keep your wallet full
From where does the path to wealth begin, and how should you handle money so that it multiplies? Today they are no less relevant than hundreds of years ago.
In this article we are going to discuss the Seven medicines for a skinny wallet. Regardless of knowledge, status, and profession, you can learn the seven rules of wealth.
Part of all the money earned belongs to you
Starting to save money is perhaps the most ancient of financial wisdom. Nevertheless, it has been successfully working for more than one century. Save one-tenth of your earnings. “Out of ten coins that you put in your wallet, take out only nine.” Spend them on your own needs.
Respect your work and earnings. Pay yourself by setting aside one-tenth of each salary. And you will see that part of the costs can be reduced painlessly for the quality of your life.
Track your expenses
Your budget needs to be adjusted depending on changes in income. Distribute your spending so that you have enough money for basic needs, entertainment, and basic desires. All this should not exceed an amount equal to nine-tenths of income. If you follow this rule regularly, then unnecessary expenses will disappear painlessly and imperceptibly.
The gold in the wallet can satisfy vanity and please the soul, but it earns nothing. What you put aside from earnings is the first step on the path to wealth. A person’s wealth is not measured by the amount of money in his wallet. The income determines the wealth that this money brings. Regardless of whether you work or travel, revenue should grow. Each coin must work and generate a steady income.
Take care of your wealth from loss
For your savings to start bringing in more money and working for you, they need to be invested. We often succumb to the temptation to invest our capital in some seductive projects. But we must remember that the basic principle of any investment is to ensure its safety.
Carefully study the investment prospects and pay attention to the guarantees of the return of the initial investment. Consult with wise and experienced people. Learn from the experience of those who have already excelled in investment. The advice of the knowledgeable is worth its weight in gold.
Invest your savings in real estate
Wealth will grow even faster if you become the owner of your own home. This will cut down on living expenses and allow you to spend more on entertainment and personal needs.
Think about future income
Plan your investments so that they remain profitable for many years. You need to have a full wallet ready for those times when you can no longer learn anything. Provide yourself with old age and consider protecting your family. You can buy a house and land for future profits. When chosen wisely, they can be a valuable investment and a profit.
Expand your earning opportunities
To improve your skills, to become wiser, to live in such a way that you respect yourself, you need to follow simple rules:
repay debts on time and not borrow more than you can repay;
take care of your family so that the household members are proud of you;
make a will with dignity and fairness;
to help within reasonable limits those who need it and be attentive to people’s needs dear to you.
How do I get lucky?
If a person is lucky, he is fortunate in everything. Throw him into the Euphrates, and he will emerge with a pearl in his hand. We often think that luck is luck. Something random and uncontrollable.
Like winning the lottery or being struck by lightning. But in reality, luck is much more inconsistent and selective. Your labor must earn it. Luck follows the opportunity. You need to look for opportunities to improve your well-being all the time. Luck is always ready to help those who serve it.
Stop waiting and be always ready
Missed opportunities are the reason for failure. Often we give up opportunities or put them off for a long time. Explore and study areas and areas of interest to you; take the initiative. Even for those who work hard, brilliant opportunities are extremely rare. One must wait, but at the same time, one must not despair that labor does not bring results.
Wealth is the result of trial and error
It is possible to become rich overnight only if you win the lottery. Acquiring wealth is a long process that consists of tiny steps forward and backward. The world is constantly changing. Especially financially. You have to adapt to new situations, learn about strategies, and maybe even fail.
Through experience, you will learn to invest wisely. Failed experiments can be very helpful. The main thing is not to invest money in risky ventures that you cannot afford to lose.
Having studied several basic principles of how money works on the examples of ancient Babylon inhabitants, we summarize the five basic rules of wealth.
Money is drawn to the one who sets aside a tenth of their earnings to secure a future for themselves and their family.
Money works in full force for a wise owner who invests it profitably in the business.
Money needs protection, and therefore prefers caution and advice from wise people.
Money does not like when they are forced to work in an area where they are not knowledgeable.
Money eludes those who invest it in adventurous or ill-considered projects, embodying romantic dreams of wealth.