If the idea of accumulating wealth appeals to you but daunts you at the same time, step back and chew on this fact for a moment: building wealth is 90% maintenance, and 10% brilliance.
That's right, building wealth has more to do with maintaining what you already have than coming up with the next world-changing idea that will make you rich. If this idea seems totally strange to you, think about this: Where do you spend the most money?
Studies show that people who do no accumulate wealth spend the most money on unexpected items such as car repair, house repair, health emergencies, and unbudgeted luxury items (especially during the holidays).
One characteristic that almost all wealthy people share is that they are good at maintaining what they already have. They easily spend money on scheduled maintenance for their homes, cars, and health. They know that unexpected expenses from poor maintenance are the most expensive, and do everything they can to avoid those expenses.
It makes sense when you think about it. Is it more expensive to have your septic system checked out and cleaned annually or to call the plumber out after hours for double overtime? Is it more expensive to have your car serviced every 3,000 miles or to call a tow truck to haul you in for double overtime work on the engine? Is it more expensive to pay premiums for health insurance monthly, or pay $150,000 for a 2 week hospital stay?
Maintaining the wealth you already have means that every additional dollar you bring in will go towards building your bank balance, not car or house repair. Regular maintenance also allows you to predictably budget your funds and know where every dollar is going. Not maintaining what you already have means that you'll constantly have to spend your hard-earned dollars plugging unexpected cracks in your financial foundation. You'll never change your financial picture.
While maintenance isn't as exciting as managing a multi-millionaire dollar portfolio, it does help you hang on to your existing wealth while building even more. Ask most wealthy people and they will tell you that this predictable route might be boring, but it has its merits.
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