Our ultimate goal of Alpha Omega Wealth is to put complete control of your wealth management back into your hands. Through infinite banking, you learn the process of becoming your own banker and being smart about how you earn, invest and spend your income. Having a complete understanding of how much you spend compared to how much you bring in will help you formulate a budget to live beneath your means.
Create a Budget of Your Private Wealth
Breaking down how much you spend each month can give you a clear idea of where your finances go. This includes everything from bills, rent, necessities and also food outings, trips and activities. The only way you will be able to get your spending habits under control is to first understand what you’re spending your money on.
Why You Should Live Beneath Your Means
It is difficult to grow your personal wealth when you spend more than you are bringing in each month. While it may be smart to try and match your spending with your income, there is one flaw many people do not consider. In order to invest, you first must have the capital. This means you have to be bringing in much more than you spend.
You want your money to constantly move and work for you, but you will not achieve that if you are not bringing in more than you are spending. Unless you have the cash to purchase that item, you should not get it. Credit can be a trap that if not monitored carefully, can be hard to get out of.
By living beneath your means, you give yourself the opportunities to be successful with your finances. If an opportunity presents itself to you to invest and move your money, you will want to have the money first before taking action.