Money, money, money. It makes the world go round, has the power to change destinies, and can even destroy. Who else best to learn about managing this multifaceted thing from, other than the successful and rich themselves?
Unlike the majority of us, the rich have trodden a different path; although long, arduous, and lots of failures in between, but ultimately infinitely rewarding. Of course, it’s not that we do not toil to earn our keep, but they have tried-and-proven ways to earn your money, keep it, and ultimately GROW it. In this article, we explore advice that some of the world’s wealthiest have for temporary plebeians like us.
1. Practice delayed gratification, it’s a powerful tool.
Our world today is rife with services and products aimed to deliver and encourage instant gratification. Just check out IG, and get bombarded with all kinds of people and “influencers” promoting wanderlust. Truth is that travelling is a form of luxury (bet you forgot that!), and it does take a toll on your finances. And it’s not just frequent travelling we are talking about.
More often than not, we’re also guilty of depleting our “short term savings” for that latest shoe or bag. This actually brings us back to ground zero with regards to building our wealth. Why not push that travel plan to the end of the year when you actually have a decent sum saved up and you’re able to afford it comfortably? Isn’t that a better idea? Better still – you will feel that its value increased as it was bought with patience and time.
Co-founder of popular community forum site Reddit, Alexis Ohanian strongly stands by the mantra of delayed gratification. In his case, it’s the context of the compounding of money.
“The miracle of compounding is real,” he told MarketWatch in an interview when speaking of the best financial advice he had received. “It’s important to have a long-term focus when it comes to investing and saving. Generally speaking, the better you are at delaying gratification and the overall happiness of spending, the better off you’ll be with your long-term financial well-being.”
Well, to sum up: good things don’t come easy, and we’re not going to lie. The best things in life come as a result of pure hard work!
2. Quit frivolous spending: Spend money on things that generate value
Truly, the best investment that you can ever make is simple – invest in yourself. If you think putting your money in well-performing stocks and bonds are the way to go, you are undermining yourself. Invest in yourself in a wide variety of ways – books that give you knowledge in a particular area, and even better tools to help you be more efficient in your trade.
Case in point: If you are a writer, spend money on courses that teach you to write more efficiently, and invest in novels that help to supplement your vocabulary. If you are a chef, invest in cooking courses so that you are able to cook other cuisines as well. Not only will you upgrade yourself, but you’ll also be more learned as a human being. This does translate to profits and increased earnings, of course!
Renowned wealth coach and lawyer Adeola Omole sums it up in 4 words: “Spend passion, cut, junk”.
3. Be Charitable
You must be thinking: Hey wait, I don’t even have enough to get by every day, let alone give away money to charity?! But hold your horses – being charitable is so much more than just giving away your money. In fact, being charitable is all about the heart. Givers are the biggest receivers, and it is a bigger blessing to give than to receive.
The rich are also big proponents of giving out their money to charity. From recent survey results, 74% of the rich donate their money, and 61% volunteer their time. These are things that are by nature hard to get back, but generosity does bring back unexpected gains (often bigger!) to the giver. You could call it accumulating good karma points or being grateful, but part of the path to monetary success does include giving back.
Boost your income by taking actionable steps NOW!
Sometimes we are bombarded by the sheer number of things on the internet – so we have sussed out the above 3 easiest points to start boosting your income. You’d have realized by now that it has more to do with changing your mindset.
Well, we have a whole load more tips on money and we are always here to advice on money matters, especially debt. Fill up the form below for a fuss-free consultation!
