Your biggest wealth-building tool is your income. It’s really the single biggest factor in achieving financial independence and freedom (other than frequency of emergency or inheritance).
If you have a whole bunch of debt and a very tiny income, it’s going to be really difficult to build wealth because your money is already spoken for.
The easiest way to free up money to save to build wealth is to get out of debt.
There are three ways that can help you get out of debt faster: sell any extra or unnecessary stuff, reduce expenses as low as possible, and get more income.
How do you get more income? Work.
But what about when work stinks? What about when the only job currently available to pay the bills, get out of debt, and save is soul-sucking and about as rewarding as getting a participation trophy in a boxing match?
I can relate to working a job that sometimes tests the will. We recently changed our entire business structure which caused all sorts of annoyances that aren’t typical in the life of a financial advisor. I just want to dig in to a client’s financial plan but instead I’m saying, “Hey Jason, you need to integrate our new data aggregater with our risk profiling and financial planning tool and by the way our password software is locking me out so don’t forget about that, and don’t forget to run payroll, also memorize our several hundred page compliance manual, don’t forget to call back those 7 clients, build a new spreadsheet about cost-analysis, review our mutual fund buy list…”, and so on and so on.
I have some unpleasant news. Sometimes, you just have to push through the hardship. You want to be debt free? Do the work. You want to own your home? DO THE WORK. You owe it to your family and to yourself. Stop breaking those promises, put down your head, work hard, and PUSH THROUGH. This season will not last forever.