What Money Tip: You Can Learn In 20 Minutes To Help You Get Rich? Here we discuss 19 wise money tips to get rich painlessly but with strong willpower. Napoleon Hill wrote: “Getting rich consists in doing.” So, get the wisdom here and act accordingly. You will get rich.
1. Live below your means
You’ve heard. To improve your financial standing, 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 just a tool
Money is no different from a car, a spoon, or any other tool. We use tools to simplify and complete a certain task. Treat money as a tool and you will achieve much success with it. Money will do what you want it to do without complaining. Money is liquid and that is why it likes to move. It will take you anywhere and everywhere. You need to drive money and never let money drive you.
money rules:
• * “Never lose your money” under any circumstances
• * Never forget the money rule
3. Self-improvement: invest in yourself
The most important thing you can do for yourself is to continually improve your standards. If you want to get rich invest in the following areas;
• Education – to fit in with peers and community expectations • Health – to be able to tackle the tasks ahead • Physical Appearance – to look good, neat and respectable • Knowledge – to become wise and knowledgeable • Career – to improve your business skills • Future: save and invest some of your money continuously • Relationships: you need the support of family and friends to prosper
4. Stop buying things you don’t need
Know how to manage your money. Spend your money on value. Don’t buy things in order to feel good. The things 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 wear capabilities.
5. Do not lend money to family and friends
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. Tip: Create and trust more than one source of income
Build multiple streams of income because it’s a bad idea to rely on just one source.
You need to have things that bring in money but don’t take money away… 7 is the recommended number of income streams one should ideally have.
7. Create a budget
To get rich, you need to create a budget to help you manage your money. A budget is a financial plan that puts you in control of your money. Without a budget, your money will control you.
8. Avoid high interest debts – bad debts
Don’t take bad loans. Bad loans have high interest rates. Instead of helping you grow financially, bad loans drug you. Credit card debt is an example of a bad loan. Do not use bad debts.
9. Save regularly and increase your savings
Save money regularly to help you get rich. Building a financial empire starts with your money saving progress. Save and don’t run out of interest. Compounding your earned interest is the name of the money game.
10. Buy it and keep it
Buy valuable assets with the intention of keeping them for a long time (or many years). Buy and hold is a good strategy. Things you can buy to keep for a long time include; • real estate • inventory
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 money for projects. You may charge inquiry and search fees. Ask to be part of the project.
12. Start a small business
People who become billionaires start small businesses. They grew their business into corporate giants over the years. You need to start your own business to become truly rich.
13. Discover hidden investors – undiscovered investors
Come with a great investment idea. You don’t have 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 use other people’s money to prosper.
14. Know yourself – self-awareness
This means:
• Know and respect your strengths and weaknesses • Know your passions • Know your fears • Know your desires and dreams • Know your thoughts • Know your likes and dislikes • Know your tolerances • Know your limitations
Use this knowledge to earn money in 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 will be returned to you with interest. Share and you will receive blessings.
16. See yourself as a company
You should use your money wisely as a for-profit business. Treat yourself as a corporate entity that must report earnings every year. You are the owner and CEO of this company. How much profit do you want to report at the end of the year? Only you can determine this.
17. Look for value in everything you do
Everything you do should be value-focused;
• Value of the thing when you buy
• Think value when learning
• Think about the value of your relationships
• Think value when investing
• Think about the value of your business deals
• What value do your customers receive from your service?
• Provide value to those around you
• Become valuable and irresistible
Pursue value relentlessly and you will become rich. People who get rich know the importance of value. People pay for value.
18. Change the way you think about money
Money is good. It can win you many very good things. Do not worry about the money. Never say you can’t afford this or that. His point of view on purchasing power should be, “how can I afford this?” and never, I can not afford this. You can afford anything in this life as long as you want it.
19. Value time over money
Time is the most important element in your life. Nothing can be achieved without time. Time spent properly and productively will generate more money than you can imagine. Money is worthless if you don’t have the time to use it or make it work for you.
I wish you luck in getting rich and staying rich.