What is the greatest secret of creating wealth? MintGenie explains

livemint.com:

wealth creation journey, the bigger and more relevant piece of the puzzle is a much simpler step. Let’s think about the typical cycle of money that we follow. We earn, we spend and if there is anything left over we save.

True wealth creation however, can happen only when we change this cycle. Change it how? You have to prioritise saving. Switch the place occupied by saving and spending: you earn, you save and you spend.

This is important because if you always rely on savings as a leftover from what you have spent, you may find that your savings are not enough for what you need in future; plans to retire or even emergencies that come without any warning. Your savings are your bridge between current financial wellbeing and your future financial security. They not only become a cushion in case of emergencies today, but also, if invested well they provide for luxuries in future.

If your savings are always leftovers, you can never be sure whether they are enough to satiate hunger today or in the future. A better approach is to keep your fridge stocked with ingredients or ‘savings’ you can use any time; whether you cook up a humble meal or a feast with those ingredients, is secondary. We know that there is an element of uncertainty in life.

Term life insurance and health insurance, are solutions to cover financial outcomes of certain types of emergencies that may occur today. However, there are other emergencies which sometimes can only be covered with your savings. Job loss, for example, or a lowering of your income due to a disability or funding your relatives financial crisis or COVID like circumstances and so on.