Becoming rich is one of those things many of us dream about; waking up with no financial worries, no mortgage, the money to send our kids to college, and so on. Unfortunately, few of us will ever become millionaires.
However, there are some ways you can start saving today so you can afford an early retirement or live comfortably working part time.
Here are 15 ways to save now so you’re rich later.
1Negotiate your bills
Just because a company quotes you a price doesn’t mean it’s the best one they can offer you. Start by contacting the companies with which you have a regular bill, for example:
- Credit card
If you contact them and explain that you have been offered a better deal elsewhere, they may be able to negotiate a better price for you, especially if you are a long-term, loyal customer. If they can’t offer you a better deal, it may be worth switching providers.
2Cancel unnecessary subscriptions
We often get lured into paying monthly subscriptions because we feel it would encourage us to use them. Unfortunately, most of the time that’s not true and it’s just another way to eat away at our bank balance. Think about whether or not you really need the subscriptions mentioned below:
- Gym membership
- Magazine subscriptions
- Amazon Prime.
3Shop retailers who offer rewards
Because retailers want you coming back for more they often offer a variety of rewards such as coupons, discounted offers, and even freebies. Create an email address specifically for these programs and shop according to the deals each retailer offers every week. You can also shop secondhand or with online retailers who offer better prices, like Ebay, Amazon and Craigslist.
4Ignore links that promise fast money
There is little more embarrassing than falling for the online scams that claim you can earn thousands of dollars a month by clicking a link and investing a couple of hundred dollars. Similar to fad diet pills and online gambling, very few ever make a cent, let alone a living.
Becoming rich takes time, patience, and discipline, so instead of investing your hard-earned cash into what adverts call “online deals”, put it in a savings account. You could also learn how to invest in stocks and shares. If you learn the basics, you could slowly generate a moderately good income on the side.
5Stop buying branded products
Fancy marketing is something we all fall for. The beautiful packaging and catchy tagline are probably what lure you in, but here is a secret: The product is no different to your supermarket’s own brand version. Aside from the product not being different, the own brand version will cost a fraction of the price.
6Don’t spend just to keep up with others
Your personal goals are what should matter to you the most, not what other people are achieving. It can be disheartening to see your neighbor roll in driving a new car every year but remember that as nice as it would be to have one yourself, you don’t need it. Work towards something bigger and better than material possessions and you’ll reap the rewards in the future.
7Cook at home
Eating out is extremely expensive, not to mention the drinks you probably order with your meal. Some ways to cut out expensive restaurants could be to:
- Invite friends over for dinner parties
- Celebrate birthdays, anniversaries, and other important landmarks with a big barbecue gathering
- Take your lunch to work with you
- Plan ahead so that you don’t pick up food when stressed
You may also find that hosting events in your home with family and friends lowers the amount you spend on drinks, as all good guests bring a bottle or two with them to an event.
8Make your own coffee
If you spend $3 to $5 a day on coffee, it’s time to stop. Aside from the mound of sugar you’re probably consuming, you could save up to $35 a week; that’s more than $1,800 a year. Instead, invest in a nice thermos, coffee machine or just higher quality coffee from the supermarket, and make your own at home.
9Automate your finances
Automate your finances so that all your bills are deducted from your bank account directly after every paycheck comes in. For example, if you get paid on the last day of every month, schedule your bill payments for the first. Organizing will help you have a much more realistic view of your monthly budget and how much you can set aside for savings.
10Think of the environment
Here is some happy news: Taking strides towards being more eco-friendly will actually benefit you financially as well. You could have a positive impact on the environment and cut your bills significantly by:
- Spending less time in the shower
- Turning off the lights and all electrical devices
- Changing to energy-efficient light bulbs
- Getting a programmable thermostat
- Connecting to a smart powerstrip
- Insulating your water heater
- Air sealing your home
- Dry lining your clothes.
11Rent or sell your belongings
Whether it be clothes, electronic devices or even cosmetics, we all spend money on things we often do not need. Decluttering your home is a great way to start afresh and earn a bit of spare cash.
