Learn these 10 Money Rules That Will Make You Money
We all want to be rich right? Who wouldn’t want to take their dream vacations any time of the year or in a couple of mansions in the most exotic locations in the world, being able to control your money and not have your money control you is everyone’s dream.
Today we share with you a couple of rules that will make you a millionaire. These rules are real and we’ll work. Why do we know this? It’s because this advice came from different millionaires from all over the world, so we’re not making them up.
Make sure you read until the end. If you really want to join the millionaires club.
Now, Let’s begin. Shall we?
10. Never live beyond your means
Shark Tank star and millionaire investor Mark Cuban swears by this rule almost every time he’s asked to give out advice on how to get rich he shares with his audience the importance of living within your means, he says, never spend what you can’t afford, even if it means living like a student.
And he makes so much sense. Let’s look at it this way. If you earn $1500 a month, and your monthly expenses amount to $1800 a month, you’ll be losing about $300 a month.
Since this $300 isn’t coming from your paycheck. It’s definitely being financed by your bank via your credit card. You’ll be losing $3600 yearly in 10 years if you don’t change your ways, you’ll end up with thousands of dollars in debt.
Now, let’s say it, Jake Mark evens advice if you are in $1500 only spend $1200 a month, you’ll have $300 every month at your disposal. In 10 years if you invest the money wisely, there is no way you won’t be rich.
9. Have enough money saved up to pay bills
Have enough saved up to pay bills. Many people will give you advice on how to get rich. It’s okay to listen. But don’t take it as Holy Grail.
The best advice comes from people who have been there, they say, learn from people’s mistakes. So you don’t make your own and who is better to talk about money than Bethany Franklin. She was broke with about $200,000 in credit card debt before she started the skinny Girl empire.
The Real Housewives star is ever so passionate about advising people on money matters. You will constantly find her telling people to save enough money that can cover your bills in case of an emergency.
She also says that before you take alone or buy anything with your credit card, make sure you have a similar amount of money saved up somewhere or stashed away in an investment. And I think this advice is gold.
8. Cut out impulse purchases completely
With the net worth of $20 million, Sarah Michelle Gellar must have some great money tips to share with the rest of us peasants. With all that money, she never buys anything on impulse. She even says she can stare a jacket in the store she really wants for days before making a purchase. We’re not telling you to do exactly what she does, but creates some limits and build that discipline muscle. Just because you like something or want it. It doesn’t mean you need it.
Let’s be honest, how many times have we bought things on impulse, then end up never using them. Just take a look at your house and you’ll probably find lots of products that you never really use.
7. INVEST in what you know
Actor venture capitalist and entrepreneur Ashton Kutcher advise people to only invest in what they’re familiar with.
He says he’s made most of his $200 million net worth by only putting his money and industries he’s familiar with.
For instance, if you love wine and drink it all the time and you want to go to wine events, and you can easily differentiate between premium and cheap wine, and let’s see you also know a lot about the wine industry or could learn and investing in wine is something you should do.
Also, if you want to start a business star one who’s operations you’re familiar with. For example, If you’ve worked as a banker for 10 years, you can start your own personal finance consultancy business.
If you’ve worked as a marketer in an e-commerce store, and you must understand the lingo of the industry and can comfortably start up your own agency. Only put your money time and effort into what you’re familiar with.
6. Use public transportation and ride-sharing services
You wouldn’t expect a millionaire worth $400 million to use a litter uber right well, Kevin O’Leary does. And he swears by this rule, he believes buying. Releasing a car is a waste of money. He says cars or heavy investments and calls them money thirsty vampires that will suck money out of your account.
When you look at the maintenance, insurance, and parking costs, it all makes sense. To make it even worse., they don’t appreciate in value. Well, unless you have a rare vintage masterpiece. Mister Wonderful, sure does practice what you preach is when his last lease ended, he returned his car back to the dealership and didn’t leave with a new one. Now that’s a boss move.
