That’s the title of this weeks blog post,
I think we all basically understand what that means, it’s quite simple, or at first glance it appears to be,
but….worth a deeper look if you’ve got a few minutes to read on,
What does “produce more than you consume” really mean?
That’s what we want to look at today
Why should we produce more than we consume?
why this is one of the most important elements of creating wealth,
(or maybe we’ll just leave the last two parts out of our explanation, and you can make up your own mind,)
Produce more than you consume is about finding a balance that is tipped at least slightly in your favor by your own efforts.
If it were a scale, you would want more weight on the produce side and less wait on the consumption side.
But most importantly is for us all to be conscious of how it works,
Visualize yourself at the center pivot of a scale and you can adjust the balance as you like with your day to day efforts.
That’s where you want to be!
Consciously in the center pivot, In charge of your life and your future.
Produce more than you consume refers to being productive in your day to day life at something useful that has value to others
A job, a product, a service, a profession, vegetable gardening, whatever,
something of value to others must be created by you.
You must create more of whatever you do than what you consume
On the other side of the scale, you consume products and services provided by other people too, on a daily bases.
Produce more than you consume also requires that you pay attention to your consumption,
Since you want to produce more,
Then you also need to consume less. Or give it equal thought at least, so that you know exactly how much your consumption is costing you.
From a monetary perspective
Most of us get paid for our production in the stuff we refer to as money and in tern use the same money to purchase whatever we consume.
Money is essentially the medium of exchange by which we weigh up our production v.s consumption
Which is a long winded way to say;
Your income must exceed your expenses.
Or said another way,
Incoming money must be more than outgoing money!
If your income is greater than your expenses then your future is abundant!
If your expenses exceed your income, then you are depriving yourself of your future.
So what do you do with the money you don’t spend?
Let it become wealth over time!
Save it, invest it,
put it to work for you and your future !
That’s all for this week! Think about it!