We often tell people it only takes $500 per month to become wealthy in the long run. Well, what if you don't have $50 to spare, let alone $500? This article is for you.
If you're the typical North American, chances are you earn the bulk of your income through employment and will continue to do so for the rest of your working life. As such, knowing how to save money from your salary is imperative for building long-term wealth.
Saving money can be a challenge when you don't earn much of it, to begin with. It's not impossible, though.
Why is it so hard to save money? I mean, clearly, it's not all a lack of determination, as I'm sure you can attest if you have this difficulty. So what is it?
Saving $10,000 in a year is a great challenge for anybody looking to improve their financial situation. In addition to having more money with which to invest or pursue other goals, you'll develop important habits like budgeting and slashing unnecessary expenses.
Saving and investing are two very important practices for anyone hoping to achieve financial independence. However, people often choose to prioritize one over the other depending on their circumstances.