Act Your Wage

One of the big things we have talked about time and time again is image. Numerous people get themselves into debt trying to live up to an image they try to portray to the outside world.

Do you act your wage? But more importantly, do you act below your wage. There's no quicker way to build wealth than to pretend you earn.

Most people live the opposite way. They increase their lifestyle with each pay raise. The boss rewards them for all their hard work; in turn they reward themselves. A new TV, car, or a bigger house is on their hit list. They never seem to have any cash left over at the end of the month for saving. This is because their lifestyle always keeps up with any pay raises.

Now this is a dangerous way to live. When your lifestyle is right up to your wage, there is very little cash left over for saving. In most cases none. But you can also make silly choices based on this situation. Let's use the example of purchasing a house. The bank manager offers you a loan of UP TO $400,000. You do your figures and work out yes; we can afford this. So you take the maximum, the whole $400,000. But all of a sudden your wage slips 20%. This is something you did not plan for and panic sets it. On your new wage you cannot cover the home loan or the day-to-day expenses.

Someone living below their wage makes a more reasonable choice. Sure they could have taken the full $400,000, but they say no. They take a smaller amount, giving themselves some room in case something happens. They know life has its ups and downs and you just never know when the next down is around the corner.

But guess what, while living right up to your wage is dangerous; living above and beyond your wage is crazy. However, there are people who do it and do it for a long time.They earn $100,000 a year while living an $110,000 lifestyle. They achieve it by using credit cards, personal loans, and car loans. They live in excess of their wage in anticipation that bigger wages are on the way. If the bigger wages come they could continue this lifestyle, but if something does not happen the way they plan, the crash comes.

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