5. Invest wisely
Invest wisely Sounds obvious, right? But is it? Do you know where to invest your savings to get decent returns? Well, Tony Robbins, who is a master’s wealth of $500 million? Sure does. The New York Times best-selling author says Compound interest is perhaps the most powerful tool in your investment arsenal.
He’s made a lot of money selling books in his shows and talks, but most of his wealth comes from his investment decisions. He further recommends putting aside party or income, however little into an interest-earning investment.
Some of the options, he suggests include high yield savings accounts, index funds or even stocks. You can search for the options that have the highest interest rate return and stash your money. Never doubt the power of compound interest
4. Get a job you love
This piece of advice came from the one and only Oprah Winfrey. She doesn’t need any introduction. We all know she’s loaded, and she’s not just rich but wealthy. Plus, she’s also gives advice on her website. She gives lots of advice on different topics, including money. She attributes are massive fortune to choosing the right career path.
Before working in a radio station. She was a baby sitter in a store employee. When she got her dream job, it stopped being about how much money she could make, but how she could be better in her career.
She had a weekly salary of $100 at the age of 17 from a radio show. But she said she would have been comfortable without being paid as she loved it so much. I bet you’re wondering how this will make you a millionaire.
Well, If you love your job, you’ll strive to be the best in it, and people will notice you. This will create room for more opportunities, which could end up turning your career path into a massive business as in Oprah’s case.
I know by now you’ve learned a lot about millionaires and how they handle their wealth. Just because you have a lot of money doesn’t mean you have to splurge it everywhere.
Suze Orman, an author, financial advisor, motivational speaker, and TV host stands by saving as much money as possible.
She wants everyone to get his much pleasure out of saving as you do from spending. This sound standing woman with a self-made net worth of 35 million, believes the secret to saving more is to shift your mentality.
From saving being a downer to a great feeling, Orman says. Despite being seriously rich, she enjoys saving money by using coupons. Instead of thinking when can I start enjoying my save money? Ask yourself when do I start enjoying the saving process?
If you build that muscle, then you’ll end up not caring about saving money anymore.
2. Ask for help
Spike Lee says, never be afraid to ask for money for your project or business. The American film producer-writer Oscar-nominated director and author worth $40 million says asking for financial help should never be a shameful thing.
If you’re truly passionate about an idea, but don’t have the money to fund it just asked your friends, family or even pitch it to strangers. If it’s work for Spike Lee, it’ll probably work for you, too.
He says he’s never afraid to ask for money to fund movies he believes in. He also says, never be deterred. When someone tells you, no as it only takes one Yes to take you to the next level.
1. Invest Long Term
Of course, we can talk about how to become a millionaire without mentioning Warren Buffett, one of the richest men in the world today. He’s currently the third richest man, according to Forbes.
The most fascinating back about him is he is 100% self-made. The billionaire investor who is worth $82 billion with a B believes investments should be long term.
He is in a proponent of active short term stock trading. He says the best way to build real wealth is to tone portions of outstanding businesses with great management systems. He gave this advice back in 1988 and since then he is stuck to it.
He believes instead of hurrying to sell and make that quick buck, be patient, and you will make really profit with companies that perform well in the long term. His advice is great because it’s easy to replicate and doesn’t need specialized skills as short term trading needs.
Anyone can buy a stock of any company and monitor the price changes. Today, this can be done easily on your mobile phone using apps. Opportunities are endless. If you follow the advice here, he will become a millionaire.
All these are wise words from the best in the world.
We have one more tip that will certainly lead you on the right path to making millions know.
Bonus Tip: Know where your money goes?
If you were one of those people who don’t understand where your money went right after receiving a paycheck and pay attention.
You need to start making budgets, cutting your costs by identifying the cheaper alternatives and start being disciplined. Even if you’ll have to create separate accounts to handle bills and concurrent expenses. Start today.
Once you have a budget for all your expenses, make sure you set aside some of your income for savings. A great way to do this is by automating saving so that the figure is deducted once it hits your account.
Having a clear understanding of where your money goes, is one of the most important steps to building wealth.
That’s it for today, guys. Please share this article with your family and friends and on social media.