10 TIPS FOR GETTING RICH
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Do you dream of becoming financially independent? Probably, like the vast majority of the population.
However,
where are you in your life, financially speaking? Are you on the road
to financial independence or are you more dependent on your next
paycheque to pay your bills?
Unfortunately, according to a survey
conducted by the Canadian Payroll Association (CPA), 59% of workers say
they would experience financial difficulties if their paycheque was
delivered just one week later. In the case of single-parent families,
76% of them say they would have difficulty meeting their financial
obligations if their paycheque was late.
Wow, can you imagine the
pressure these people face every week? Can you also imagine the
conflict and bickering that lack of money can cause in couples? I
wouldn't wish that on anyone.
How can I avoid living from paycheque to paycheque?
Here are 10 tips for getting rich.
1) Make the decision to get rich
The main reason why people are poor when they retire is that they have never made the decision to become rich. So make that decision now. In life, we all have a choice: to be poor or to be rich. Money may not make us happy, but it takes the pressure off and contributes to our good mood.
2) Pay your debts first
He who pays his debts gets rich. Immediately stop spending money you don't already have in your possession. For example, never put a trip, concert tickets or a night out at a restaurant on your credit card if you don't already have the money in your savings account. Also, saving to buy something will give you a greater sense of satisfaction.
3) Pay cash
If you don't have the discipline to pay your credit card balance in full every month (18% interest rate), pay for your purchases in cash only. You'll realize more value for your money and spend less, guaranteed!
4) Look for bargains and store before you buy
As you've probably already experienced, two or three phone calls can save you hundreds of dollars on car or home insurance. Last week, for example, thanks to a few mouse clicks on the Internet, I saved $515 on the purchase of a new MacBook Pro (laptop).
5) Buy used
Do you absolutely have to buy something new? Here's an interesting statistic for you, 80% of millionaires drive second-hand cars. Not because they can't afford new, but because they know that a car is not an investment and loses about 40% of its value in the first two years.
6) Negotiate
When buying anything of a certain value, always ask for a rebate or discount. The worst thing the seller can tell you is no. Imagine how much money you would save in your life if you were given a 20% discount every time you asked for it. In the case of a house, the savings you'd make could amount to tens of thousands of dollars.
7) Set up a system to save money automatically
Ask your financial institution to automatically take 10% of your net income every month and invest this amount in an investment vehicle of some kind. Do this for 25 or 30 years and you will become a millionaire automatically and effortlessly.
8) Increase your value
Money is only a measure of the value of the service rendered. Simply increase your value to yourself and to society, that is, your employer or clients will be willing to pay you more for the work you do. How do you increase your value? Make continuing education a priority in your life. Read books, listen to audio training programs and hire coaches to help you achieve your goals. No one said getting rich would be easy.
9) Have multiple sources of income
The richest people in our society are not satisfied with just one source of income, they have several. Ideally, your additional sources of income should not take up much time and should generate income without requiring your physical presence. This could be, for example, investment income, a transactional website, rental income, etc.
10) Invest your savings in assets rather than liabilities
An asset brings you money and its value grows over time. An apartment building, for example. A liability costs you money and its value decreases over time. For example, a boat.
About 80% of millionaires have become millionaires on their own. They started out with ambition, energy and discipline, nothing more; that is, with the same thing you and I have. Make an immediate decision to get rich and stop living paycheque to paycheque. The key factor in your future financial success has nothing to do with economics, but rather with your philosophy.