Let’s talk about building real wealth—but before we get there, let’s confront an obstacle that holds so many people back: debt. Debt creeps in when your expenses outpace your earnings, and it can quietly shape your financial future if you don’t take control.
Let’s pause and consider how debt often starts. I’ll share my own rags-to-riches journey with you soon, but first, let’s reframe the way we think about money and the things we want.
Each day, you put in the effort, working hard to support yourself and your loved ones. After work, though, it’s easy to feel pulled toward the things you want. Picking up something small here and there isn’t usually a problem, but the bigger purchases—like a new phone, a car, or even a home—can feel both desirable and just out of reach. These larger expenses often come with a much bigger price tag.
Companies know exactly how much we want these things. That’s why they offer irresistible deals, for example: “Drive away in this brand-new car for just £150 a month!” It sounds simple and affordable. This irresistible deal is called PCP (Personal Contract Purchase), and on the surface, it feels like a ticket to the good life.
It’s an exciting moment. You’re about to drive away in a shiny new car, convinced it’s yours for just £150 a month. But here’s the catch: that monthly payment is debt. Unless you pay a hefty sum at the end, the car isn’t truly yours. Essentially, you’re renting, which is often the priciest way to drive. If you saved and bought outright, you’d avoid that monthly drain.
This realisation became the turning point in my own story.
Let me take you back to my childhood and share how my early experiences shaped the money mindset I have today.
Growing up with three siblings, I watched my parents work hard; my dad as an engineer and my mum, ever resourceful, managing our home and finding creative ways to stretch our income. Their number one lesson? Create your own income. Never rely on handouts. That value became the foundation of my financial journey.
In my teens, I encountered debt for the first time. At 18, I discovered credit cards and thought, “Wow, free money!” I splurged on a £2,000 music system, not fully realising I’d have to pay it back. No one warned me—not at school, and not at home. It was a tough, eye-opening lesson.
That debt pushed me to work hard just to keep going. In my early twenties, I was broke and sometimes even slept on friends’ sofas. I hustled, tried different things, and learned the hard way that true wealth isn’t just about chasing money. It’s about building work-related skills and financial knowledge. Once I had a steady income, things started to change. I could finally afford a home and fill it with the essentials. I learned about the “Four Walls” concept, which means making sure your housing, utilities, food, and transport are covered before anything else. It’s advice I picked up from Dave Ramsey. While his approach is mostly aimed at an American audience, the principles apply everywhere. There’s another crucial piece, though: your mindset. That’s what truly builds lasting wealth and security.
The Four Walls are your financial foundation: your home and the costs of running it (think fuel, electricity, gas, council tax, water). Only once those are covered should you think about extras, such as broadband, the latest phone, or other gadgets. While some objects are necessary to drive our lives forward, some luxuries might feel like necessities, but it’s important to prioritise.
Remember, your income is the real power in your household. If you can shift from making debt payments to building savings, you put yourself back in control. That’s where real wealth begins.