As we have mentioned many times before, the habits you have now will shape what kind of life you will live. Good habits will help you live a happy, healthy life and bad habits will mean that your growth will stagnate and you’ll find it extremely hard to have all the luxuries you desire. Luxuries can be something as simple as time, or it can be specific, x amount of money, great job, great health, amazing relationships. For you to achieve all of these things, you need to work on yourself and you need to start today. We will focus on the habits you need to acquire to build wealth later on in life. Wealth takes time, be patient.

Save money, pay yourself first
This is a concept that many don’t do and don’t feel the need to do. There are some out there that do it without thinking, this is the concept you need to adopt. No matter what your income, you can save, even if you start with £10 or $15 or €7, start today. Try to make savings wherever you can, just because you’re not earning more doesn’t mean you can’t save. To save more of what you earn, you need to look at your spending habits, where can you cut back? Do you buy a coffee every day on the way to work? Maybe you like to buy lottery tickets, or go out for expensive dinners and drinks every now and then, if you take a look at your lifestyle there will always be cutbacks you can make.

The best way to save? As soon as you get paid, put x amount aside, start with 5-10% of your income, I know that sounds like a lot, but you’ll thank yourself you did it. This is non negotiable, you are doing this for your future, whatever it is that you want from your future, a nice house that’s paid for, holidays abroad without worrying about expenses. Maybe you want to be able to spend time with the family. Having money won’t buy you happiness by any means, but it will give you choices.

Try to buy in bulk and sales
Groceries are an expense which can’t be completely cut out, it can be slashed though. Stores are always having sales, sometimes if you know what store is doing sales on certain things you can stock up on that. Be sure not to buy too much and waste, however this tactic carefully managed is a great way to cut back on necessary costs that you will incur every month.

There are many comparison websites out there that will help you compare the different prices, I know this sounds a bit like overkill, but this is an expense that you have to make and if you can cut back on it you will find that extra bit of money you need to put aside and you can save it. This is a great way of find extra money straight away, we can all agree that you should try to create a bigger income, but start first with what you have, then look to create more.

Start a side hustle
A part time business doing what you’re good at or doing something you love doing is a great way to make extra income. If you were able to live off what you were making before, you can live off it now, so what am I getting at here? Save all your money from your part time business, use it to grow your extra income or invest it elsewhere, don’t spend it. People will start a part time business to buy a bigger house or a better car but at GSY we want you to think big and by big we mean really big. Whatever you’re making, with the right moves and patience you can quadruple it, you just need to be frugal, save and invest. For ideas on side hustles, click here

Any extra money you get should go into savings
Everyone gets some unexpected money from time to time, it can be a bonus from work, a tax rebate, maybe your grandparents still see you as a child and give you money when they see you for the holidays or birthdays. This should go straight into your savings account, whatever that is. Don’t spend it, you weren’t expecting it, so you don’t need it. We need to master the ability of delayed gratification, it will serve us well, in whatever aspect of life we use it in. It is being able to hold off buying that car, that dress, that new phone and putting that money we were going to spend into something that will give us a better return later on down the line.

Spend money on assets, not liabilities
I honestly think, if we can master this one principle in our early 20’s, or even 30’s, we have a great chance of becoming financially free. It really isn’t easy to do, we are conditioned from a very young age to go out and spend our money from all the ad’s we see, the celebrities on our screens and so on. “So and so has got this dress and it’s 30% off, I must go get it”, it’s still probably ridiculously expensive but that doesn’t matter right? It does matter, I’m not saying one unbought dress is going to make you a millionaire, but the habit of being able to put your financial future ahead of having the latest fashion craze or the flashy car or the latest phone means you will be able to make better choices.

“By definition, saving - for anything - requires us to not get things now so that we can get bigger ones later.”

Jean Chatzky

We buy what we buy because of our emotions, we think it will make us happy. Do yourself a favour, think to yourself, how long does it make you happy for? The answer is, not long at all, instant gratification comes with short term pleasure, keyword here is short term. It usually turns into long term pain because you will never stop wanting more, it is human nature. It’s simple when you think of it, you buy that car you can’t afford, on credit, pay huge amounts of interest on it and when you have finally paid for it all it’s worth nothing. That is just one example, the same concept can used for unhealthy eating, who doesn’t love a good burger? (I love burgers, no really I can’t state that enough.) Everyone does, but your hips don’t, your arteries don’t and your general well being doesn’t. A burger should be enjoyed as a treat, and if you’ve had a burger, you should make sure the rest of your day is clean and adjust your activity levels accordingly.



Save to invest and always look for ways to make cutbacks. Create your empire of assets by investing everything you save. GSY