Consider listing items on Ebay, having a garage sale, and even listing your spare room on Airbnb. In some parts of California, a spare room on Airbnb goes for up to $4,000 a month, something to seriously take into consideration if your bills are high and you have a mortgage to pay.
12Stop using your credit card
Although not all bad, credit cards should be used sparingly. They are great for:
- Building a credit rating
- Cashback rewards
That said, if you don’t have the funds to pay it off, you could end up in serious debt. Make your credit card an emergency card. Do not keep it in your wallet when you go grocery shopping or to the mall.
13Get involved with free activities
You may feel that participating in family and friendly activities are always expensive, but they don’t have to be. You could simply swap an afternoon at the movies for a day at the park with a picnic and a Frisbee. You could also look up community activities in which you are interested.
If you get your hair, nails, or teeth done regularly, you should consider visiting vocational schools in your area, as they often host free events so that students can practice. Don’t be scared, they are supervised by professionals and although it may not be worth the $100 you spend on your hair every month, you’ll still receive amazing service!
14Maintain your car
Better yet, walk, rideshare, or table public transport wherever you can. That said, I do know that these options aren’t available to everyone, so if you have to drive to and from work or college every day, make sure that your car is fuel efficient and that you look after it by:
- Regularly cleaning the air filter
- Making sure your tires are inflated and rotated
- Checking the oil and water levels
Lastly, avoid parking and speeding tickets at all costs!
15Put in the Hours and save what you earn
Of course, if you have a full-time job, it can be difficult to find the time to earn spare cash on the side, especially if you have a busy social life or a family. If you can, putting in additional hours alongside your job is a great way to save money. For example, you could:
- Do some freelance consulting
- Find a weekend job
- Teach or mentor
- Sell products online
Saving money is a very difficult task for most, but by following some or all of the suggestions outlined above, you’ll find yourself closer to your financial goals in no time! Start by making the small changes that will make no difference to your current lifestyle and then push yourself that step further to become more frugal with your earnings.
This article was originally posted here on Entrepreneur.com.
7 Steps To Achieve Financial Freedom
Achieving financial freedom doesn’t necessarily mean becoming filthy rich – not that that hurts.
In this video, Entrepreneur Network partner Brian Tracy explains the seven steps you need to take to achieve financial freedom. Now, financial freedom doesn’t mean becoming filthy rich – lottery winners go bankrupt all the time. Instead, financial freedom is about becoming disciplined and using your money in a way that ensures you can live the sort of life you want both now and in the future.
That’s why the first step isn’t about getting a lot of money. Instead, it’s about teaching yourself to think positively about money. That way, you’ll be in the right mindset to move forward.
Click play to learn more.
This article was originally posted here on Entrepreneur.com.
4 Ways To Become A Millionaire Even When You Start With Little
It costs nothing to take advantage of the limitless opportunities online.
The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.
1First focus on learning, not big gain
Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.
They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.
2You can learn loads about any topic online
I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago. Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials.
Set some time aside every day to learn something online. It could be a video series or a favorite blog. When you get into the habit of learning regularly you’ll find that you advance much faster.
3Focus on the niche you love
These days you can learn about anything and target the niche you’re passionate about. This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.
You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.
4Prove your expertise by creating free content
Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.
It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.
You can do lots with a little
The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.
Combine everything together and you can accomplish anything.
This article was originally posted here on Entrepreneur.com.
12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry
Get-rich-quick schemes rarely work but doing the right things every day rarely fails.
There’s a mindset that’s prevalent these days. It’s one of instant gratification in an on-demand society that looks for quick results with very little effort. Entrepreneurs know that life doesn’t work that way. You need to put in the sweat equity if you’re looking to gain serious results.
When it comes to making money, certain good habits push us forward while some bad habits deter us from getting rich or even making any semblance of serious money.
Clearly, many people are making money and some are making lots, but if they mismanage it and pilfer it away on mindless pursuits, building the proverbial empire is going to be far harder.
