Most people dream about getting rich, but of course, you have to work hard to attain every dream. Almost everyone dreams of being a millionaire or even a billionaire, because who wouldn’t want to have a lot of money, right?
Reality can be harsh, though, because as we dream to gain more wealth, we become heavily indebted instead. Every week, fortnight, or month, we pay off a part of our house and car loans, with the inevitable feeling that it will never end.
So, why is it that some people have it all figured out, while the rest of the population just keeps on getting heavily indebted?
Getting rich is actually just a matter of discipline and wisdom. Some think there’s a “secret” to getting awfully rich, but actually, there’s none.
1. Setting daily goals is a must. Starting small is the key to earning big. Choose a specific date and amount, and discipline yourself to start earning your chosen amount every single day.
If everything is too much for you, then try lowering the amount or switching to every other day, or even once a week.
2. Keep at least 20% of your personal income. Living from paycheck to paycheck is not an option if you want to get rich. Every payday, keep at least 20 percent of it in your bank account.
Not only will you be ready if ever an emergency comes up, but you will also be feeling on top of your game, knowing that you have extra money to boot.
3. Live within, or even below your means. It’s simple – do not spend more money than you can make. Forget that you have a credit card and use it for emergency purposes only.
Spend only when you know that you can pay it off right away.
4. Track your expenses. Start jotting everything down – most especially your expenses. There’s this thing that’s actually taking the world by a storm, and it’s called Bullet Journal.
It’s like a planner but more detailed – as you can use legends and write the most specific thing in your life.
Putting everything in writing makes it easier for you to see just how much you’re spending in a day and will make you realize how much money you’re actually losing.
5. Learn to buy second hand. Not everything needs to be brand new – especially when it comes to expensive things such as houses and cars. You can opt for buying a cheaper house, as renting should be out of the plan as well.
When it comes to cars, you can opt to get a car finance from Alpha Finance, similar to this car leasing in Brisbane. You can pay it off every payday, so it’s easier on the pocket.
6. Learn how to build a passive income. Whether it’s posting videos on YouTube, blogging, or putting up a website, passive income can contribute a huge chunk to your savings.
You’ll do the work once, but you’ll get paid several times in a period of time. Who doesn’t want that?
Getting rich doesn’t happen overnight. It takes guts and a whole lot of discipline, but once you start, you’ll be on your way to earning those thousands, and eventually, millions.