Your focus should not be on money nor material goods. Family, friends and your faith should be higher priorities for a good life. Consider the English Proverb, "Health is better than wealth."
Realize spoiling someone for the holidays is not worth debt you will be paying months later. You will need the money for future purposes. Fear of missing out (FOMO) is why so many people get themselves into credit troubles. You will be loved giving affordable gifts. Live within your means.
How do we start to create wealth? First earn more. You will have more options to save. Scott Adams (Dilbert) says we become valuable by stacking talents. He became wealthy by drawing well enough, business knowledge, and being funny enough to be a syndicated cartoonist.
Can you ask for a raise or promotion? Are you doing excellent work? Have you taken on more responsibility? These give you options.
You may have to change companies, industries or fields to earn more. My work in aerospace rewards me more than prior work in household products and real estate. However aerospace is known for boom & bust cycles, so this is a risk I accepted.
Research, read and talk with professionals what skills do they need? What technologies or new business approaches are growing now? Which skills and talents do you already possess? Do you have a degree? What can you learn and put to use quickly? Or do you need a degree in a different specialty that few people will put in the effort? Often you already have enough to earn more.
Avoid for profit colleges. Many people have too much debt for a degree that does not pay enough. Worse many did not complete a degree and still have the debt. Before you start a degree how do you minimize the cost and borrowing? In an era of rising interest rates, pay off and avoid debt.
Most wealthy people make create their money with a business, then invest to preserve their wealth. To start a business you need to have some money of your own to invest. Then you will have to borrow or get investors. If you are employed you can save for the future opportunities you see.
Start part time to see if your idea will work. Keep a day job and try a side hustle. Often it is not until we have tried a few different projects and processes do we find success. Once the income rolls in we have options including charity.
“If you make a lot of money, put it to use helping others while you are living. It is wealth's greatest satisfaction.” - Author Unknown
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