Live Below Your Means.
If You Want to Live Better, Then Raise Your Standards. Do not go into debt, do not ask for money, do not spend money on things you do not need. When you stay at a constant income over the course of the year, and you neither lose nor gain money, you are living by your means. Loosing money means you are spending too much without raising your means or sources of income.
We often go for exactly what we need. If you are not getting what you want right now, or making the kind of money you want, then you do not feel compelled to work harder or smarter. Just like a parent will find a way to provide for their kids if they must, you will find a way to live by your standards. No more. No less. Raise your standards and you will raise your income.
Produce More Instead Of Saving More.
Never think about saving money on something. If you do not like how much you can spend on anything, focus on making more money instead of saving more money. You can always find more ways to make extra cash, but at some point you will meet your standards and won’t be able to save any more. Just like you can always put on more clothes if it gets too cold, but you cannot take off an infinite amount of clothing if it gets to warm.
Saving money ranges from what you spend to 0 expenses, from -X to 0. Making more ranges from what you spend now to the highest income possible, from -X to Y. Saving leads to you depriving yourself of your standards, saying that it is fine that you are sacrificing part of your life. Instead of settling for the lower life, demand of yourself that you can spend more and put in the extra effort to make more money!
Let Money Excite You Not Scare You. Most people are too afraid to look into their bank account. This is why they stop paying attention to their expenses. Do not fall into the same pitfall. If you do not look at your money, or if you are afraid of the amount in your bank account, you will move from a place of scarcity. This leads you to always associate something negative with money and therefore be afraid of money as a whole… even if it is to make more.
Read Also: How to invest like the wealthy 1%
Jobs Do Not Lead To Riches.
A job will lead your employer to riches maybe, but not you. As long as your money does not generate more money on its own you will always work for your lifestyle. Saving is not the way to go and neither is working. Instead, investing your money is the best way to be rich in the end.
That being said, what are you investing your money in right now? Are you investing luxuries, in entertainment or in investments that make you financially free?
People Buy Emotions Not Things.
Every person, including you, buys from an emotional perspective rather than a logical one. We do not buy something for the sake of needing it, but instead because we believe that it will make us feel better. We buy vacations to relax, that cake to make us feel good through the taste, and even garbage bags so we feel better in a cleaner home. All of these are ways to make us feel better. Knowing this is the first step to deciding whether or not you should buy something. And it is also the first step in seeing if other people will buy something from you.
If you can make other people feel great about the item or thing you are selling, they will buy from you. This goes as well for selling yourself in interviews and dates! Learn to have a great attitude about money, your product, and yourself, and you will make better decisions when buying things and taking care of your money.
Pick A Few Areas To Invest Into And Sacrifice The Rest.
Pick 1–2 areas of your life where you spare no expense, and in the other areas you should live like a beggar. For example, you can spare no expense on nutrition or investing in yourself, buying the best foods and the most amount of training possible, while you live in a tiny place, with a crappy car and old or second-hand clothes.
Doing this will make you feel like a King or Queen sometimes, while still living within your means.
Take Care Of Your Bills Right Away.
Bills are nothing to be afraid of. They represent your current lifestyle and it needs to be supported. Taking care of them right away removes them from your mind and you will be able to adjust your money accordingly afterwards. You never know what might happen, so take care of your bills as soon as you can.
Get Help When Needed.
Finances can be very confusing and there may be things we miss in terms of money. Many rich people have advisors that handle their money as well. If you need help with your finances, do not be afraid to get it! It’s okay to be bad at managing your money, it is not okay to do nothing about it. Find an expert, ask your family or meet up with friends to ask them for advice. Read books on finances, watch YouTube videos or take some online course. In a world ruled by money, why wouldn’t you learn about it?
Get help and train yourself in at least the basics so you can push for higher standards!
Improve Value Not Cost.
This is a tip for anyone in any job or business that sells anything: If you are ever low on money, do not focus on how you can make more money but instead on how you can add more value! Money is traded for something of value. If you can add more value to what you have to offer, you will receive more money for it.
How can you make your product better? How can you add extra value at your work? How can you improve the business you are working for? Or how can you do more than you are currently doing?
Money Is Your Duty. Money is not a luxury, it is not a necessity, it is your duty. You are responsible for making more money right now. If you have any family left then it is your duty to make more money for them.
Money is nothing evil.
It’s a misconception that money is a source of evil. Money is just a means to trade things, and neither good nor bad at its core. That being said, money does emphasize human characteristics. As we have less to worry about financially most of us come out of our shells.
That being said, you never know what you will need money for later on in life, as life is always changing. Are you really willing to take on the consequences? What will you do when your kid is diagnosed with a disease for which the medicine costs $10,000 a month? Will you tell them “I’m sorry. I cannot help you.” or will you take responsibility and make sure that doesn’t happen? You have a duty to your family to provide for them and to yourself to give you the life you want. Money is a means to an end, but some ends do require it.
CONTRIBUTED BY Lukas Schwekendiek
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