What do the rich have in common?
A never-ending drive to make more than they currently have. It may sound impossible to some, but the rich share almost the same secrets when it comes to money-making which are very simple.
The actual process of making money may involve a lot, but the rules that lay the foundation of the process are quite simple and almost always ignored or never considered important.
This is because many people are focused on the end result rather than the process, which is a business killer. Below are five money-making secrets of the rich that will surely put you on a higher pedestal:
Invest Wisely
Before committing your savings or loans into a business venture ask yourself if you would invest 10% of your total net worth into it. Is it worth the risk? Are you willing to put your time, energy and most importantly money into it?
Conduct sufficient research before taking the risk of starting a new business. Preparedness reduces the risk of making losses for a business person. Make sure you are putting your money where it is sure to bring returns. Invest in profitable projects and put into consideration the amount of time it will take to make profits.
Focus on one venture at a time
Trying to run more than one business at a time is a huge risk, especially if you are trying out all these things for the first time. Here’s why:
- If you are starting a business for the first time, you may encounter losses, as you’re not an expert in the field. Imagine starting three businesses at the same time and encountering losses in all of them. This sets you back in a big way and recovery may take a long time.
- You are more likely to get better at one thing if you focus entirely on it. You learn more about it by giving it your time and you will experience growth faster than a person doing four things at a go.
- You may end up spending so much more than you intended to if you start more than one business at the same time. Unnecessary spending may occur which indicates poor financial planning and management. You may also lose money when you entrust people to “help” you run your businesses, people who will see gaps you cannot see because you’re too busy and take advantage of your negligence.
Save as much as you can
Saving is one of the most important money-making secrets that people take for granted. Savings can take you places, they can move mountains. Here’s a little secret to savings: act like it doesn’t exist.
If you save 20% of your salary for example, forget that the money saved is sitting in an account somewhere. Simply pretend it doesn’t exist. Set a standing order if you receive money monthly so that the money left after deductions is treated as the salary expected every month. Join Chamas, have a saving plan, sign up with a sacco, just make sure that you save, save, save!
Billionaire’s 3 smart money moves everyone should make
Spend your time wisely
As the saying goes, and as is obvious: Time is money. Time lost is never recovered. Time is more precious than diamonds and gold. Once it’s lost, it’s gone forever. Spend your time wisely. Spend it with people who add value to your time, people who will teach you the art of making money. Find ways of making money or making your money work for you. Prioritize your tasks to avoid wasting time on things that add little or no value to your business.
Give
The suggestion may sound archaic, but it’s as real as it gets. The more we give, the more we get. If you want to receive, you must first give. The universe has a strange way of rewarding those who give. The richest in the world spend a lot of their money giving to charities and NGOs that take care of the needy in society.
These people in turn testify of how they ended up getting more when they gave. Do not only give, but do so wholeheartedly without a grudge or worrying about where you will get extra from. This blocks your blessing. Give and never get tired of giving.
