Some of the world’s wealthiest people could barely afford to buy coffee at a decent restaurant at some point in their life, but with practice, experience, and proactive thinking they slowly but surely got it right and this is how.
Owning your own business (The side hustle)
This could be a small side business like making cakes for your friends or selling your beaded earrings on Facebook. You’ll be hard pressed to find anyone who has become wealthy without owning their own business. The thing is, you have to treat it like a real business.
Once you do, own a separate account from your personal.
Open a separate bank account, even if it has your name on it (it’s harder and more expensive to get business bank accounts). Put all your sales receipts in it and pay all your business expenses with the earnings.
Hold yourself accountable.
If you loan the business your own money to get started, write up a loan agreement even if there’s no interest and no payments due. This will help you hold yourself accountable as to why you are making money or losing it.
Monitor ALL your discretionary spending. (Especially restaurant bills)
Most people ignore this but this is a budget item that needs constant monitoring. Set yourself a realistic goal, document your food and drink expenditures and make adjustments before it gets out of hand. Find cheaper, alternatives to fancy restaurants. Drink water with your meals (healthy too).
Look for friends who share the same goals because some of your friends may look down upon you for trying to control your social spending.
Keeping your needs spending to 50% and less of your monthly income.
It seems like lots of things that used to be nice to have, have now become needs: cable TV, internet, mobile phones… so keeping them all at 50% of your net pay is super important if you want to be wealthy. You can always find cheaper alternatives if you look around.
Practicing healthy habits.
Develop and maintain health supportive habits can help you avoid the expensive and energy draining problems of poor health. You know what you need to do:
Exercise, take the stairs, walk further (or bike to work) and regularly get that heart rate up
Eat your fruits and veggies and complex carbs.
Pass on the rich desserts and empty calories in sodas.
Drink plenty of water and get enough sleep.
Commit to making one positive change now and you’ll find yourself living a richer, more secure life which usually leads to being happier too.