Skip to main content

6 Simple Tactics To Grow Wealth

Realize the need to save money and become rich
If you think that nobody can save money and grow rich, then you haven’t heard about Warren Buffet. He is considered a “Savings Billionaire”. As a financial advisor for my clients, I tell them that you can’t plunge into the muddy waters of investments without having backup savings plans. There are thousands of ways to save money, but there are few ways to save money and become rich.
If you think that saving money is just for poor people, calculate how much time you’ve been a working class person, then you check how much is currently in your account balance. Do the numbers tally?
If No, so who is really the poor person?
A lot of people forget the first rule of business, which is “Pay Yourself First”.
Majority of people spend before saving, which is actually a dangerous path to thread. It should be exactly the opposite.
Avoid the Banks
Did you hear that right? This is one of the simple ways to save money and grow rich. The banks offer you just
- Transaction
- And the Speculative function of money, leaving out the most important part of savings, which is precautionary.
Banks offer you just a token sum of 3.1% to save money (in a savings account untouched) while making monthly deductions that cancels out everything. You can deposit a certain amount in the morning, and withdraw all the same day in the evening. What is now the essence of saving?
The mistake working class people and business people make is trying to believe the banks love them, and this mentality should disappear after reading this post.
Lookout for forced longer-term investment plans
I pitched to a friend the need to start saving to grow rich in 2011, he complained about the length of time he has to keep his money (We had a plan of 6 years) and he declined the offer. He has worked for seven years with an account balance of just 250k, and maybe you should help calculate how much I saved up within such period (I already used my proceeds on an asset with other cash back to my savings).
I work in a financial house, and I have seen young people become millionaires just by carefully saving monthly for few years, while others who claim they wanted to invest ended up doing nothing.
Investment plans of 6years, and 9 years for young working-class people, newly wedded, and young mothers who are planning their children education should be critically considered.
Most of these investments plans actually come with a form of protection should in case the breadwinner of the family dies. This is why I recommend Insurance Company for your savings.
Have a Single Bank accounts and Multiple Investment accounts
Having a single bank account with multiple investment plans is one of the simple ways to save money and accumulate wealth for your family. Bank accounts expose you to spend more money, while investment plans encourage you to save up for a project.
A client of mine is a Bank Manager, he saves up money every 3 years just to get another piece of landed property – he doesn’t achieve all that with his bank. He patronizes several investment plans that our insurance firm has to offer because he knows exactly what he wants to achieve.
Draw Clear Goals
Having a clear goal of your financial future would help you make plans towards it. As at 2011, I already agreed that if I save 20k for 6 years, I would be a millionaire and invest in my dream business.
What I achieve in 6 years, someone else can achieve in just 3 years. I had smaller financial power, so I made my calculations based on what I could afford.
What are your financial goals, and how can savings help you achieve that? I survived the MMM scare because I had something I fell back to when the cards came crashing.
What is your Budget for the Month?
Working with a budget might be what you need to actually make your dreams come to pass. Back then I earned 50k monthly in Lagos, and I realized I had to force myself save 20k monthly (You can also do likewise, just speak to me.) It wasn’t easy, but I pulled through for 6 years. Even after I had a massive pay raise, I left the other as a residual income. It wasn’t much as compared to your imaginations, but others who had worked for the same 6years with such salary like me never had a million naira in their account after 6 years.
I currently have several assets and mind-blowing acct balances, but my spending will always remain frugal because I am just following the steps of Warren Buffet.
Just before you exit the post, always remember the tactics of the rich “Pay Yourself First before Spending”

Comments

Related Posts Plugin for WordPress, Blogger...

Popular posts from this blog

7 Ultimate Exercises That Will Transform Your Body

Looking for some effective ways to transform your body? There are a few great exercises that will help you to reach your fitness goal. These exercises are easy but effective in strengthening your body along with burning unwanted calories. However, sticking to these exercises is not enough to transform your body, you should also eat healthy and get enough sleep regularly. Don’t waste your precious time doing other workouts, here are seven exercises that will help you transform your body in no time. 1. Jumping rope When was the last time you jumped rope? Perhaps in your childhood. Jumping rope is a cheap and easily portable exercise that you can do almost anywhere. This workout burns more calories per minute than any other workout. Get jumping for a perfect exercise and plenty of fun. One of the best things about jumping rope is that you can do it with your kids. Moreover, jumping rope is a fantastic way to fit in a highly effective cardio session when you are on the go. Simply toss you…

8 Facts Every Man Should Know About Sex During A Woman's Period

There is nothing wrong with having sex while a woman is on her period, but the re are some details about this situation you (and she) might want to know first.
1. The Basic Biology
Sex ed. told you the basics about a woman's menstrual cycle, but here's what's important to know for this situation. A period marks the end of the body's monthly attempt to get pregnant. Awaiting a fertilized egg, the uterus developed a thickened lining to keep this potential occupant happy. If an egg doesn't get fertilized, the body can't sustain this special womb, so hormone levels drop and the lining is shed. "The bleeding is because there is a blood supply that went into those tissues, and it bleeds until the tissue comes out enough and the blood vessels start to close off," says Rowen. 2. What it Feels Like
Women may already be in a considerable amount of pain during their period, so sex may seem like it would add to that. The short answer is: it shouldn't. "Th…

5 disturbing effects of Alcohol Both Sexes Should Know

From whatever angle it is viewed, alcohol is always dreadful. You risk being addicted, damaging body organs like liver and also losing control of your mind, which may be a huge risk to your safety. Here are the downsides of indiscriminate alcohol consumption:
.
Alcohol and Your Sperm
Alcohol inhibits the mass production of sperm cells in the semen. Alcohol can affect the shape and reduce the mobility of the male sperm too.
.
 Alcohol versus Expectant Mothers
If you are pregnant, it is not advisable to drink alcohol. You should be aware that the more alcohol in your blood that gets to your foetus, the more exposure to the risks of complications before and during childbirth.
.
Alcohol and cancer
All over the world, it is believed that consumption of alcohol plays a huge role in the causes of cancer. Research says even if you are a moderate alcohol drinker, your chances of developing cancer still increase because of the presence of ethanol that triggers the cancer-causing processes.
.
Alcoh…

Rugged Bedbug, Mosquitoes & Insect Killers For Just #1,800

Rugged Bedbug, Mosquitoes & Insect Killers For Just #1,800
It Can Last Up to 6 Months

Click Image To Mine Atleast 0.027 Bitcoins Every Hour

Click Image To Mine Atleast 0.027 Bitcoins Every Hour
Click Image To Mine 0.027 Bitcoins Every Hour