6 Things To Know If You Want To Be Rich
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1. How To Invest
Some people focus on saving money others on making more. Only a few people know what to do with the money they have. Learning how to invest your money makes all the differences in becoming wealthy. The way that you spend your money is the key to becoming rich. Everything is a factor what you buy when you buy it and how you buy it. Before getting ahead of ourselves before you even make a dime you should learn what to do with it. Research all you can so you can utilize your earning and get your money to work for you instead of you working for money.
How to Invest Money: A Simple Guide to Grow Your Wealth
2. Don't Waste Money
It is a matter of your view some people feel a Starbuck coffee every morning is a waste. Others feel buying new sneakers all the time is a waste. Then you have investors that believe putting your money in a bank is a loss. There is some obvious money wastrel. When you are hanging at bars eating out all the time and shopping, getting items you don't need. Buying new cars and larger homes just because you can. For many people smoking drinking and gambling is equivalent to burning your money. watch the video and see what rich people think. "With 15 things poor people waste money on.
DON’T WASTE YOUR MONEY ON THESE 15 THINGS
3. Buy Assets Not Liability
The biggest problem is with people not knowing the differences. Most people think having a house with a mortgage is an asset. If the house, no matter how much it's worth does not produce an income at the end of each month it is a liability. Just think about what you spend most of your money on. Instead of buying the goods why not buy the stocks? You heard of the saying why buy the milk when you can own the cow? We are so busy buying more milk instead of getting the source to work for us. This is clear and simple assets are things that generate income each month, liabilities are things that spend your money each month. Example, ASSETS real estate, stocks, businesses and yourself (learning). LIABILITIES your home, cars, and boats, vacations, partying and shopping.
What It Means To "Buy Assets, Not Liabilities"
4. Work Smarter
Work smarter, not harder, is something you might have overheard over the years. The dilemma with this statement ordinarily the person saying the declaration didn't tell you how. Thanks to the internet and prominent people like Brain Tracy with books like " EAT THAT FROG" you now understand. In this book, he has a step by step method on learning to work smarter. People often confuse staying busy with being productive. If you write out a clear goal and stick to it, you will be on the path of working smarter. A very important thing to remember this is an every day from now on thing. If you slack off and go back to your old ways of doing things you will end up starting all over again no short cuts. 10% of planning equals saving 90% of wasting the time of working.
7 Things You Need To Stop Doing To Be More Productive
5. Solve A Problem
If you want to become rich and have a thriving career or business, you need to solve a problem. All the most prominent companies have done just that; Google is the best search engine, Amazon is the best online shopping, Uber became the easiest mode of transport. The most flourishing people imagined a way to make the world better. The path of being unselfish is the reason why people like Jeff Bezos, Steve Jobs, Bill Gates, and Mark Zuckerberg revolutionized the world and became some of the wealthiest people on the planet. First, think about what would make your friends family and even your life more simplistic. Then think about how enthusiastic you are about the change. Research every bit and piece of the field you are looking into. Before you commit to anything make sure you are ready to make the sacrifice that comes with it. If all things line up then start with no turning back or quitting. It will be a long scary ride but it will be worth it good luck.
Don't Just Start a Business, Solve A Problem
6. Pay Yourself First
When you get the check from the job, your taxes and deductions are already taken out. Then you pay your large bills. Rent, car note, insurance, and childcare next is your smaller bills. Food, carfare, utilities, credit cards and entertainment. After all of these expenses, what do you think is left for yourself and saving? This is, in fact, the definition of a modern-day slave. You are making all your creditors rich while you are doing all the work. The rule of the richest people in the world says always pay yourself first. Put 10% of everything you make to the side. This money is not for a rainy day fund it is for smart investments. You have to have your money work for you when you are not working. This is called passive income by far this is the simplest way to become wealthy which in life is better than being rich. Wealthy is how long can you pay your bills if you stop working today. Rich is the amount of money you have your net worth. If you want to become rich you need to build up your wealth. You need to learn how to pay yourself first all the time every single time if you make a dollar put a dime in a jar. You start this great habit and you will become rich no matter what your present income is.
Pay Yourself First
Today's call of action Please let us know if this helped you in any way. Tell us if you will begin to try these 6 ways to become rich. If you feel I missed something tell us about it.
