So what type of investments can you use to make your passive income? Some of my favorite passive income methods includes investment properties, dividend stocks, and real estate investment.

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