15 Sacrifices You Need to Make to Become Wealthy

Becoming wealthy involves sacrifice, here are 15 sacrifices that you need to make in order to become wealthy.

Chapters

00:00 Start Here
00:46 Creating A Budget
01:32 Living Below Your Means
02:24 Setting Goals
03:20 Some of Today’s Income
03:59 Educating Yourself on Investing
04:44 Consistency
05:22 Patience
05:52 Delayed Gratification
06:31 Short Term Comforts
07:11 Expensive Entertainment
07:47 Saying No More Often
08:14 Living An Average Lifestyle
08:53 Driving An Average Car
09:37 Convenience
10:27 Stop Making Excuses

Nobody becomes wealthy by chance, but becoming wealthy involves making sacrifices. In this video, I share 15 sacrifices that you need to make in order to become wealthy.

1. Creating A Budget

Becoming wealthy starts with creating a budget where you know your income, spending, and savings/investing rate.

2. Living Below Your Means

No matter how much money you make, if you spend more than you make you will be unable to build wealth. Living below your means is extremely important when it comes to wealth building.

3. Setting Goals

Building wealth happens by setting clear goals on yourself. It is important to constantly set goals that lead you to a wealthier life.

4. Some of Today’s Income

A sacrifice is giving up something today for tomorrow. One sacrifice you must make in order to become wealthy is taking some of today's income and setting it aside for tomorrow.

5. Educating Yourself on Investing

The average person becomes wealthy by investing their money into the stock market and it is important to take the time to educate yourself on investing.

6. Consistency

Building wealth doesn't come from doing one single thing, but it comes from being consistent over a long period of time on following through with your goals.

7. Patience

The average person won't become wealthy quickly, but it often takes decades to happen. Having patience is necessary in order to become wealthy.

8. Delayed Gratification

Many people don't become wealthy because they are constantly chasing instant gratification. In order to become wealthy, you must delay your gratification so your future self can reap the benefits.

9. Short Term Comforts

One thing you must give up in order to become wealthy is short term comforts that don't give you much in the long term.

10. Expensive Entertainment

Another thing you must give up is expensive entertainment because this makes it a lot harder to build wealth.

11. Saying No More Often

If you say yes to everything in life, you most likely will be unable to reach your financial goals. In order to build wealth, you must say no more often so you can focus more on your goals.

12. Living An Average Lifestyle

The everyday millionaire got there by choosing to live an average lifestyle that does not impress anybody. That lifestyle allows them to dedicate more money to build their wealth.

13. Driving An Average Car

The #1 wealth killer people have is their car. It is important to settle with driving an average car so you are not burdened by an expensive car payment.

14. Convenience

Another thing you have to give up in order to free up money to build wealth is convenience. Convenience is expensive and prevents people from building wealth.

15. Stop Making Excuses

Finally, in order to build wealth you must stop making excuses and instead create a plan, set goals, and make sacrifices.

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[almin]

The fact that nobody talks about the book Forbidden Money Behind Closed Doors talks about how people control money

[jameschaves]

All my 54 years I wanted to be rich. Now that I am I realize being comfortable means everything!! My Honda is payed for and I pay all my bills on time

[sharonclevenger]

An average lifestyle is so soothing. Peace of mind.

[AllenJefferson-b]

Building wealth entails cultivating positive habits, such as saving money at regular intervals for long-term investments. Instead of attempting to predict and forecast the market's stability and when the change will occur, a better strategy is to simply have a portfolio that is well prepared for any eventuality; according to Bloomberg, some people have been averaging $150K every 7 weeks over the last four months.

[KS-jfjf]

Amazing list, Austin! Over time "sacrificing" becomes a series of habits that are no longer sacrifices, but ways to win 🎉

[onewomanandsomesongs]

It’s funny, once you have some money in the bank, it seems you don’t want all that stuff you once wanted to buy. You know you can just buy it outright, so it’s not so pressing like it once was.

[MilceJames-p]

Hallelujah! God is still performing wonders. I'm positioning myself for such miracles. This is the best thing I've seen today on Youtube-thank you so much!.540k earned so far.

[ChristaW.Henderson-foyw]

Hello, I don't know anything about investing and I'm looking to invest, any help? As well who can I reach out to?

[Haiokbai]

Living below my means is no problem since I have the internet haha YouTube for life! Plenty of fun here

[meydiaengka]

One thing Im proud of that I did this year was paid off my credit card debt! That shit burdened me for over a year!!! Now the 10% of my salary that used to go to the credit card installment is split to extra selfcare and building up emergency funds. Im getting better with my finance and Im loving it❤❤❤

[ParkDari]

I have noticed our wealthiest friends seem to own small amounts of high quality items. They have four great paintings on the walls but not much else. Not a lot of furniture. They do spend money on high quality food and wine. Solid but never flashy cars.

[NoriegasGaming]

You are that one friend that everyone NEEDS🎯👍🏼

[mbank]

I don’t have many friends that I need to show off to so I am actually more happy than those with a ton of “friends” that they constantly need to compete

[plappin]

Great video! I will suggest that these aren't necessarily sacrifices and they can yield positive results unrelated to wealth. For example, cooking your own meals is likely to mean eating smaller portions, eating better quality food, and simply slowing down. Reading a book instead of watching Netflix will expand your knowledge, deepen your ability to concentrate, make you more literate. In short, if you think of these techniques as part of living intentionally rather than sacrifices, you're less likely to feel deprived.

[ThandiweMorakabi-mphp]

All of these were the lessons that I learnt from my grandmother. I thought that they were boring but now that I am an adult, I realised that they were worth it. I have also passed them to my daughter. Thank you for sharing this with the world.

[nickmcdonarld]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Grace Miller.

[perfectstar-mb]

I’m genuinely inspired by his journey! He’s not just making money; he’s setting new standards for success with his unique and thoughtful approach

[Financefunandfitness]

You explained this all like a phd. You will go far in life. Much wisdom for a young man.

[XCVi_MAC]

I’ve always been frugal with I manage my money well, which allows me to afford a mortgage, and I own my cars outright. Some of my co-workers struggle with their finances and seem to dislike me for it. They choose to live pay check to paycheck.

[LoraMinadan-erfe]

I’m 52 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify my portfolio.