Wealth Tip: Build wealth by spending less than you earn
Building wealth is not only about how much money you earn. It is also about how much you keep after paying your bills. This is known as creating a margin. For example, if you earn N$15 000 a month and spend N$12 000 on rent, food, transport, debt repayments and other expenses, you have N$3 000 left. That money can be used to build an emergency fund, pay off expensive debt or invest for the future. But if your monthly expenses are N$17 000, you are short by N$2 000. You may have to borrow money, use a credit card