How ‘rich’ you are is really rather an arbitrary measurement and depends a fair deal on your perception. This might sound absurd, but when you really think about it, does being rich mean getting a high salary? Does it mean having a lot of money saved in the bank? Or does it mean living a wealthy lifestyle and having all the accoutrements associated with wealth?
The point is that being wealthy in many ways is a state of mind, and your ability in accumulating wealth doesn’t completely correlate with your wage. In fact often getting richer and saving money is simply a matter of being smart, of putting in effort and of making a conscious decision to be cleverer with your money.
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Here then we will look at some smart tips for saving money and getting richer as a result.
Be Less Materialistic: A lot of the reason that we end up losing money is that we are too materialistic, and more to the point too easily swayed by clever marketing. This is where the smart/dumb thing comes in as you need to be switched on enough to recognize when you really want or need something and when you just think you do. Too many purchases that we make are entirely emotional in nature and are based on split second impulses that are caused by clever advertising. Do you want it because it will genuinely make your life better? Or because you think it will make you look like the professional person holding it in the ad? And do you really need it now? Is a collection an important way to tell people who you are, or would owning fewer things that you really feel strongly about tell people more about you? Learn to resist these impulses by writing down the things you see that you want (so that you don’t ‘forget’) and going away to reflect on whether you need it. Likewise think about all the things you already have and whether you are getting enough use out of those. A ‘one in/one out’ rule can be very good for curtailing your extravagances.
Be Efficient: By being efficient I mean being efficient with the way you spend your money – could you get better value by shopping elsewhere? And could you buy something that would last longer? Likewise it also means being efficient with things like your energy bills – by using less electricity when you could, and by keeping the heating indoors with better insulation etc.
Investing: You also need to be smart by knowing when it’s worth making an investment. In business investments are the key to success, but so are they around the household. For instance buying yourself a better and more efficient heating system could save you thousands going into the future. Likewise investing in better flooring for your rooms could earn you even more than you spend when you come to sell your property on.
Planning: Planning, budgeting and financial modelling are all key components to keeping your costs down and saving more money. By being able to think about the kinds of things you need and your allowances in various different areas, then you can save yourself huge amounts of money in the process. Take the time and effort to create spreadsheets and graphs of your income and outgoings so that you can plan ahead.
Income Streams: Most people have one revenue stream and that’s their main job. But could you find other ways to bring in a little more money? Could you for instance turn a hobby into a chance to sell something online? Could you run a website? Or could you simply make a concerted effort to sell any items that you no longer need rather than throwing them out?
Taking Initiative: A lot of the money we waste is simply a result of not having it in the best possible bank account, or of not using the best possible energy supplier, etc. The solution then is simply to stop being lazy and to take the time and energy it takes to switch in order to make those small savings that accumulate into very big ones in time.
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