Have you ever thought “Why rich stay rich and poor stay poor?” Well, the answer is money management. Earning money will not make you rich. No matter how much you earn, if you don’t put it into good use then it is like filling a bottle with a hole, it will never be full, no matter how much you fill. Money is an essential part of all our lives. We earn to live and live to earn. A few calculated ways of spending your money can in return give you a wealthy future. Here are 5 easy ways in which you can maintain your wealth:
1 – Income may come & go, but savings will be there for hard times. Save a minimum 10% of your income every month. When you earn a profit out of your business or salary for that matter you shouldn’t see it as the return for that specific month. It is the return for all your work in the past month or years from when you have started the business or started to work. Also, the profit earned during a month shows how much you can earn in the future. Do you agree? If yes, keep a reserve of at least 10% (the more the better) of profits for the future you.
2 – Invest Your Savings: It will multiply your money. Double is always better. Money kept idle or not used is equal to money not saved. When your savings are not invested or made use of, then you will be restricting yourself to grow. Invest in profitable ventures, the more you save and invest today the better you can spend in the future.
3 – Say a Solid NO to debt: Every time you take a loan, you are actually robbing your future self. Debt eats up your current income and also your future income. Debts can often restrict you to grow. And anything that restricts you to grow should be avoided. Debts are often taken due to spending habits. Avoid small unnecessary expenses that will help you to spend within your income.
4 – Make your investment wisely: Make only calculated investments for long term benefits. At the end of every investment ads, have you seen a disclaimer: investments are subjected to market risks….and so on, it is displayed on the ads because it is very important to make an investment choice by knowing all the pros and cons of it. BEWARE: Before making an investment know all the risks involved, it returns and make an informed decision. Consult experts if required.
5 – YOU, yes you are the biggest asset of your business. Learn new skills, polish your existing skills and put it to use. Talking to people is part of our daily life. Why not make it useful?
* To OBSERVE everyone you meet is the key
* LEARN from every person you meet, every individual will teach you something, you just have to look for it
* IMPLEMENT the good learning
* GROW to be the best version of yourself and you will be irreplaceable
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