Your Savings Determines Your Wealth
Hi YNABers, I was this article on CNBC, and thought I'd share it. It talks about wealth as a measure of savings, not assets. Keep give your dollars jobs, and you might just get wealthy! https://a.msn.com/r/2/BBGK8WR?m=en-us
We would be considered well-off per the blogger's scale based on the liquid cash we have (not including retirement savings), though our realized income is a little less than six-figures. We don't make as much as many people we know, but we have far more in the bank than most because we save between 30-40% of our take-home pay and keep fixed expenses low.
It's all math. Spend less, save more. Increase income, decrease expenses. Learn delayed gratification. Don't think in terms of monthly payments, think in terms of yearly costs to your household.
When I worked in banking, it was pretty typical that the wealthiest clients came into the bank looking like farmers and drove old, but reliable cars. The Millionaire Next Door. :)