{"id":12128,"date":"2023-08-16T04:17:39","date_gmt":"2023-08-16T04:17:39","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/when-you-master-money-it-becomes-your-slave\/"},"modified":"2023-08-16T04:17:40","modified_gmt":"2023-08-16T04:17:40","slug":"when-you-master-money-it-becomes-your-slave","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12128","title":{"rendered":"When You Master Money, It Becomes Your Slave"},"content":{"rendered":"<\/p>\n<p class=\"has-text-align-center\" data-dcy-id=\"0.6651012016719346\"><strong><em data-dcy-id=\"0.4772093119728438\">If you find value in these articles, please share them with your inner circle and encourage them to\u00a0<\/em><\/strong><strong><em>Sign Up for my Rich Habits Daily Tips\/Articles<\/em><\/strong><strong><em>.\u00a0No one succeeds on their own. Thank You!<\/em><\/strong><\/p>\n<p data-dcy-id=\"0.05619503021098127\">Those who know how to manage money make it their slave. Those who do not, become its slave.<\/p>\n<p data-dcy-id=\"0.3230128197732125\">In my research I discovered specific money habits of the rich that they used to accumulate enormous wealth:<\/p>\n<ul>\n<li data-dcy-id=\"0.8697490107548058\">Put Money to Work \u2013 Accumulating money is good but it will not make you rich. You must put money to work if you want to become wealthy. And putting money to work means taking smart, calculated risks with that money. The rich put their money to work by investing it in stocks, bonds, real estate and businesses.<\/li>\n<li data-dcy-id=\"0.38834058469574884\">Borrow Money to Create Assets \u2013 There is good debt and there is bad debt. Bad debt is debt you use to sustain your lifestyle. Good debt is debt you use to build assets that generate cash flow down the road.<\/li>\n<li>Save Money \u2013 Saving 10% or more of your earnings\/income allows you to accumulate money. You want to accumulate money so that you can take advantage of investment opportunities that come along.<\/li>\n<li>Track What You Spend \u2013 Do you know where your money goes? You should. Tracking what you spend empowers you. It opens your eyes so you may know exactly where your money goes. Tracking your spending allows you to make adjustments to how you spend your money. If you don\u2019t track your money it will disappear and once it\u2019s gone you can\u2019t get it back.<\/li>\n<li>Avoid Spontaneous or Emotional Purchases \u2013 Never buy anything on impulse. It is almost always the wrong thing to do. That spontaneous or emotional purchase will lose its luster after only a few weeks. Then you\u2019re stuck with something you don\u2019t need and that does not generate any income.<\/li>\n<\/ul>\n<p data-dcy-id=\"0.5950152014551937\">If you want to become rich you must become the master of your money. If you don\u2019t it will fly away and land in someone else\u2019s pockets, never to return again.<\/p>\n<p>Read the full article <a href=\"https:\/\/www.savingadvice.com\/articles\/2023\/08\/16\/10116283_when-you-master-money-it-becomes-your-slave.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you find value in these articles, please share them with your inner circle and encourage them to\u00a0Sign Up for my Rich Habits Daily Tips\/Articles.\u00a0No one succeeds on their own. Thank You! Those who know how to manage money make it their slave. Those who do not, become its slave. In my research I discovered<\/p>\n","protected":false},"author":1,"featured_media":12129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[32],"class_list":{"0":"post-12128","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-savings","8":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When You Master Money, It Becomes Your Slave | iSafeSpend<\/title>\n<meta name=\"description\" content=\"If you find value in these articles, please share them with your inner circle and encourage them to\u00a0Sign Up for my Rich Habits Daily Tips\/Articles.\u00a0No one\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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