Yesterday we discussed that my grandfather used to say, “rich or poor it is better to have money.” We also discussed a couple of good tips to get your financial house in order. Click here to read yesterday’s tips.
Here are some more tips and tricks to help you make and save more money.
Invest in What you know and what you are comfortable doing– I agree options are exciting and cool. However, if you don’t know what you are doing you will get crushed! So before you invest in anything, learn about it first. You should also stay within your risk tolerance. There is no reason to invest in something if you are going to lose sleep over it.
Own your own business- I understand that not everyone is capable or should own their own business. You will have to search within and figure that out for yourself. However, if you are capable of owning your own business, do it because it ensures your ultimate success.
Having a job is great but your boss will get rich, not you; and your paycheck will only come as long as your boss wants to pay you. Also, you lose all freedom of time.
Business ownership affords you all sorts of tax benefits, the ability to work as much or as little as you wish and the ability to control your destiny. If you are capable of owning your own business, make it happen.
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Create an emergency fund-According to Forbes, the average American does not have an extra $400.00 saved to handle an emergency. That stat just sucks! Do not let that be you. Start saving a $1.00 per day on the low side and obviously more if able. Keep putting it away consistently. Over time it will accumulate. Put away 12-18 months of expenses as your goal.
Invest early and invest consistently for retirement-I started saving for retirement when I was 24 years old. I have advised my kids to do the same. I did not understand the advice at the time because retirement was decades away. My kids feel the same way. Now that I am 60 and don’t know where the decades have gone, I am quite happy I heeded the advice, and my kids will be too when they get to be my age. I explained in the last newsletter that consistency and persistency are the keys to anyone’s success, yours included.
The way you get wealthy is by the compounding of interest over time. Start putting away something towards retirement in tax advantaged accounts with the goal of maxing out each year. Do it early and often!
Everyone can have financial security. It takes discipline and perseverance. Sure, it is easy to buy a bigger car or house. Of course, you can put purchases on a credit card. Or, you can make up your mind to be financially independent and make different choices. The choice is up to you. Start with these best practices and stay tuned for more tips.
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