Growing rich on a meager income means spending wiser and investing even wiser yet. It’s not how much you make; it’s how much you keep. That is almost a cliche but too many times the people who make a lot of money don’t know where any of it goes, and pay more than they need to for the things that they buy and the services that they use.
Smart shopping is not just about coupons but about noticing deals wherever they are, and not assuming that something is inferior just because it is on sale. In cities, merchandise goes on sale all the time to induce people to buy. If you have enough stores around you (and patience) it is never necessary to pay full price for anything. What I eat revolves around what fruits and vegetables are on sale the week that I am shopping. The savings are between 30-50%, depending on how good the sales are. This is not limited to food. There are end of season sales and clearance. A friend once bought a new lawn mower. He bought it for 50% of the markdown price. Normally it would have been $179 but he acquired it for $75. It was an end of season close-out clearance sale. Now try to find an investment that pays that much with so little risk! You can’t! The best investments are learning to get 50% off on what you buy on a regular basis, and getting large or multiple discounts on larger purchases. Patience and research can pay off.
To grow rich on a meager income you must invest well. A promising option for investing lies with Prosper.com. It allows people to lend and borrow without using banks and credit cards. The lender gets a return like a credit card would on his money. For the wise person, it offers a way to grow rich on a meager income. It is notable that there are people on Prosper who make $50-$75K and can’t make it. But if you are a wise spender who makes little but has money to lend, you can make interest on what you have extra, assuming you have a little extra. :-) $50.00 is the minimum you can lend at one time. Where else can you invest as little as $50.00 and get returns like that?
Some of the people on Prosper are trying to get out of payday loans which are charging several hundred percent APR, which means if they could get a consolidation loan for 27-29% that would be quite a savings, which would make them happier. For the foolish person, if you choose the wrong person to lend to, you won’t grow rich on ANY income, meager or otherwise. You should lend to someone who cares about their credit rating and who would walk through fire and ice to pay it back with interest.
To get rich on a meager income you must give up on trying to impress people, and always consider your money as money seeds, not as something to spend for consumption. Be simple at Christmas and don’t feel like you have to go all out on any holiday. Make your money work so that you don’t have to work as hard! Be wise about spending it, and invest it to make it grow.