Most of the people are tired of being broke but they hardly do anything about it. If your job or your profession is not providing you enough then you have to do something else.
There’s a catch that everyone else is missing and you have to have that.
Here are the 7 simple ways to raise your wealth.
1) Put your wallet on fattening.
The first step to make your purse/wallet fat is to save at least one-tenth of your income no matter how small it is.
Consider this example for better clarity.
If you take a basket and put 10 eggs into it each morning, and take 9 eggs out of it every evening, what will eventually happen?
After a few days it will overflow, won’t it?
The reason behind this is that each day you put in one more than you take out. So similarly the same goes for your wallet and money. For every 10 dollars or rupees that you put in your purse, use 9 and save 1.
Your purse will start to fatten and increasing weight will make you feel good and bring satisfaction to your soul.
When you start to follow the 9-1 rule, you will realize a strange thing happening to you. And that is when you stop paying out more than nine-tenths of your earnings, you will automatically manage to get along just as well.
You will be no shorter than before and will learn to carry on with a budget.
Get this thing very clear in your head.
The money you take out from your purse will bring cars, luxuries, etc. but the money you live within the wallet will bring you the freedom you always wanted and make you rich.
2) Control your expenses.
Some people may ask: How can a man keep one-tenth of all he earns in his purse when all the money he earns is not enough for his day to day necessary expenses?
The answer is:- We do not earn the same. Some earn more and some earn less. Some people have much larger families to support.
Yet all purses get equally lean when we spend. The truth is that the so-called necessary expenses will always grow to equal our income unless and until we save it.
Do not confuse the necessary expenses with your desires. Most people have more desires than they can afford or their earnings can gratify.
Actually the truth is all men are burdened with more desire than they can gratify. It is a false belief if you think that wealthy people can get everything they desire.
There are limits to their strength, to their time, to the distance they can travel, to what they can eat, to the zest with which they can enjoy, etc.
To control the expenses, study your living habits. You may find certain expenses that can be reduced or eliminated.
Write down your expenses and select those that are necessary and remove the rest and consider them as a part of your desire that must go unsatisfied and unfulfilled and do not regret it.
Budget your necessary expenses. Do not touch the one-tenth that is fattening your wallet. Let this be our greatest desire that is being fulfilled and keep on working with your budget and keep adjusting it to help you.
This technique will enable you to realize your most cherished desire and at the same time will teach you to delay gratification and control the temptation to spend on your unnecessary and useless wishes.
Budget your expenses so that you may have money to pay for your necessities, to pay for enjoyment and to gratify only within the nine-tenth and continue to save at least one-tenth.
3) Make your money multiply.
Now that you have controlled your expenditure to protect the growing wealth by saving one-tenth of your earnings. We will now consider ways to put your money to work and to increase it.
Money in a purse is only satisfying you and your poor soul. To make money you have to make money work for you that is sitting in your purse.
The one-tenth we keep in our pocket is a start and the earnings it will make shall build our fortunes.
Now the question arises- How can we put our money to work for us?
Answer – You have to build a different source of income from that money. Sources include real estate, stocks and bonds, rental income, compound interest, royalties, and other investments.
A person’s wealth is not in the money he carries in his wallet but it is in the income that continuously flows into his purse and keeps it always fattening.
4) Guard your money against losses.
Every person having money in his pocket is tempted by opportunities whereby it would seem that he or she could make big bugs by investing money in most logical and sound projects as per his thinking.
The very first principle of any investment is the security of your principal amount. It is not wise to be attracted or intrigued by larger earnings when your principal amount gets lost. The penalty for risk is a loss.
Before you loan it to any man, assure yourself of his ability to repay and his reputation for doing so. So that you may not unintentionally be making him a present of your hard-earned money. Before you interest it as an investment in any field, formalize yourself with the dangers that may attack your investment.
Don’t be too confident of your own wisdom in entrusting your money to the possible pitfalls of investments. Instead, consult a person who is experienced in handling money for profits.
Guard your money from loss by investing only where the principal amount is saved, where it may be reclaimed if desirable and where you will not fail to collect a fair rental.
Consult with a wise and experienced man in handling money. Let their wisdom and experiences protect your money and safe investments.
5) Take advantage of your home and make it a profitable investment.
Our biggest expense today in most countries is rent or mortgage and we pay it for most of our lives. Remember, your house is not an asset, it is a liability.
So if you think that buying a home will save you money then most of the time it is not going to happen. Many people will disagree here but yes that is the truth. Will explain that part later in another post.
The point I am trying to explain here is that don’t buy a house where you have to pay mortgages. Instead, find a way for others to pay for your mortgage and you will get your own home in the long run. In this scenario, someone else is paying for your mortgages.
6) Ensure a future income.
It is your duty to make preparations for a suitable income for the future and when you will no longer be able to work and when you will be no longer in this world to support the family and to provide comfort.
So when a man starts acquiring great wealth you should give thought to the future days. We should plan some investments that will provide him and his family in the future.
There are a number of ways by which a man may provide safety for his future. He can buy houses and lands and if wisely chosen can increase in value and provide with loads of profits.
He can loan a small amount to the moneylender and increase it at regular periods. The rental income coming from this will be a great benefit.
No one can afford not to insure a treasure for his old age and protection of his family no matter how prosperous his businesses and his investments may be. Provide in advance for the needs of your growing age and the protection of your family.
7) Increase your ability to earn money.
Train your mind to earn a small amount initially and then train it to earn a larger one. This is the process by which wealth is accumulated.
Your desire must be simple and definite. Do not compare yourself to anyone else because it is always you vs you. Put more interest in your work, more concentration on the task, more focus, and more persistence in your effort.
Be patient, your efforts will be rewarded.
Increase your knowledge and wisdom because the more you know, the more you earn. Seek advisors, consult and exchange knowledge with others of your field like same businesses, stock market, broker, professions whatever you are into.
Keep improving yourself and hang out with like-minded people. If you want to be a millionaire, hang out with millionaires. Wanna be a musician, be with musicians. Want to be a businessman and get along with another businessman.
Do whatever that will improve you but don’t just sit on your ass all day long watching TV and doing shitty stuff else you will leave behind.