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18 August 2007

Large Income does not equal wealth

Most of our generation nowadays have gain considerable skills and many were brilliant professional, therefore make a lot of money with a monthly income of thousand of dollars. Some may even earn higher wages in the range of ten thousands dollar. Yet, despite the big money, still many of them are no better off than guys who make a few hundred dollars a month. They have crippling mortgages, car loans stretching six to nine years and plenty of credit card bills that never seem to end. No matter how much they try to settle, it doesn’t seem keen to reduce. At the end of the month – sometimes not even the end of the month, much earlier, they are just as broke as everyone else. This is a fact and cannot be denied.

These people have confused a large income with great wealth. For your information, wealth is your net worth. Income is inflow. If you have a big inflow, it may help to built your wealth, but not necessarily so. But if your outflow is equal or greater than inflow, THEN TROUBLE IS JUST AROUND THE CORNER. SO BEWARE.

It is not how much you are earning that matters; it is how well you manage your income.

Reference: Millionaires are from different Planet! by Azizi Ali.

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