Have you ever wondered why some people end up richer than yourself, and often times those people may not even be better than you? You went to the same school, you played the same games, you both did well with your studies. Later in life, the other person gets rich, and you can’t make ends meet. Why is that?
This article discusses the laws of acquiring and managing wealth.
Get rich by copying what other rich people do
This one is fairly straightforward. You learn from the other rich people around you. You do as they do and you become rich. Advice is something people love to give for free, so it shouldn’t be too difficult for you to just go and ask someone who is already rich how they did it. If you don’t know anyone who is rich, you can find materials by other rich people posted for free all over YouTube and the rest of the Internet. People love to give advice and share their secrets. In fact, most people will be delighted that you have decided to learn from them.
Get a constant stream of money flowing into your purse
This is another advice, which is easy to say and hard to apply.
If you want to secure yourself financially, you need a constant stream of money flowing into your purse, refilling it. Otherwise, your purse will quickly empty and then you will end up broke. The secret is to be able to refill it when the money run out.
Hard work is only half the story
Look at the workers at any construction site. I can promise you that these people probably work a lot harder than you and yet they are not rich. You need a good plan as well as a tough back.
You need to realize that the thing where you put most of your efforts, grows the most. If you want to be the best piano player in the world, and you put all your sweat into that dream, you will probably end up being the best. You should focus on getting rich and make a plan.
Don’t worry if your plan isn’t perfect. You will iron it out as you execute it. Just take action. Make the first step. The Universe will help you, by sending people your way and making opportunities for you, when you take action.
Be liberal and generous
Be liberal in your spending and generous in your charities. Nobody likes a miser. Misers live miserable lives anyway. Money is something you should enjoy. Be generous with your family.
Unearned money leads to ruin
Did you know that most lottery winners end up a lot worse after they are done spending their money than they were before they won the lottery? They end up with no money and insatiable appetites for material things they cannot satisfy. Others become misers because they know they cannot multiply their winnings. Inherited wealth is the same. Very few people manage to multiply what Faith gifted them.
Wealth is a power which increases the effects of the things that make you happy
With more money you can easily buy more of the things that make you happy. You can give your loved one the perfect gift. The perfect all-expenses-paid vacation in Costa Rica. Money opens opportunities.
It takes time and study to learn the laws that govern wealth
You should dedicate yourself to learning and applying the laws on a daily basis in your life, otherwise they are useless. You should discipline yourself to live by those rules without compromise.
There are two types of learning: Learning the things you know, and learning how to acquire knowledge about the things you don’t know.
You should save about 20% of everything you earn
How much will you have in an year, if you save 20% of everything you earn? How much will you have in 5 years? 100% of what you earn in 1 year? This is only half the story, because the money will work for you and will bring you more money. You will end up with a lot more than mere 100% of what you make in 1 year. No matter how little you earn, you should put aside 20% for your savings. You need money to make money.
You can invest your savings in something profitable after 1 year has passed.
After you have put aside 20%, the rest you can spend on clothes, food, gas… You will notice that your lifestyle won’t change much if you spend 20% less.
Pay yourself first, and then distribute the rest.
Get advice from qualified people only
You won’t get medical advice from a car mechanic. You won’t hire a jeweler to build your house. You should get specialized advice from the respective professional. Trust the bricklayer about bricks and the jeweler about jewels. Otherwise, you will lose your money.
Make sure you have an army of golden slaves working for you before you live the rich life
This is again about the piece of advice I posted earlier… Make sure you have a constant stream of income, and that you are meeting your financial goals, before you start living the good life. Don’t just spend every penny you earn. Make sure you have the ability to replenish the money in your purse reliably, before spending it.