Financial Tips, Wise Advice on Finances from Millionaire
In this article we will review financial advice for millennials. What your secret so that you can achieve success and be rich? ” You might be familiar with these question. Questions that are generally asked of wealthy successful people.
Many want to know the secret of someone’s success that makes them have financial strength and power over certain people. Success in luxurious material even though he initially lived mediocrely and came from a family with a weak economic background.
Being successful and rich certainly does not come by itself, but accompanied by prayer and effort. People who succeed and become rich generally walk steep roads that are not easy to get through, but they process to drink the sweetness of success. The process never betrays the results. The hard work done paid off with success and wealth.
There are so many successful people who share tips and even provide useful advice for those who want to achieve the same success. Here are some wise financial advice from rich people about making a lot of money that you have to listen to.
Save money in the form of savings and investment
Most people save money in the form of savings. They believe that saving money little by little will become a hill which means to be rich. True but not entirely right. The secret formula of millionaires is not so.
Setting aside some money to save is legitimate, it can even be used in an emergency because it can be withdrawn at any time. Determine the amount of money to be saved each month. Don’t save from the rest of the budget, but the budget for savings. If there is an excess after budgeting for savings and routine expenses, then invest the money.
Even though saving is important, it’s not the right way to get rich. Money saved in the form of savings will not develop optimally, because it settles and only produces interest, the amount depends on the nominal savings.
As with investment. Investment means investing, where the money is played to do business that is able to provide benefits or profit. For this reason, with investment, your money will grow faster. Many types of investments can be chosen, such as joining as an investor in a startup business, culinary, digital printing, securities, gold, and so on.
Avoid debt because it is slavery
Debt is part of finance that cannot be eliminated but can be avoided. Debt is not illegal, but the effect can drag you into dealing with the law if you can’t pay it. Therefore, avoid debt.
If indeed the situation and conditions force you to borrow money, then measure your ability to return it. Because, when you owe it to someone else, it is realized or not even recognized or not you have become a slave. You will work harder maybe even with a longer duration to get more income so you can meet your needs and pay off debt. Especially if the party giving the debt is a financial institution that has a ‘binding force’ so that debt payments can be made on time.
Be wise in using debt if you can’t avoid. Do not use debt for purposes that are consumptive, but productive so it will produce a benefit or profit that can be used to return the debt.
Needs must be met, but the level of fulfillment certainly does not need to be excessive. This is often difficult to control. Not a few people who like to buy goods that are actually not needed by reason of wanting to collect it. Call fashion products such as clothes, shoes, bags, accessories, perfumes, and toy products such as dolls, robots, and so on. This collection of items is a hobby that also requires a lot of money to fulfill them. Even the costs for this hobby can take up most of the budget.
Frugality is the best way to control spending. No need to eat in fancy restaurants every day, cooking your own food at home is more economical and fun. Clothing needs can be met without having to buy a branded shirt that costs to drain the contents of the bag, the important thing is good enough quality and comfortable to wear. By implementing a frugal lifestyle, your expenses can be more easily controlled.
Protect assets owned
Whatever assets you have, take care and maintain them well. This can avoid damage and loss. That is, assets that are well maintained and maintained will certainly last longer so that the utilization period can be longer. The positive impact, you can make savings because you do not need to pay service fees to repair damaged assets, or even buy new assets because they are lost
Apply a healthy lifestyle
Success and all the wealth you have will not be enjoyed if you are sick. For this reason, it is important to maintain health by applying a healthy lifestyle. Eat nutritious foods, take time to exercise, get enough rest, and regularly check your health. A healthy body will produce a healthy soul. If you are healthy and have strong stamina, then you can do activities that are useful to supplement your income.
Increase the ability and skills to make money
Success cannot run static, but must always be upgraded. Therefore, you must continue to learn, increase knowledge and expand insight. Don’t let your brain fall asleep with a comfort zone, but keep pushing to always think creatively and find new ideas. Supported by increased abilities and skills, then you will be able to continue to innovate to make more money.
This wise advice from millionaires related to finance must be read carefully and applied in daily life by those who want to achieve success and have health and financial independence.