‘A Penny Saved Is A Penny Earned ’.
‘It’s Not Your Salary That Makes You Rich; It’s Your Spending Habits’.
‘To Get Rich You Have to Be Making Money While You’re Asleep’.
Surely, the list of such sayings is unstoppable as the importance of money is timeless. In fact, with every passing day, decade, century, and era the value of money in our life are sure to increase. Look around you; it is a money driven world full of worldly desires. The markets are full of books and ideas of ‘how to become a millionaire’? A kind of magnet with such topics is attached by adding the age factor with richness, very similar to the title of this blog. ‘How to be rich before 25?’
You know what, all this buzz about the richness or becoming millionaire is not useless or fake. People have become prosperous, and they have suggestions to give. You can take those suggestions to materialise your desires and dreams. Learn from their mistakes and achievements and then modify your ways according to your situation. Do not keep your plans on paper only; bring them to reality through implementation.
If the ‘millionaire’ word is among your desperate desires, there should be a proactive attitude towards every possibility of earning extra money. Indeed, becoming rich is not a one-night affair, until and unless some movie director finds your face fit for the lead role in the movie. Maybe a lottery ticket too can change your destiny. Besides, these miraculous things (that happen rarely) you need to work practically in practical life on useful options.
If you want to achieve something before 25, you need to start soon. Many people who are rich today in their 20’s started working on their ideas in their college or even in high school. For instance, if an idea provokes you to work on a start up a business then do it now. But be cautious, your business idea should be based on in-depth, detailed research and should have some good return on investment. Success and failure is another thing, but at least invest in something that has demand in the market. It is okay to sell a product in 1£ if one million people want to buy it.
Work on ‘more money in fewer time ideas’
The busy life leaves less time to work on the alternatives to making money. Work on the things that can earn you good incomes in less time. The following can be advisable options.
- Start freelance writing
- Give support to websites and blogs
- Create an e-book and sell it on competitive rates
- Sell a product
- Offer online tutoring
You need to earn more than what you spend
This point includes the importance of discipline in financial life. A calculative approach that helps differentiation between how much YOU SPEND and how much YOU SHOULD spend. Expenses should be according to the need and not according to greed. Buying a dress at a festival is fine but shopping every weekend can destroy finances. However, this doesn’t direct you to lead and live a monk-like life. Indeed not, it is the idea of buying things that have actual value. There should be no waste of money in buying things that you do not want or need. It is the best rule to get complete control over your finances. This helps work on the saving goals well and you never run out of money due to some urgent expenses.
Saving is never out of trend
Save as much as you can and also save at least a least amount every month. Nothing can replace savings in its importance. It is always a lot of benefits to make the habit of savings a part of your financial life. If possible, save a big amount, if not, then set a minimum la limit and try to follow it. The preserved money can do miraculous changes in life. You may need to sacrifice some pizzas or late night parties, but it has worth for your future.
Make wise investments
Rule # 1 is never lose money.
To Rule #2 is never forget Rule #1.
This quote by one of the richest man in the world can be a great guide to your investment plans.
Investing money in the right option is one of the best ways to give a huge and promising boost to your wealth. For instance, compound interest is known to give the best results. Let it work for you, and the en exploits the beneficial outcome or keep it saved for the future. Interest on savings account can also get you extra pennies. Keep working and try to find out much more options to invest. It is good to go for a bit of professional financial advice to know about the more choices of investment.
As another choice, if you have saved a considerable amount then invest it in a property. Buy a residential or commercial l property, give it on rent. However, there is no need to buy a big luxury house or showroom, a one-room apartment or a small shop is enough to give a good start. A certain part of rent can be used to pay the instalments (if you have to take a loan) and the rest of the amount is your pure income. Even the instalment is equal or less to the amount of rent, then also, property is always a deal of profit for a future. Try to make part payments and the en the instalments will be less than the rent amount you get.
Know your value and do value addition
You may have some qualities that can be transformed into monetary rewards. Study yourself and look for the skills that you can polish and use to earn some extra money. Do some course or coaching, develop talent and approach the related industry to exploit it. Maybe a part-time or freelance, get whatever opportunity is available. In short, invest in yourself and polish the skills to the best level and use them wisely. For sure, you are not expecting to become a millionaire in one night. Good results come with an investment of time.
The focus is important -a Do not get derailed
Make financial goals and stick to them. Most of the time people fail because they dream big, then make a routine to reach the target to fulfil them but they fail to do so due to lack of implementation. There should be no gap between determination and implementation. Do what you determine and the desired result is destined to come. Stay away from the factors that distract you for instance greed that drags you away from saving goals. A monthly car service is fine but running after luxury cars are not just behaviour. Laziness that stops working on the daily goals should not dominate your passion for money.
Last but certainly not the least
This is what you need to do until you become the big fat millionaire. Maybe you didn’t notice but all the above points teach the importance of discipline in financial life. Make it your companion and nothing then remains unachievable. Once the destiny is in your hand, you can spend rest of your 20’s, 30’s, 40’s, 50’s and whole life with the tag of a MILLIONAIRE!!!!