My title 5 Useful Tips From Experts In Money Making - #HASHTAGSNOW

5 Useful Tips From Experts In Money Making

Can you think of someone who disrespects his money? — ofcourse not. Wealth creation is an art which means not every body can do it. For you to learn this art, you have to follow the rules that rich people apply in their daily lives.

Let us look at some of the mistakes that you should avoid in order to make more money and become rich:

1.Depending on only one income stream

If there is anything that the last two decades have taught has, it is that no job is safe. Unfortunately for most of the people, their 9-5 day job is the only source of income which disappears when the economy takes wild swings. They then find themselves in a terrible situation. The only way to avoid this situation completely or partly is by having another income stream which could be in the form of small side business, a part-time evening job or maybe some freelance work on the internet.

2.Spending without thinking

Remember, there is a difference between a need and a want. You must alway buy stuff that you actually need and avoid buying the useless stuff for your temporary pleasure.

3.You pay off the smallest accounts first

Paying off all those small accounts may give you a sense of accomplishment but does that keep you ahead of your debts? In reality, you are actually increasing your debts by making the wrong choice. In contrary, you should first focus on the highest interest rate debt. For Example, paying off a $400 bill with a 5 percent interest rate will save you less than paying off $400 towards a $2000 credit card bill with a 18 percent interest rate.

4.You’re saving for “retirement”

Yes! saving for your retirement is not a viable option especially when you are early in your career. Instead, think about saving money so you can use it to generate more income such as buying a renatal property or stocks.

5.Your savings are more than your raises

You might already be saving money by keeping aside a fixed amount of your monthly income, but what happens when at any stage of your career you get a pay raise? Is that extra amount being spent on luxury items such as new car, vacations or even entertainment? Instead, when you get a pay raise, increase the percentage of saving. For Example, If you get a six percent raise, go home with only four percent raise by increasing the savings by two percent.

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