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THIS is why I was still BROKE after making over $100k,
Well BP fam, Since my 40th birthday and living and learning how things work on this round planet, I've grasped a concept that was taught to me years ago that I didn't want to accept. Haven been in the music biz and making big dollars, then moving to real estate and doing pretty well, I understand the making money has NOTHING to do with managing it. I now realize that God, or the universe whichever one you like, has a very hard time blessing you with more until you prove you can handle and grow what you already have.
Look at it like this... You can't give an 8 year old a Rolex watch and expect them to take care of it. Just as well you can't give a person $100k that doesn't know how to manage it and expect it to grow. What are you doing with your current income to manage it and make it grow? When I look at my Self Directed Roth IRA, I can visually see dollars from as far back as 2006. My account hasn't grown as fast as I would like, but the money that was put in is STILL THERE. It's done some deals over time and grown at a wonderful rate, but my point is, it was never spent on consumable goods.
Take some time to put aside some of what you make every month. There a several ways to put it aside but for me, the SDRIRA was the best because it's illegal for me to spend it on ME. I physically can't touch the money UNLESS it's for an investment. Create your own investment account that you use for investments ONLY. That way it can never be "cannibalized" as I once heard it put.. Good luck to you and start managing what you have NOW.
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