November 25, 2020

6 SECRETS OF GETTING RICH

6 Secrets of Getting Rich

We all work day night in a quest to make our future bright. But what else can make your future bright apart from working hard?

It is the money because if you have the money then you can feed yourself, you can cloth yourself, can put shelter above your head. When you have money you can not only make your future but also can help others, like if you own a business then you can employ many therein.

So today you are provided with six secrets of getting rich.

They are as follows:

1. Pay yourself first:

You should learn to be independent in yourself. You should maintain all your expenses by yourself. Because when you start managing your expenses and finances by yourself then you have put the first step towards getting rich. The concept of “paying yourself” was first defined by Robert Kiyosaki it is that powerful concept that can make a person financially independent.

Kiyosaki said, “following pay yourself first rule, is more a matter of self-discipline than anything else.” Pay your self-concept not only to ask you to spend the money on yourself but it also tells you how to use the “not spending money”.

Concept like pay yourself helps you to to be financially independent and as well as makes us save the money; the money which is left over after spending. The success of pay of self-concept can be reflected in the words of Jesal Ved “formula for wealth creation – pay yourself first.”

2. Get help from mentors:

When we start to walk on a path towards a destination, we require a direction to reach the desired destination and same as in the case of getting rich when you start on a path of getting rich you need a person who can guide you, who can tell you when, how and what to do to earn money and get rich.

This guide can also be referred to as a mentor. The help from mentor is necessary for getting rich because we need a map of getting rich this map is provided by a mentor.

A mentor is the person who helps you to drive through any kind of difficulties. A mentor provides a plan to get rich, a mentor also gives you the advice and suggestions out of his or her experience which reduces the chances of committing any kind of mistakes. So always take the help of a mentor whenever you require it.

3. Put your money to work:

Try not to waste your hard-earned money. You can save your money by reducing expenses and sometimes managing unnecessary expenses. Do not spend the money in order to live a luxurious life. Keep in your mind that “make your money work for you.” You can put your money to work in many ways such as investing your money in the market which gives you a reasonable return this you get more money which further helps you in getting rich.

You can also put your money in a savings account which provides a good amount of rate of return on your money deposited in the bank. This gives you double benefit as it keeps your deposited money as it is and also provides the extra interest on it. To avoid unnecessary expenses and put your money to work which can give you reasonable returns and help you in getting rich.

4. Stop buying liabilities:

In order to get rich, you should stop buying liabilities. The first step towards getting rich is you should buy the assets and not the liabilities. When you start buying liabilities then you drain all your wealth. Instead of buying liabilities, you should buy an asset with you can earn certain kind of returns. In order to get rich buy those assets which produce income.

Buying assets will make you richer and buying liabilities will make you poorer. It is by buying the assets and earning a return from them make the rich people get richer. When you buy a liability you lost the money with which you bought that particular liability and also you get indebted to it, which makes you lose your money and drags you away from getting rich. So if you really want to grow rich stop buying the liabilities instead buy assets.

5. Invest in things you understand:

In quest of earning more money, you should not invest blindly but you should invest in the place and things that you know thoroughly because investing without knowing is like playing a blind game.

Before investing your money you should consider certain things that with whom you are investing your money that is who is your partner and the motive of investing your money that is why you are investing your money and you should also think about the return you will get after investing your money as an income.

Because if you do not get a return from an investment than that investment is a successful investment. You should never make a mistake of investing in unknown things or investing out of greed of earning more. Because doing these will make you lose your money. So to get rich learn to invest in the things that you understand.

6. Eliminate excuses:

If you really want to get rich then you should avoid giving excuses. Excuses act as an obstacle in order to earn money and get rich. It is because if you start giving excuses then you delay all your work and start living on excuses. Excuses never let you to do work and when you stop working when you stop earning the money which degrades your financial wealth. Apart from disturbing the financial status excuses can also affect your daily life.

When you give excuses you become lazy which makes hard or almost impossible to work and thereby earning nothing and when you stop earning then you start managing your expenses out of the money that you have saved and when you start spending your saved money this means that you are losing all your assets; your financial condition or assets get imbalanced.

So to avoid such kind of blunder imbalances eliminate excuses from your lifestyle.