Do you want to be rich or look rich? The advice for getting rich is usually the same. Save more, spend less and invest the difference. In a Kiplinger's interview (09/2017), author Thomas Corley said the most common thing people do to prevent themselves from getting rich is to spend more when you start earning more. If you save the new income, it can grow and compound and voila, you're rich! In a study Morley conducted of the wealthy, they all save a big chunk of their earnings. So the question comes down to this: will you be happier if you have less stuff but more money or if you have less money but more stuff (looking rich)? For most people it's one or the other. Go ahead and choose.
- Larry Pike, CFA, Client Priority Financial Advisors LLC
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