Are you Trapped by Your Income?
How many lotto winners end up being wealthy after a several years of winning the grand jackpot? How many celebrities did you know who, despite earning millions during their peak in show business, end up broke few years after their reign faded? Have you ever wondered why some employees, despite their large paychecks, end up being broke?
Supposedly, bigger income should mean being rich or wealthy. However, the reality is a bigger income does not necessarily equate to becoming rich.
Many people believed that an increase in income corresponds to an increase in their spending capability. They are mostly pressured socially by friends to buy these and buy that. As a result, they buy the latest gadgets, go into luxury vacations, and some even upgrade their cars and houses to make it more grandeur to impress their friends. Before they knew it, their savings had dried up and their debts had piled up in their credit cards. This is the mentality of most of us who belong to the middle class - One-Day Millionaires.
A huge income may help you to become rich but ONLY IF YOU KNOW HOW TO MANAGE IT.
Imagine a pail of water being filled up. If it has a hole in it, no matter how much water you put in it, the hole will just drain the water inside. The larger the hole, the faster the drainage will be. Now, compare this scenario in your wallets and bank accounts.
Don’t fall into an income trap. Live way below your means. Always remember that it’s not how much money you make, but how much you keep, how hard it works for you, and how many generations you keep it for.
I agree with your saying about income trap , but donot agree with the notion that for how many generations you keep it for ? There is a saying that one generation works too hard to make money, 2nd generation improves it and develops it , 3rd and 4th generation destroys it. So instead of keeping for how many generations , it is important to give away some to needy -
Yes it is important to give to the needy. By saying "keep it for many generations", I mean to say to grow it and manage it properly so it can last long. Giving to the needy should always be part of it regardless whether 1st, 2nd, 3rd or 4th generation because I always believe in Karma. Whatever you do, whether good or bad, it will always come back to you.