20 Money Moves That’ll Make You Really Rich
Money moves typically depicts the series of steps and actions that one needs to take in order to build wealth. No one basically becomes wealthy doing nothing. Becoming rich connotes action, passion, consistency and focus.
Being rich is a legitimate desire for most of mankind. Attracting riches into our lives is definitely another matter. However with the right information and motivation regarding the right “money moves” to make we could strike it rich.
But before we delve into the “moves” I’d like to quickly say that becoming rich isn’t rocket science. I’m definitely not dishing out some complex formula to building wealth. I want to assure you that these moves are not difficult to deploy. Consistent application is however key.
In fact, I’m sure that most of these 20 moves wouldn’t be new to you. They’re most probably things you’ve come across in your life or career. I’d really consider this article a success if i could bring them back to mind. They’re tested and proven to surely lead you to wealth and riches.
So here are the 20 money moves in no particular order of importance:
Pay yourself first
Please put in place a method or system that simply allows you to pay yourself first. Take out a percentage of any money you earn first, before you start spending. Decide and then instruct your bank to take it out of any income that comes in. Use this money for investment purposes to earn more income. The more you set aside and invest wisely the richer you’ll become. You would surely lose out on opportunities without having some money of your own to invest.
Stop giving people loans from your savings
Your savings are definitely for a purpose – which is to work for you to produce more. On no account must you give someone who needs financial assistance a loan from your savings. You’re better off helping people by giving them cash gifts that they don’t have to return. Invest your savings into ventures that guarantee you returns. You’re not a bank, after all.
Master money
The rich clearly understand how money works, no wonder they’ve got plenty of it. On the other hand the poor don’t take the time to understand money hence their poverty. You can’t control or amass plenty of what you don’t understand. Invest your time and energy gaining a mastery of money this year. Determine in your heart to be that person who controls money, and not the one who money controls. Get materials that will help you in your quest to be rich – books, CDs, DVDs etc.
Invest seriously in your personal development
Sincerely speaking, what do you know about wealth creation? Do you really know what it takes to be rich? Riches are the end result of the application of useful insights and knowledge. Furthermore have you considered that what you know is probably outdated? It’s essential that you keep sharpening the saw by reading biographies of the rich and other materials on business. Developing yourself is sure to increase your earning power.
Embrace multiple streams of income
It’s damn near foolhardy to earn money in only one way in today’s world. What if something happens to your single income stream? Poverty will be the end result! It’s time to be on the lookout for several other opportunities out there. You can use your spare time wisely to take advantage of other opportunities. I really can’t over stress the importance of earning income in several ways. Don’t procrastinate! Don’t delay! Embrace multiple streams of income today!
Use a budget to track your money
A budget is simply a tool that helps you plan and track where your money is going. Those who desire riches make efforts to put money to work. As a consequence they take control of their spending in order to channel their funds into the most productive areas. A budget records your inflows vs outflows over a period and provides you insights to better manage your money.
Money Moves 7 – Invest small sums for starters
Many of us actually get caught trying to invest in a major way for starters. While we should actually start where we are with the little we have. It is little drops of water that make a mighty ocean. It’s wise to start small, patiently investing small sums. As these funds accumulate you can reinvest them and in no time they multiply. Stop waiting till you have plenty of money before you start investing. Start where you are with what you have.
Set financial goals & make plans to achieve them
Goal setting and planning are perhaps one of the more important money moves you must make. You’ve got to transit quickly from wishing/dreaming of riches, to actually setting goals to be rich. For instance how much would you like to be worth? And how are you going to achieve it? These and other similar questions need to be answered so as to develop a money blueprint or plan. It must also be properly documented and acted upon daily. Remember that he who fails to plan, plans to fail.
Invest in assets and not liabilities
An asset is simply something that puts money in your pocket. A liability on the other hand takes money out of your pocket. If you want to be really rich you’ve got to make asset acquisition a major pillar of your money moves strategy. Focus your energies and resources towards anything that will put money into your pocket. Minimize your spend on anything that won’t generate positive returns or cash flow.
