The following piece originally appeared in The Market Capitalist Newsletter.

How will I become wealthy? (In terms of dollars.)  For most of us achieving a certain level of wealth is a highly held goal.  All too often though the goal is not thought of in terms of what I can control today, but instead in terms of what I will earn tomorrow.  The thought process can be described as follows, “A future when I make X dollars is when wealth will arrive, while today it is unattainable.”  Such a perspective is destined for perpetual clawing towards the mountain’s summit while perpetually backsliding downward.

Most people realize that it is much easier to say “yes” to our current desires than “no”.  For those seeking to build wealth, it is vital that we are able to discern when we can say “yes” and when we must say “no”.  If you cannot control your expenses, then all the income in the world will not bring you to your personal wealth summit.

Two options exist to provide you with the discernment necessary to know when to say yes or no regarding your spending habits.  The first option is unavailable to most people.  The option involves an almost innate regulator within oneself that has been carefully trained to recognize when you are on the path to making an unwise financial decision.  In such a case, you are the guide and need no map to follow, since your senses are strong enough to navigate through the potential financial pitfalls that exist along the trail.

The second option is an option that anyone can partake in.  The option involves the development of a monthly budget.  The goal of a budget is to provide a planning mechanism that enables you to forecast income, expenses and savings in order to establish control and obtain the goals you seek to achieve.  In a sense, a budget is the process of drawing the map to ensure that you know where and how you are going to get from where you are now to the place you want to be next week, month, year or decade.  Budgeting is the tool that allows you to discern when you can say “yes” and when you must say “no” to the desire to purchase a good or service.

Ultimately, the question you must answer when considering how you will become wealthy is, “Do I really want to become wealthy?”  Do I have the discipline and desire to build wealth or are my desires for current products and services more important?  Remember, the concept of wealth is rooted in a long-term vision.  Wealth is seldom built overnight and is sought as a state that will exist in perpetuity.

If you are serious about achieving a certain level of wealth, I would recommend you first define the level you seek to achieve, then evaluate where you are at in relation to the level you wish to obtain, and finally develop a long-term plan on how you will get from your present state to your desired future state.

For a customizable monthly budget model, visit the “Models and Reports” section.