If you want to become wealthy, rich, or a millionaire, then you need to “Spend less than you earn then give, save and invest the difference.”
So when it comes to gaining financial freedom, you must develop these habits: give, save and invest. You can only do it if you “divide” any money that you receive and allocate a certain percentage for your giving, saving, investing, spending.
One formula is to allocate your money into (1) 70% for expenses, (2) 10% for giving, (3) 10% for saving, and (4) 10% for investing.
After reading this article you should be on your way to your financial freedom because you now know the secret habits of wealthy people.
Three Habits You Must Develop To Become Wealthy
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The first thing you should do is to spend less than you are currently spending by not buying things that you don’t need.
It is not about how much money you earn every month that will make you wealthy but how much money is left every month. For example, if you are earning 50,000 per month but also spend that entire 50,000 then you are left with nothing.
On the other hand, even if you are making only 20,000 per month but only spend 19,000 then you are left with an extra 1,000 monthly which in time can accumulate to millions.
You can start by identifying the things that you can go without. One technique is to list all your expenses for one week in a small notebook and at the end of the week analyze what you have recorded and look for things that you can stop buying regularly.
You might find out that you usually buy a soft drink every lunchtime but you can stop doing that and drink water instead. You are not only becoming healthier by doing so but also learning how to lessen your expenses.
Once you know how to spend less than you earn then you will have extra money to do the three most important habits: give, save and invest.
Giving is the secret that most people failed to do to attract wealth into their lives. It seems that you are subtracting from what you have.
The reality is that you are attracting wealth into your life with indirect and not obvious benefits that you gain by giving at least 10% of your income.
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Some call this habit tithing but that term is usually associated with giving to your church. You are not limited to giving only to your particular church or where you gain your spiritual growth but also to other causes that need financial support.
Sometimes it is very difficult to change what you habitually have been doing and that includes your spending habits.
So to be able to do habit number two-save-you may need to implement some specific strategies such as the “pay yourself first” and “automatic millionaire” strategy.
The idea of “pay yourself first” is that the first expense you make after receiving your paycheck is to yourself. Hence, if you do this you are constantly adding to your wealth account.
And the easiest way to do that is to use the “automatic millionaire” strategy which is to have the money come right off your paycheck or right out of your bank before you have the chance to spend it.
To do this you have to make a special arrangement to your company or bank to automatically transfer 10% into your special savings account before you even see it in your regular account.
But it doesn’t stop there, you must also learn what to do with your savings and that is what habit number three is: investing.
You should be setting aside a certain percentage of your income for saving and another for investing.
However, at first, you may only be able to save at least 10% of your income first then what you should do is to make the money work for you to multiply its effect and increase your chance and make it faster for you to become wealthy.
You make money work for you through investing in stocks, real estate, or mutual funds. If you invest you must do it with a mindset that you invest for the long term.
And that are the main concepts you must know to become wealthy. You start by learning to spend less than you earn then you consistently do the following: give, save and invest.
Now you know the three habits on how to become wealthy. So put it to use and be on your way to becoming rich, wealthy, or a millionaire.