This is the first article of our road map to riches; it is a basic outline leading from poverty to riches.

The first thing we need to look at is your current income. It does not matter where this income comes from, whether it comes from an employer (for those of you who work for a paycheck) or from your clients (for those of you who own your own job); what does matter is how much of it you spend.

How much you receive – most of you are able to do cover your basic living expenses. We assume you can.

Your Spending – a lot of people have difficulty with this one.

First:

You need to spend as little as is realistic. Those with no children should live in a small place, such as a studio or one bedroom apartment (except those with unique situations, such as military housing or those who have paid off homes).

Drive only reliable, economical cars, such as Toyota Corollas or Honda Civics. Eat at restaurants only when necessary or on special occasions.

Eat cheap, but do not sacrifice nutrition. Take inexpensive vacations. Wear nice but cheap clothes; do not buy ones that will fall apart quickly.

The choice whether to have a television or not is a personal one. Some need it to relax and enjoy their time at home; some do not.

You cannot forget about recreation. This is an arena which gives great difficult to many people, because they cannot tell the difference between impulsive spending and enjoyment. There are a great many things to do which are cheap or free that provide for enjoyment, such as reading, hiking, or watching TV.

In a nutshell, spend as little as you can.

It is better to spend a good bit for a product which will last a great deal of time than to spend a little for a product which will break quickly. Think of how much time you will get out of your product per dollar spent.

For excellent reviews on consumer products, check out Consumer Reports magazine.

Do not starve yourself, lose your friends, or find yourself bored with nothing to do, but do spend as little as you can.

Cody Scholberg, an expert on wealth creation, writers for Rapidly Make Money, your prime guide to financial information.

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