Discipline is a key word in becoming rich. There are countless examples of people making millions of dollars and ending up broke due to a lack of discipline. The temptation to spend is ubiquitous to the point of complete exhaustion. In order to start down the road to riches, consider some common examples from those who have already met their goal as explained by motif investing:
- Saving an additional 20% or more of your after-retirement, after-tax income.
- Invest your additional savings in a portfolio of stocks and bonds appropriate to your risk tolerance and financial objectives.
- Accumulate real assets, such as real estate property, to further diversify your net worth
- Track your net worth so you know where your money is going.
- Do not let your spending increase faster than the rate of your income growth.