It's sort of depressing when you finally reach the point in your life that being a millionaire is no longer a plausible dream. I mean, when you're a kid you have all these fantastical ideas about being exorbitantly wealthy, only to be shut down by a little thing called reality!
Truth is however, it's really never too late. If anything, the only dream that's wiped away by adulthood is the ease of acquiring wealth, NOT the possibility.
Thomas C. Corley, an accountant with a number of wealthy clients has revealed some incredibly beneficial information for those of you looking to not only get rich, but stay rich and I mean, isn't that the true goal? What's wealth really worth if it's fleeting? A whole lotta nothing, that's what!
Essentially he offered a number of examples whereupon his clients who experienced financial success turned that gain into material wealth by way of million dollar homes and sports cars. Corley refers to this as the lifestyle creep—increasing your standard of living in order to match your increased income. Sure, it sounds incredibly gratifying in the moment, but from what Thomas gathered, incredibly ill-advised.
"Over the course of the five years I spent interviewing 233 wealthy individuals (177 of whom were self-made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets, as well as 128 people who had less than $35,000 in annual gross income and less than $5,000 in liquid assets, I found that lifestyle creep is a bad habit common among many who suddenly find themselves making more money."
So if blowing your load all at once isn't the key to sustained wealth? What is? Don't worry, Corley's got you covered on that—"The good habit — I call it the "Rich Habit" — is to forgo the desire to spend your money today and, instead, sock it away into savings and investments that grow in value and provide financial resources that can be used in the future to maintain your standard of living.
To read the full article, head HERE