Dreaming Of Living A Rich Life! Adopt these tips by a Financial Wizard
“To get rich, I had to learn to think like a rich person. Once I changed my thinking, the money started to flow.” –Steve Siebold in ‘How Rich People Think?’
Every person wants a luxurious life and more than that, people are depressed about their poor finances. But as Oscar Wilde said, “Ordinary riches can be stolen; real riches cannot. In your soul are infinitely precious things that cannot be taken from you.”
One thing you always need to remind yourself and that is: Money can’t buy happiness.
Here, I would like to state an example shared by Laura Tong, Tiny Buddha: “Poor in possessions and somewhat fiscally challenged, I never fit in with my richer friends. And no matter how much I told myself that money didn’t buy happiness, I still felt worthless because I was worthless; financially. So in my thirties, I finally caved in and chased the money dream. Five exhausting, stress-filled years of ruthlessly pursuing more money. But when I got there, it meant nothing to me. It didn’t make me happy. It made me miserable. In those five years, even to the small extent I succeeded, the so-called riches that money can buy actually left me poorer in happiness, health, and relationships. My heart and head were as full as my work schedule but not with the people and things that really mattered. I discovered that rocking a 24-carat rock didn’t rock my world. So with no idea where to go from there, I found an empty journal and started a record of the True Riches In My Life. For each year of my adult life, I jotted down every experience, achievement, adventure, friendship won or lost, and every decision I could remember making.
I realized my life had been full of riches long before I started chasing financial wealth and material gain. I realized most of the truest riches in my life actually came when I didn’t have all that much money.”
Now, I would list down some money tips that will help you to live a rich life:
- Write down your goals: To live your life, you need to know how you have to live it. Separate your family, budget and entertainment goals. Mention your goals for current year, near future and further years and plan a future for yourself. You need to know that where you want to stand in near future.
- Save to invest: Investing money in right ventures will help you to be rich. Therefore, save money to invest in right ventures. More than your annual salary, the amount you saved and invested matters.
- Automate your financing process: After you have decided your financing plan, it’s better to automate it.
“Once you’ve committed to investing your money, the easiest way to stick with it over time is to make the process automatic — meaning that you have money from your paycheck or checking account sent to your investment accounts every month, before you even see it.
Simply putting your finances on autopilot could free up an extra $700 a month, or $8,400 a year, for the rest of your life.” – CNBC - Be comfortable to get out of your comfort zone: It you want to earn more and achieve success in life, you need to learn to get out of your comfort zone. One of them is to negotiate about your salary. This will help you to gain more from your efficiency and realise your self-worth.
- 20 Minutes a day: Devote 20 minutes of every day of yours to develop a new skill. The skill might relate to your present field or it may be completely out of the blue. But, it’s good if you learn to develop yourself, make yourself productive and portray your portfolio as a strong one.
Some other useful and selected tips from Nichole Lapin are as follows:
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- Create a spending plan: I recommend a “spending plan” instead of going on a crash money diet. A sustainable spending plan is broken down into the three E’s: The 3 E’s: “Essentials” (70% of your overall monthly budget for basic expenses), “Endgame” (15% of your monthly budget for things for your future), and “Extras” (15% of your monthly budget for whatever you want).
- Buying > Renting: If you haven’t already noticed, owning a home is almost universally considered a good thing. I say, when it’s good, it can be a great thing but it also might not be right for you at this particular time in your life. Here are the three things you need to say YES to before even considering buying a home:
Are you going to live in it for a while?
Can you afford it?
Do you have a steady job that you love?
Ask for a raise:
“This is a super-important conversation, and nobody’s going to start it but you. It’s tempting to send an email, but this has to be face-to-face. Set up a meeting with your boss and go into it with proof of how your accomplishments have helped the company.
Outline the salary bump you want, then prepare to negotiate a plan B:
Your boss: Sadly, budgets have just been slashed and we can’t give you that money.
You: Instead of a monetary raise, I’d like more paid time off (or a higher title, larger expense account, reimbursed phone bill, you get it).
Your boss: No, I can’t do that right now.
You: I appreciate your time. Do you have feedback for how I can grow here?
Then consider whether this is a company you want to stay with. Sometimes the best way to earn more money is to find a new job.”
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