Here at Alpha Omega Wealth, we are passionate about personal wealth management. It’s your money, so you should have control over it, right? That’s why we encourage our clients to become your own banker. The infinite banking concept puts the control in your hands, but part of the process is being smart about how you earn, invest and spend your money.
How much do you spend?
If you want to be your own banker, take a second to think of the money you are spending every month. You are probably spending money on, of course, bills and necessities. But, what other things do you spend money on? Do you go to the mall and shop for the whole family with your credit card? Do you buy a lot of goods online without tracking how much you are spending?
If your spending habits are out of control like this, you may be spending more money than you can afford, and that is no way to be economically prosperous.
Why It’s Important to Live Beneath Your Means
The eighth principle of prosperity is to live beneath your means. If you don’t have the money, don’t buy the goods or services. It’s as simple as that. Just because you can make the payment doesn’t mean you can afford it. In the long run, are you using money that should be saved or used for another, more important resource?
Credit is dangerous. You may have fun spending the money right now, but in the end, you are paying back both the money you spent, but also you are paying back interest to the bank! You don’t want to spend more money than originally intended, and you definitely don’t want to be accruing debt. We are working on prosperity and gaining wealth. Don’t use credit, except for emergencies.
Let Us Help You Become Your Own Banker
When you become your own banker, you put yourself back in control of your money. Your private wealth belongs to you and is managed by you. Our wealth advisors at Alpha Omega Wealth are experts in managing wealth and want to share their knowledge with you, including how to cut back on your spending costs. Visit our wealth management firm to get started with some financial planning today.