Do you feel like you don’t have enough money?
Growing wealth is not a simple process. Just putting in some basic efforts will not build wealth for you.
You need to make efforts from all angles. What does that mean? Well, simply put, you need to make efforts towards both saving money and making more money at the same time to create wealth.
That is not as complicated as it sounds. Especially in our time. Maybe 20 years ago without so much freely available information? Yes, but not now.
If used correctly, one personal computer could get you from 0$ to a$ much a$ you want.
Fortunately, we live in an era of internet and economic development (in-spite of the recession caused by the corona virus). You could earn from the internet, learn how to save and invest it and even proceed to put your plan to action, all from the internet!
These are things you could start doing TODAY –
Unsubscribe from Consumerism –
Just stop buying so much stuff! It is as simple as making your own coffee or using the same phone you were using 6 months ago.
People have trouble differentiating needs from wants. Everybody does. There are just different levels to it.
Do you really need that new pair of shoes you just saw? Where will you wear them? On your long walk to broketown?
Oh you spent 1000$ on a handbag to keep 5$ in it? Way to go, you are headed towards broketown and that is a lonely, broken place.
Minimize Debt / Credit Cards –
Debt is the worst thing you could accumulate. If anything, you should accumulate assets that compound over time.
Seriously, cut up your credit cards. Or, use them to build a good credit score. It is as simple as paying on time. Most “consumers” will fail to keep discipline in the long term so it is just better to cut off your credit cards.
Want to study? Don’t build up a $100,000 student loan. Checkout what Google is doing.
Save at least 6 months of Expenses
Now, saving too much for too long can actually work against you. But a little safety net is required.
Saving around 6 months of your current monthly expense is widely considered to be an average safety net. Now, again – this can vary based on lifestyles.
Whatever your lifestyle, keeping next 6 months of your life completely covered brings a certain sense of security that is hard to say no to.
Risky Investments? Maybe 10% is okay!
So, you see some risky investments in cryptocurrency or any other volatile form of investment, you could even invest in those. At least those have a chance (however minimal) of giving returns – unlike expenses like electronics or clothes.
Now, I am no financial advisor, but I risk only 10% of my monthly income on such investments. Sometimes not even that much.
Invest In yourself
You can learn all about Finance completely online. You do not even need to step out of your room.
In this increasingly competitive world, those that are successful are giving it their all and more! So you cannot expect to beat them or even be in the same league as them unless you put in that much effort.
Learning is a great way to increase your impact and market value.
I hope you found Value in this post!