Build your money team
No financially successful person strikes it rich on their own. They’ve been supported by several key team players, in a money team. It’s usually made up of a lawyer, accountant, spiritual adviser, banker, personal assistant, spouse/relationship partner, investment adviser and mentor etc. These players work with you every step of the way to riches.
Actively develop your network
Your network is truly your networth. Your contacts and connections are intangible assets that can help you strike it rich. No one becomes rich without the help of others. There are some people that God has strategically placed to help you. That’s why you need connections. Cultivate the habit of attending events, meeting people, exchanging business cards in a bid to expand your pool of contacts. Don’t underestimate anyone you meet.
Don’t abuse debt
Put debt to use in multiplying your money/investments. Don’t use debt to fund/finance your lifestyle. The very rich are skilled at using debt to multiply their investments and increase their networth. You can also learn how to do the same. Debt deployed in this way is actually called good debt. Don’t forget to consider the pros and cons before you collect debt for any purposes whatsoever.
Save for emergencies
It’s vitally key that you save for emergencies. Emergencies usually do not announce themselves. An emergency fund is your go-to account where you keep some funds aside for this purpose. This account should ideally contain 3-6 months of your monthly living expenses. There’ll be no need to take money meant for investments to take care of emergencies. Your money can thus continue to work for you even though you’re in an emergency situation.
Don’t invest in anything you don’t understand
Be careful when you invest. Don’t get involved in a business venture simply because others are doing so. If that venture sounds too good to be true it probably is. Be especially wary of businesses that promise abnormal and extraordinary returns. There are many fraudulent opportunities out there. You’ll do well to always seek wise counsel before you take the plunge. Always endeavor to understand investing and the multiple investment vehicles available.
Cultivate a wealthy attitude
It was John Maxwell who said that, “your attitude determines your altitude”. Your attitude is basically your mood or disposition towards things around you. I have found that rich people have a tremendous attitude towards making money and succeeding financially. It’s almost as if they believe they cannot fail. They’ve made up their minds not to let anything or anyone stop them. No wonder they end up succeeding. You could cultivate a wealthy attitude by studying the rich.
See losses as part of the learning process
How do you react when you encounter financial losses? One of the vital money moves is not to see losses as the end of the road. There is no rich man who doesn’t make losses from time to time. The difference between him and the poor man is how he handles it. A rich man learns from his mistakes and goes ahead to try again. While the poor man dwells in his mistakes and gives up. Use losses as a stepping stone to attempting again by being better informed.
Control thy spending
A dime unspent has a good chance of ending up being invested. Don’t spend all that you make. In addition desist from spending more than you make. Personal finance experts will tell you that cash is king. In fact, cash is the lifeblood of any business venture. So submit your spending decisions to some scrutiny before you make them. You would be able to spare money for investment purposes if you make wise choices before spending.
Create Value
Man is mostly driven to seek value in everything. We make choices based on the value that we perceive that we are going to get. Value creation is pivotal to wealth building because when people value what you do they’ll exchange their money for it. The more the number of people that value what you do the richer you become. Start thinking in terms of what you can do to create value and act on it without delay.
Turn your passion into profit
One of the best ways to become rich is to monetise your passion. In other words, try to make what you love doing generate income. We all have many giftings and talents. Once discovered then we can seek for ways to see how we can turn them into profitable ventures. For example, the person who loves music could teach people how to play a musical instrument. Or even record a musical album. Wealth and riches could be the end result.
Improve your selling skills
Life is pretty much a selling job. You’re either selling something or trying to convince others about your position on issues. Thus the ability to communicate and make others accept our viewpoints is important. An improvement in your selling skills will see your income skyrocket because you have a better chance of convincing people. You will need to convince customers, investors, bankers, staff and other classes of people for your venture to generate wealth for you.
It’s clear that lots of money moves exist. I definitely encourage you to apply each and everyone of them into your wealth building efforts. You can’t continue to do what you’ve been doing, if you want to achieve a better result than what you’ve been getting.
In conclusion, please remember that wealth is a product of a combination of money moves. Definitely not all of them are listed here. But I guarantee you that if you diligently use this information wisely in the not too distant future you will make it big. Here’s wishing you all the very best in being able to create wealth now that you have received the right information.
Note: This article originally appeared at MoneyTalkNG.
Category: Personal Finance
