Picture yourself on a superyacht, driving your preferred luxury car and living in your dream home. Visualizing your dreams coming to fruition is essential. That’s what keeps you going on the days where you feel like giving up. Read on to discover the insider secrets on how you can think and grow rich every day.
How to Think and Grow Rich Every Day
Say No to Small
Would you rather have a Starbucks latte every day or a house? Stop wasting your money on things that won’t bring you long-term wealth and put that money into savings instead. Always keep your goals in mind!
Invest Wisely
Most wealthy people invest about 20% of their annual income by following the 50-30-20 rule. Use 50% of your income on your needs, 30% on what you want, and save the remaining 20. Are you doing that currently? If not, make a plan and figure out how and when you can get there. You can meet with a financial planner to discuss your options if money isn’t your strongest suit.
Understand Taxes
Keep more of your money where you want it: in your pocket (or bank account). Learn the ins and outs of taxes to find out what you can write off, and how you will be taxed on certain incomes versus others. Hire or befriend a certified public accountant for the best tax advice.
Think Like an Entrepreneur
Entrepreneurs know how that adding value to a company means adding profits. Grow your skillset or develop a side hustle with SHOP.com to keep the money flow coming.
Identify Hidden Income
Use your entrepreneurial skills to negotiate for better rates for your cell phone plan, gym membership, car insurance, and cable bill. These amounts may be small, but they all add up to substantial lifetime savings. You should also negotiate for a salary increase when you feel that you are putting in the work but not getting back what you deserve financially. When you get the pay bump, commit to investing it instead of spending it. A one-time $5,000 raise that is invested correctly can turn into over $1 million by the time you retire.
Don’t Trade Up
The car you have gets you from point A to point B. Do you really need a new one? Stop trading up and live below your means to save for a prosperous future.
Optimize Your Spending
Be smart about your money. Use SHOP.com to buy all of your everyday essentials and get cash back on every purchase.
Save $100k
Prove to yourself you can earn and save a significant amount of money, which is not something most people can do. From there, start building your empire.
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