7 Mar 2019, 16:02 — 4 min read
Many are fortunately born with a silver spoon in their mouth, but only few individuals can call themselves ‘self-made rich’. While every one of us wishes to be one of those self-made millionaires, truth be told, building wealth is not as easy as it seems.
It starts with a lot of discipline, right mindset, and character to guarantee yourself a rich future where you can be financially independent, and you can live the life you’ve always wanted. Here are some practical trade secrets that we often overlook:
1. Avoid impulse buying
Whenever we know that we have plenty of money – especially during pay day - the urge to splurge automatically pops up in our minds, buying recklessly here and there, dining out, or partying at expensive bars and restaurants. But what’s even worse is when you spend more than your means. The trick to avoid impulse buying - for example, the desire to buy a luxury bag - is to wait for at least a month and see if the urge to buy the item is still the same.
All of us have financial goals, but our greatest enemy is the impulsive behavior we have whenever we see products that we like. We often feel tempted to buy it without even thinking if we really need it or we just want it. By having this kind of lifestyle, we will not be able to reach our financial goals. So, make the necessary change. Keep away from the places or online shopping websites that will make you feel tempted to buy something that you really don’t need.
2. Do what you love
Steve Jobs once said, “The only way to do great work is to love what you do.” Here’s food for thought: To be richer isn’t always about what makes the most money. There are multi-billionaire companies today that started out from just a small idea, yet they put their hearts into it.
Seeking a job or starting a business that fills us with passion every time we wake up in the morning is something that we should look forward to. If you currently feel unfulfilled, ask yourself: “Where would I spend my time if I have the freedom and money to do anything?”
3. Treat your money as seed, not fruit
Managing your finances is like planting a seed; it takes time to grow. Treat your money as seed that grows, not as fruit that you can keep picking. With enough time, patience, and hard work, what seems to be an empty plot can be filled with a lot of fruits. Just keep on planting.
4. Diversify your money
You’ve probably heard the saying, ‘don’t put all your eggs in one basket’. That’s true when it comes to managing your money and investment. You have to understand the importance of diversification which means not investing all your money in one area and learning to find alternative investment vehicles that can yield a fixed income. For example, Acudeen offers receivable discounting where you can buy invoices and earn as much as 25.8% per annum.
With these practical tips, you can now begin your journey to be financially independent. Remember, having a financial freedom is not an overnight process. It takes discipline and character for you to get started.
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Posted byVeronica Aquino
Acudeen is an online marketplace for receivables discounting where SMEs can sell their invoices to our network of buyers and receive cash within 5 days.<br /><br...