Learn to save money for fun
The main trick of successful savings is to learn how to get from them no less fun than from spending, explains personal finance expert Susie Orman. According to her, it is very important that the need to save money does not seem something painful. It should bring satisfaction or even pleasure. “You should not ask yourself when you can start using deferred money,” she continues. “Better ask yourself when you will begin to enjoy the process itself. If you succeed, you will find that the desire to spend money will no longer bother you. ”
The Best Investment Possible - Investing in Yourself
“In the end, there is one type of investment that surpasses all others: investing in yourself,” the billionaire said in an interview with Forbes. “No one can deprive you of what has become part of your personality, and everyone has an unrealized potential.”
Rule 50–30–20 percent
one of the largest online personal finance online media, has transformed from a poor student into a millionaire entrepreneur in just a few years. He told CNBC Make It that a simple formula helped him save money. It is called the “50–30–20 percent rule.” This means that 50% of all income is transferred directly to the bank, to a current or savings account, 30% goes to the necessary expenses, and 20% can be spent on pleasure and entertainment. “By setting this rule in advance, you’ll get enough freedom and control to make a wise financial decision in any circumstances,” says Taylor.
Don't be afraid to use other people's money
“I absolutely calmly ask people for money,” the well-known director said in an interview with Wealthsimple, “because I have faith. I believe in my talents, my ability to tell stories, as well as in the people who surround me in working on my projects. ” Lee is not alone in his opinion. While working on the book “What the Wealthy Think”, writer and millionaire Steve Seabold interviewed more than 1,000 successful people - and found that most of them are not afraid to finance their future using other people's money. “Rich people know that lack of funds is not that important,” writes Sibold. “The main question is different: is this specific goal worth spending money on it?” If so, they know that you can always find money, because rich people are always looking for investment opportunities and excellent performers who will make these investments profitable. ” Mark Kyuban: Buy in bulk and at a discount Morry Gash “It is so difficult to make a profit from regular investments that ... it’s better to buy a two-year supply of toothpaste at a 50 percent discount,” the billionaire said in an interview with Vanity Fair. “It's a great way to make a profit immediately.” Of course, you should not be limited only to toothpaste. This strategy applies to “any recurring spending or consumables,” says Cuban. “If you stumbled upon huge discounts on Amazon - buy, because, most likely, prices will rise. This is real savings. ” Grant Cardon: Generate Multiple Related Income Streams “It is impossible to get rich without numerous sources of income,” said millionaire Grant Cardon, who had been in debt for a long time, but thanks to his own efforts he achieved a seven-figure fortune. “It all starts with the income that you already have. Increase this revenue stream and start adding new ones to it. Keep in mind that revenue streams must be symbiotic. This means that you should not look for scattered sources of profit - it’s better to find ways to earn more in the same field of activity that already brings you money. I have a designer who makes commercials for me; having established himself, he began to do advertising for my friends and colleagues. He did not open a donut shop. ” Chris Reining: To Postpone More, Start Small According to Chris Reining, who, by the age of 35, has collected an investment portfolio worth $ 1 million and retired after two years, the secret to effective savings is simple: you need to start small. “I know that there are people who say that a $ 5 latte is not something to worry about, but the more I think about it, the better I understand that refusing this kind of spending was a good idea to start with,” says Reining. “Because if instead you decide to move into a smaller house, sell a car, and the like, the scale of the upcoming changes will overwhelm you, and in the end you won’t do anything.” In the end, he is sure, "small changes will lead you to the fact that you can achieve major changes." Grant Sabatier: Do not forget that money is not the main thing 3 / 3 “Money is not everything. Don’t sacrifice your health, family, friends or other important things, ”says Sabatier, who for five years made a seven-figure fortune from scratch. “I spent too much time in the office and often worked on weekends, and as a result lost some friends and upset many relationships. Although I truly believe that money is freedom, it is important to remember that it is simply a tool that makes other, more important things possible. ” Instead of striving exclusively for money, try to understand what you would like to spend it on, says the millionaire. Ask yourself: what do you want to do with your money? How many hours a week do you want to work? How often do you want to travel? In the end, "money only benefits you if you have something you want to spend it on."