Do you feel that?
A rush in your heart. You know something is not right.
you don’t know how to make it right.
you think of eating, but, food does not satisfy.
Again, you think of love.
Nevertheless, you don’t feel good, then, you receive a credit alert and everything brightens up. Everything settles with money in your account. The ancient book is right.
Money answers all things.
But, how do you get money? Or, let me say, how do you keep and multiply money? If you read this blog post till the end, you will learn the secret of the rich and in seven simple steps you will know how to multiply wealth for yourself.
The seven steps are:
- Stretch your purse.
- Control your expenses.
- Multiply your money.
- Protect your money.
- Get yourself a home.
- Plan for retirement.
- Invest in yourself
STRETCH YOUR PURSE
One of the biggest secrets of the rich is the way they work out to expand their savings. You can make your way to wealth by following the simple rule of expanding your purse. Your purse serves as the foundation of your wealth. So, stretching your purse means you look for ways to build a strong foundation for your wealth. You start a strong foundation by setting apart every 10 percent of your income. There may be many rules you hear about how many percent of your money you should set apart to build wealth. But, saving 10 percent of your income first will not disturb other necessary expenses you have for your income. The basic rule is always to save 10 percent of your income. A bonus tip is to give out another 10 percent and use 80 percent. As a rule of thumb, follow the 10-10-80 rule. Save 10 percent, give 10 percent and use 80 percent.
CONTROL YOUR EXPENSES.
The next secret you need to learn from the billionaires is how to control your expenses. A basic principle you need to know is that your expenses does not increase with your income, your desires do. The more you earn, the more your desires, not your expenses. Your expenses are the foundational things for living life. Your desires are the things that you think will make life easier for you. The more your income increases, the more your desire to live a more comfortable life. Your desires to live a comfortable life is not a bad idea, only if you control that desire. That is, control your expenses to only the things you need. If you don’t control your expenses, you will not be able to stretch your purse. Your desires for a more comfortable life can choke your need to build a strong foundation for wealth. As the second rule, learn to control your life expenses.
MULTIPLY YOUR MONEY.
The next thing you need to acquire wealth is to learn how to make your 10 percent savings work for you. It is not enough to have your ten percent in a bank or in a purse, you need to learn how to multiply your savings. You need to understand how to make your 10 percent become 50 percent without stressing yourself. A best way to make your savings work for you is to invest your money. There are more than one thing you can invest in. A popular and profitable thing to invest in is in lands. Investing in lands, is common as real estate investment. In most cases, you buy a land, build on it and expect a return, you build a land from your savings, rent it out and expect a periodic return. In another case you can give out your savings to experts in investments that can give you returns on your savings on a regular basis. The point is, never let your savings be without use. Multiply your money.
PROTECT YOUR MONEY.
Another secret of the rich is that they protect their money from loss. If you can learn to protect your savings from loss, you will learn a basic rule of acquiring wealth. Although it is important that you invest your savings, it is also necessary that you protect your money from loss. A quick way to prevent loss is to get relevant knowledge about any investments. If you wish to invest in livestock, you should get information from a poultry man not a banker. The same thing applies to your investment on lands. You don’t ask a teacher for investment advice on real estate, instead, you ask from the right person – real estate investor. Asking the right question from the right person will save you a lot of financial loss. The basic advice is to protect your money from loss always.
GET YOURSELF A HOME.
Another quick way to acquire wealth is to own a home. A fundamental rule you must know is that you should occupy a home for yourself. This is because possessing a home will help you reduce expenditures. The more you reduce your expenditure, the better your foundation for wealth. The first step is to desire to own a home. You can begin by borrowing money to build your house, then you repay gradually. The best way to repay the debt is to assume that you are paying your landlord every month. You set apart the money you pay your landlord every month and pay it to your borrower. Till you finish paying the money, you determine that you still paying rent, but now, paying rent for your own house. The best part of this is that one day, the rent will stop. You will have a home and stop paying to another man. In a manner, you are guarding your money from loss.
PLAN FOR RETIREMENT.
The next secret of the millionaires relates to their plan for retirement. If you want to be like the rich, it is necessary you have a plan for retirement. This is because you won’t be young forever. Your youthful days are the days of your strength. The best plan to make is to have a plan for getting wealth at your old age. This will require making long term investments. Not just investments, you should make investments that are relevant for a long period of time. As a rule, make sure your investments come in two forms. Make an investment for the short while and make an investment for a long period. It is necessary you put in mind that you will not always be young and death gives no notice. Make plan for the rainy days.
INVEST IN YOURSELF
A quick way to know who you are is to ask yourself a question. With your present skills and abilities what is your total worth? How much can you earn with what you know? Do you think of increasing your ability to earn? If you think of expanding your skills, then, you can build a better foundation of wealth. The first step to investing in yourself is to start from what you know. Begin by improving on your skill. Invest in those skills by asking relevant questions and following appropriate mentors. If you know a rich person you admire, make it a duty to study with diligence the pattern of life. Try to get mentors that befit your abilities. Investing in yourself is like dropping a small amount of water in a cup. One day, if you are consistent, the cup will get full. Always see yourself as the first investment.
Money is the medium by which we measure earthly success. You don’t want anyone to deceive you that money doesn’t matter. The ancient book is still right. Money answers all things. This time, your pounding heart does not want a tonic, it does not want a lover, it wants money. Start your journey to wealth by following the seven steps of acquiring wealth. I will see you at the top.
Check the video I made for How to acquire wealth: 7 secrets to getting rich below.