LANSING, Mich. (WLNS) – Want to save some money but not quite sure how? Local money expert Stephen Schiestel has some tips.
People often believe finance is all about investing, but that’s not true, said Schiestel.
“A key determinate of wealth creation starts with a very simple objective: to live below your means. So you can pay yourself first,” said Schiestel.
Saving is how you accumulate wealth.
It’s your ability to save, to defer spending, that is key in wealth creation, said Schiestel.
Schiestel stressed the importance of putting your investments on “auto pilot.”
“They key is to set it up so you don’t have to actively think about it,” said Schiestel, like automatically depositing into your 401k.
A middle-class person with money in the bank has more wealth than a rich person living paycheck to paycheck. It’s important to remember that you can’t build wealth if there’s nothing to act as the foundation.