Making money is one thing, but creating wealth is an entirely different thing. Obviously, most people can quickly make an extra $100 by selling used items or doing a small gig on a site like Fiverr, but if you’re looking for the kind of cash that can make a significant difference in your life, embrace these 12 millionaire habits. They are sure to drive you in the right direction. You’ll find ways to create real wealth by beckoning financial opportunity and potential windfalls through a positive mindset and a sound emotional, spiritual and mental state. That is quite literally the most powerful mixture of habits that exists for entrepreneurs.
1Always add value
Value makes the world go round. Everyone wants to get value out of an exchange. The most successful entrepreneurs in the world know that if you’re going to make lots of money, then you need to always be adding value. Always seek to add more value to whatever services, information or products you’re selling.
2Wake up early
The early morning hours are replete with quiet solitude. It’s when you can refine your thoughts and implement your plans before all the distractions of the day. If you are constantly dealing with interruptions throughout your day, find your happy place in the morning. Wake up early so you can plan whatever will advance you toward your goals.
Making money isn’t just about implementing good career or business habits. You need to be fit emotionally and physically to fire on all pistons. Exercise in the morning, even if briefly. Exercising gets the blood flowing and oxygenation to the cells, helping you to think clearly and be laser-focused. This habit is implemented by some of the world’s richest entrepreneurs.
4Daily goal setting
You have your long-term goals in place but, if you’re looking to make serious money and quickly, you have to set goals every single day. These are milestones on your way to your biggest and most outlandish goals. Do this when you wake up, first thing in the morning, so that you stay on track and on target. Decide what will move you closer to those financial goals by the end of the day, then go out there and do it.
5Effective time management
Everyone in this world has the same amount of time. The 24 hours of each day is life’s greatest equaliser. It doesn’t matter what we do, where we’re from or how much money we have, we all have the same amount of time.
Effective time management is a must for those looking to get ahead. Whether your goal is to earn a lot of money over time or you just need to earn a little bit of extra cash quickly, properly managing your finite time is what makes it possible to succeed.
Networking is one of the most important habits to have in life. The sayings go, your network is your net worth, and if you lie down with dogs, you’ll definitely come up with fleas. Reach out to others and find out what you can do to add value to their world.
Don’t ask for anything in return, especially not right away. Just insert yourself into the mix, and eventually the opportunities will find you.
John Assaraf, who built up a billion-dollar real estate business and is featured in the movie The Secret, preaches the importance of “innercising” in his NeuroGym system. Innercising is mental exercise to reprogram subliminal conditioning deeply embedded in our subconscious. The goal is to frame the mind with a positive financial outlook which attracts money and opportunities to our lives, rather than pushing them away.
Will eating healthier help you to attract more wealth or make more money in the interim? You can bet it will. Sound body, sound mind. To have the precision thinking and focus of a highly-trained athlete, you need to eat healthily. Our bodies spend a large amount of their energy on processing foods. Unhealthy eating leaves us with less energy for achieving our goals, whatever they are.
9Saving and investing
Obviously, saving and investing is fundamental to building wealth. It won’t happen as fast as you’d like, but the larger component at play is having moment-of-the-opportunity cash to invest when something requires your attention immediately. When you have capital and are no longer living paycheck-to-paycheck, you’re ready to earn more money when the opportunity presents.
If you play a cutthroat game and walk all over people, few opportunities will come your way. Being mindful and respectful of others attracts opportunities that you can eventually convert into cash. Be mindful about how you act and what you say so it doesn’t come back to bite you in the butt.
11Work with a mentor
Mentors are great for helping you to earn extra income, whether small or large. A mentor who’s achieved outlandish goals in your industry will offer guidance to help you get where you’re looking to go.
Find a mentor and work with them daily. Ask for their help and guidance as you navigate the choppy waters towards success.
12Contribute to others
Contribution is born from an abundant mindset. When you are sated and have enough for yourself, look to contribute. You can trick your mind into an abundant mindset by simply contributing your time to others. You don’t have to give money. Only time. It’s a subconscious mind trick that moves you away from scarcity to attract more money and opportunities into your life.
This article was originally posted here on Entrepreneur.com.
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