Poverty is something everyone wants to avoid at all cost. Even the poor don’t like the fact that they are poor. Some people wonder how the rich makes their money after thinking and not getting a valid explanation they sum it up that all rich men are evil. Not all people who are rich are evil some got their money because they knew these secrets I will be sharing to you in this article. So relax and keep your mind at rest. Take note if you don’t practice this principle I can’t guarantee riches but if you are ready to practice it I can say welcome to the rich society.
1. Save one-tenth of whatever you earn: You might ask me how does that even makes me rich? Well here is the answer saving ten percent of whatever you earn for a couple of years/month will increase your savings. The more you save the more money you get. The rich learn to save a certain percentage of their money over time. One of the books I read “The richest man in Babylon” Advises that you save a percentage of whatever you earn. This percentage should not be less than 10 percent.
2. Create a Budget and stick to it: Some question like this might be going through your mind after reading the first point. How can I even save 10% of what I earn when the money I earn is not even enough for me? Here is what I want you to do, write down a list of things you buy every month and in another piece of paper write down essential things that you need. Compare these two lists together you will notice that in the first list there are some things you buy as a result of your desires not that you actually need them. This is where your budget comes into play. Write a list of essential things that you need such as feeding and make sure not to include mere desires like flashy things or things you can do without. Stick to your newly found budget and with time you will notice you will be able to save a lot without you spending most of your money on desires and worthless things.
3. Invest Wisely: Whenever you have the opportunity to invest don’t just rush into it without having a full knowledge of how that particular business works. If you can’t invest time to learn how investment works don’t invest your money because you will likely lose it. Invest wisely in stocks, business or anything you can invest on. At times the best investment you can make might just be that business you are planning to start, all what you need is to invest your time, money and effort to make that business a success. If you want a guide on investment check out some of my old articles I have something you can read to help you take the right investment choice and if you don’t understand anything about investment follow me as I will be dropping an article about investment for beginners very soon.
4. Guard your money: Learn to guard and protect your money. Keeping your money in a particular place is a foolish decision instead invests. Don’t invest on things based on trends and don’t ever invest on anything you don’t understand. Don’t allow the opinion of others who know little about money and how it works influence your decision about investment. Seek advice from people who understand how the financial world works, don’t take money advises from quacks and people who have little or no experience about money and investment.
5. Own your home: This might sound funny or it might not try as much as possible that the house you live belongs to you. Learn to save your money and plan to own a house for yourself. Most rich people are the owner of their homes. You might not build a luxurious house at first but lay a foundation and build your own house.
6. Think Long term: Think long term and provide in advance for your future and your old age. Whenever you invest think long term in order for you to enjoy the fruit of your labor. Learn to build and prepare for your future. This will save you from being broke by the time you become old.
7. Diversify your knowledge: Learn a lot of skill as much as you can. The world is really changing fast and most of the service which are needed 10 years ago might not be needed tomorrow. Diversify your knowledge in different skills. The more wisdom you have the more you have confidence in yourself about the future. If you need help in choosing a new skill to learn why don’t you check my article 17 Skills you can learn Online for free and get a Certificate. Check out the article as it is full of promising skills you can learn to expand your knowledge and the good thing is you will also get a certificate for learning these skills.
With this am sorry I will have to stop here but don’t worry I will be posting more articles later in the future so I advise you follow me so you can see more of my articles anytime I post a new one. I will leave you here to comment your thoughts. Take note that knowledge is useless unless it is applied so I beseech you to apply this knowledge.
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