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IN Lifestyle ON 10 Jan, 2016
There are certain mistakes that we normal people are making unknowingly which a real rich man never makes. The journey to richness takes a bit of your will power, topped up with some self-control and little consciousness while making any financial decision.
Here are nine mistakes that rich people never make, and you too shall not make them if you want to be rich.
America's first millionaire, Benjamin Franklin said, "An investment in yourself pays the best returns." Never refrain from investing in yourself.
Entertainment is obviously important to refresh and rejuvenate yourself after a long time at work, but most of the people spend 50% of their paycheck on entertainment that is not at all recommended.
If you buy what you don't need now, you won't be able to buy what you'll really need in future. Spend wisely.
All the banks are distributing credit cards for free but ask yourself if you really need one. Spend whatever you have, bury that AMEX card in your backyard.
Mortgaging your house may lead to the endless battle of re-payment, bill overdue and inflation. When you mortgage a home, you are likely to pay double of the original price. Never do this.
Couples usually don't talk about money. Talking about money in relationship makes them uncomfortable which most of the time leads to arguments. Make a pact with your spouse and discuss finance with them.
This is the biggest irony. When people are working, they think about vacations and when they finally get vacations they can't stop thinking about work. Don't overload yourself with work during vacations. A day off from work means a day off from work.
A penny saved is a penny earned. That's all I would say.
The majority of people in this world are working for money, and the rich people let the money work for them. They know that their money will be a by-product of the service or product they are selling. Focus on adding value for society, don't run after money.