What money advice: can you learn in 20 minutes to help you become
rich? Here discussed 19 wise money tips to make you rich painlessly but
with ironclad willpower. Napoleon Hill wrote: “to become rich consist of
doing.” Thus, get the wisdom here and act on it. You will become rich.
1. Live below your means-Don’t live above your means
You have heard it. To improve your financial ability spend less than
you earn. In other words – live below your means. Spend 70% of your
earnings save or invest the balance. Baby – It’s that simple!
2. Money is only a tool
Money is no different from a car, spoon, or any other tool. We use
tools to simplify and complete a certain task. Treat money as a tool and
you will achieve a lot of successes with it. The money will do whatever
you want it to do without complaining. Money is liquid and thus likes
to move. It will take you anywhere and everywhere. You need to drive
money and never allow money to drive you.
Money Rule:
• * “Never lose your money” not under any circumstance
• * Never forget the rule of money
3. Self-improvement – invest in yourself
The most important thing you can do for yourself is to continuously
improve your standards. If you want to become rich invest in the
following areas;
• Education – to fit in with your peers and community expectations •
Health – to be able to tackle tasks ahead • Physical appearance – to
look good, sharp and respectable • Knowledge – to become wise and
knowledgeable • Career – to improve your marketable skills • Future –
save and invest some of your money continuously • Relationships – you
need family and friends support to thrive
4. Stop buying stuff you don’t need
Know how to manage your money. Spend your money on value. Don’t buy
stuff for the seek of feeling good. Stuff you buy should improve your
financial well-being in the long run. Invest in an asset and avoid
liabilities. Long lasting items tend to have value due to their
long-term usage capabilities.
5. Don’t loan money to family and friends
The best financial practices dictate that “never lend money to family or friends,” because the cost of this action is very high.
You lose both in the end.
6. Advice: Create and rely on more than one income source
Build multiple income streams because it’s a bad idea to rely on one source.
You need to own things that bring money in but not taking your money
away… 7 is the recommended number of income streams one must have
ideally.
7. Create a budget
To become rich you need to create a budget to help manage your money.
A budget is a financial plan that enables you to control your money.
Without a budget, your money will control you.
8. Avoid high-interest debt – bad debt
Don’t take bad loans. Bad loans have high-interest rates. Instead of
helping you grow financially, bad loans drug you down. Credit card debt
is an example of a bad loan. Don’t use bad debt.
9. Save regularly and compound your savings
Save money regularly to help get rich. Building a financial empire
begins at your money-saving prowess. Save and don’t get your interest
earnings out. Compounding your earned interest is the name of the money
game.
10. Buy and keep
Buy valuable assets with an intention to keep for a long time (or
many years.) Buy and hold is a good strategy. Things you can buy to hold
for long include; • real estate • stocks
11. Learn how to raise money
Learn how to raise money and people will come for help and advice.
People need money for projects but they don’t know how to raise project
money. You can Charge consultation and finder fees. Ask to become part
of the project.
12. Start a small business
People who become billionaires start small time businesses. They grew
their business to corporate giants over the years. You need to start
your own business to become truly rich.
13. Discover hidden investors – undiscovered investors
Come up with a great investment idea. You have no money to invest but
your idea is solid, marketable and profitable. Make a list of people
who have money. Talk to them and convince them to invest in your idea.
People who become billionaires used other people’s money to thrive.
14. Know yourself – self-awareness
This means:
• Knowing and respecting your strengths and weaknesses • Knowing your
passions • Knowing your fears • Knowing your desires and dreams •
Knowing your thoughts • Knowing your likes and dislikes • Knowing your
tolerances • Knowing your limitations
Use this knowledge to make money the easiest way you can design.
15. Give and share your money
To find sweet fulfillment in life you need to show love to others.
The best way to achieve this goal is to give and share your money with
others. Give and it shall be given back with interest. Share and you
will receive blessings.
16. See yourself as a company
You need to use your money prudently like a profit-making minded
company. Treat yourself like a corporate entity that must report profits
every year. You are the owner and managing director of this company.
How much profit do you want to report at the end of the year? Only you
can determine this.
17. Pursue value in everything you do
Everything you do must be value-centered;
• Thing value when you buy
• Think value when you learn
• Think value in your relationships
• Think value when investing
• Think value in your business dealings
• What value are your customers receiving from your service?
• Provide value to those around
• Become valuable and irresistible
Pursue value relentlessly and you shall become rich. People who become rich know the importance of value. People pay for value.
18. Change your mindset about money
Money is good. It can earn you many very good things. Don’t worry
about money. Never say that you can’t afford this or that. Your view
about buying power should be, “how can I afford this,” and never, I
can’t afford this. You can afford anything in this life as long as you
want it bad.
19. Value time over money
Time is the most important item in your life. Without time you can’t
accomplish anything. Time utilized properly and productively will make
more money than you can imagine. Money has no value if you have no time
to use or make it work for you.
source::
wealthscheme
