Few Tips On Finance

Photo credit: Market review

Not all of us are fortunate enough to come from a rich family. However, you don’t have to be a celebrity or trust fund kid to get rich. 

Change Your Mindset

This is the first step. One major way to do this is to create a rich vision environment. put up pictures, motivational quotes, and financial goals on your board and hang it where you see it every day. 

You Need A Plan

Get a dairy or note book Set financial goals, break down your long-term goals into smaller steps. So you should have short-term and long-term plan.

Plan With What You Have

Start from where you are now. knowing how much or how little you have, Can help you figure out how much money and assets you will need to achieve your goal.

Clear Your Debts

Personal loans or any type of debt loans rack up thousands in interest payments. The secret on how to get rich from nothing is first becoming debt-free. Debt is expensive

Start Saving Money

You don’t need to make tons of money to save. You can even save money on a tight budget. Once you get into the habit of saving, you can start building your bank account faster than you think.

Budget Mode / Live Below Your Means

Enter budget mode, Budgeting holds you accountable for all of the money you spend. You might be shocked to know that millionaires stay on a budget to stay successful.

Living below your means, you will spend less money and build your savings account. If you just have 100,000 it is above your means to buy a phone worth 90,000 instantly. Go for much lesser phones that can do the work.

Watch your spending

Now this is something that is not easy at first. Doing things like making a Food items list to keep you from wasting food can be a big step in curbing your spending.

Also spending so much on fashion when you are still on your way to financial freedom is not idea buy what you need.

Create multiple streams of income

The average millionaire has seven streams of income! By diversifying your income, you grow wealth faster and create financial security. Find a side hustle apart from your main means of income. There are many things you can do from home

Income streams consist of your main job, side hustle, investment dividends, interest from savings accounts, rental properties, and more. There are many ways to create multiple streams of income. Creating multiple streams of income is a sure way on how to become wealthy.

Increase Your Value

You may also consider furthering your education in order to get a higher-paying career. And if you don’t have money to pay for education you can consider a high-paying trade career instead. Examples of trade careers are:

  • Carpenter
  • HVAC Technician
  • Electrician
  • Plumber
  • Hairdresser
  • Dental Assistant
  • Photographer

Finally Invest ! Invest! Invest!

The sooner you invest, the quicker you will build your wealth. Don’t be too intimidated by investing; you can learn everything you need to start investing online but be very careful there are scammers out there just as there are genuine people. Things you can invest in are as follows;

  • Stocks
  • Bonds
  • Real Estate
  • Businesses

You can buy books to learn and know How investing works

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