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Understanding wealth hinges on the relationship between income and expenses. The fundamental rule here is clear: spend less than you earn. Emphasizing frugality while maintaining a conservative approach to expenses can create a sound financial future. Simply put, living below your means is the cornerstone to building wealth.

Step 1: The Buy Nothing Challenge

The first actionable step is to embark on a "buy nothing" challenge. For a specific period, abstain from all non-essential purchases. Disconnect credit cards from online shopping platforms, and learn to budget for necessities only. The aim is to retrain your spending instincts and develop appreciation for financial discipline.