12 steps to wealth

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

To increase your fortune, you need to learn how to properly manage money and follow simple rules that are known to all rich people.

1. Live within your means

Don't spend more than you earn. Many run into terrible debt by buying what they think will make them happy. Consider your options before spending money on anything.

2. Save 20% of your income

The “pay yourself first” rule is really effective. Savings will protect you from emergencies. Plus, if you're saving money, you won't have to give up unexpected exciting opportunities in life.

3. Write down absolutely all expenses

Beware of small waste, for a small leak can sink a large ship.

Benjamin Franklin American politician

Keeping track of all your spending will show you where large sums of money are going. Then you can avoid unnecessary and unnecessary expenses.

4. Do not take loans unless urgently needed

You don't get rich if you give away most of your income every month, paying interest on money you've spent a long time ago.

5. Invest in your own home

By renting a house, you are enriching someone else. Very often, the monthly rent for an apartment is equal to the amount of the mortgage payment.

Analyze all the options for buying your own home. Even if your options are limited, make a step-by-step plan of action. Of course, the plan can take a long time to complete. But if a person has a goal that he dreams of achieving, he is able to overcome many difficulties.

6. Get rid of bad habits

They drag you down and prevent you from achieving your goals. It's not just about your financial habits. Qualities like procrastination or laziness drain you physically and emotionally.

Form healthy habits that make you better every day.

Then success in the business you are doing will not be long in coming.

7. Set goals for yourself every day

“I want to become rich” sounds a bit long and may even seem like an impossible desire. Set a specific goal: make a certain amount of money in three years. Then break that big goal into smaller sub-goals that you can accomplish throughout the day. Gradually, you will be able to achieve what you want.

8. Manage your time efficiently

There is only 24 hours a day. In this we are all absolutely equal. But someone manages to do much more during this time than others.

Precious minutes spent uselessly and aimlessly cannot be returned.

You won't get rich if you spend all your free time in front of the TV. Plan your day so that it doesn't go to waste.

9. Invest your time and energy

Hard work is one of the fundamental keys to success. To achieve it, you need to constantly give all the best. There is no other way.

Of course, unless you suddenly inherit an inheritance from an unknown second cousin. What happens is still extremely rare.

10. Find sources of passive income

The most obvious of these are property rentals and dividends.

If you don’t have the funds to do this, create a blog where you can then post paid ads, run an online course, or create an interactive tutorial. There are so many ways, just find the one that's right for you.

11. Invest in what you are good at

If you have a pharmaceutical business, it would be unwise for you to invest in agriculture. Choose an area that is relevant to your business.

If you are familiar with a certain activity, it will be easier for you to calculate good and bad moves.

12. Start your own business

Choose what you are really interested in and put your heart and soul into it. Remember that things don't always work out the first time. Every successful entrepreneur has had ups and downs.

Learn from mistakes that will be useful in the future. Do not despair and do not deviate from your goal.