Instead of thinking about wealth and lavish luxury, think about your net worth. What is your net worth?
Well it’s your debt (obligations) subtracted from what you actually own outright and the value of that stuff. The more you own, the higher your net worth.
When you hear about millionaires, do you realize there are more millionaires today than there were say, 30 years ago? Not because they have more money, but because they own a million dollars or more worth of stuff and what they own, outweighs their debt by at least a million dollars.
You see that’s the key. Instead of trying to build wealth, build your net worth by paying off your debt. The less debt you have, the higher your net worth becomes.
A person with no debt is richer and has a higher net worth than a person who’s debt outweighs what they own, regardless of income.
The less debt you have, the closer you get to becoming a millionaire. It’s as simple as minus, zero or plus. Are you in the minus category, the zero category or the plus category?
Heck, you probably know a few millionaires yourself and not even realize it!