Well, you’re really getting at the heart of wealth building. There’s what you make and what you spend. The difference is what you can save or invest. The bigger that difference, the faster and more wealth you build! With a $64K income, I would really want you to be investing more than $1,800/year.
There’s basically two ways you can increase that gap:
- Earn more money
- Spend less money
Earn More Money: Seems obvious, but is there any way to increase your income? Pick up extra hours, side hustle, grow your career, switch jobs, start a business, second job, etc. If you can work a couple nights/week and make $100/night that’s $800/month you could dump toward investing! That’s over 5x what you’re currently doing.
Spend Less Money: Also seems obvious, but it might be worth taking a look at your big expenses. Housing, car, debt, etc. Do you have debt? Just getting a used car instead of a new car can often open several hundred dollars a month in car expenses.
There really is no magic answer. Earn more. Spend less. Invest the difference. That’s how people get rich.