14 ways the rich managed their money to become wealthy rich
The rich, of course, did not become so rich overnight, and they did not do much of the things we used to do with money, and that's what we'll know in this article. We will know what the rich habits of dealing with money have made them so rich.
1- They are not hasty:
How many times have you made hasty decisions while shopping in a shop ?? Or when you are browsing a shopping site ?? This haste for money is a common characteristic among many people but when you want to become rich you must make a decision to spend money shopping some time before you implement it or not.
2- Know the difference between what he needs and what he wants:
We all know the time when we need a new home, a new pair of shoes or a new car, but is that really a real sense of need or is it just unnecessary for luxury? Of course, buying a car may save you a lot of mobility, but you have to calculate how much money the car will consume and compare it to what you spend on transportation or regular commuting, and if you really need a car because you can not continue this way you can call it a need.
3- Focus on long-term things:
Long-term goals for at least 5 years are the biggest motivator in humans. They give you a lot of information about what you can do at the moment and affect your future in some way.
Your present or present task must relate to your long-term goals so that they are necessary to achieve them later. This principle must be dealt with in the same way as money is spent or not spent.
4- Try to get more than one source for money:
After you feel you have created the right amount of money you should start looking for another source of money. Why?? Because the world is going through many economic crises and you may find yourself suddenly unable to secure this source of money in any way and to avoid losing this income it is useful to find another source of money.
5- Investment:
If you find that you have enough money you can find some small companies and invest some of your money with a suitable return or create small projects that do not cost a lot of money so that you recycle and increase your money.
6- Follow-up expenditure:
The follow-up of the budget enables us to know what is our income and what are our expenses so that you make a report of the flow of money in and out accurately to determine your priorities.
7- Are you ready for emergency ??
Everyone has had some moments that were emergency situations and problems that were not considered and needed money. The rich are storing up some money rather than borrowing from anyone else.
8- They invest in what they understand:
Warren Buffett and the investment legend Peter Lynch advise everyone who wants to invest his money to invest in companies that can understand with their business so that he can cooperate with them more and recover money with the return that suits him as well as enables him to know the knowledge of losses and risks. If you want to invest in a company in an area you do not understand you should read about it well.
9- Review expenses:
Do you know how much money you spend during a certain period of time, for example? If you do not know, you have to keep track of your daily and monthly expenses so that you can manage them better.
10- Live within the limits of your ability even if you have a lot of money:
There is no disadvantage in living your small home that will comfort you even if you own millions. This is not cheap. Your purchase of a villa in the millions is not proof of generosity as long as you do not need to live in a villa of this size just spend what you need.
11- You have the ability to take risks:
By chance you were talking to a friend about starting a company. And found that the idea is appropriate and the money you want is not much, but the return of this company is appropriate for the money you will pay at this time you can spend money on the company and why not ?? Where you can make a reasonable sacrifice at this time for a lot in the future.
12- Do not enter the spiral of religion:
The rich do not allow themselves to borrow from others and they avoid using credit cards if they do not have the cash to pay and must follow this principle in your whole life even if you do not want to become rich. The easiest way to destroy your life is to borrow and buy what you do not have.
13- Continue learning:
Formal education is no longer the education you want in such a rapidly changing age. Like Bill Gates and Mark Zuckerberg, they do not earn money by waiting for luck or by adopting formal education. Most of the rich people around the world have had enough of college education and have not completed it. They have started with their companies, which have built so much and endless life learning that you need to Be more open to it.
14- Finally, this article does not invite you to the vacuous:
Saving money is a good thing, but you should not forget to differentiate between need and well-being. As you must achieve the right of God to you in your money before everything and do not forget to luxury yourself and your family a little bit this is not defective but properly.
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thanks a lot man we truly appreciate the effort.
Thank you :-)
Great post. Only one thing was missing from this list. The rich put their money in offshores to save on taxes, so the poor pay more tax.
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thank you very much @pf-coin
You are an eye opener, now am enligthened by your post on certain key things i need to know about the rich.. thanks, you worth it
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