12 Secrets to Multiply Your Money
Like every trade or art in life, creating, earning, accumulating and growing money has its secrets, and whoever knows them will have in their hands a source of wealth to use for their own benefit. The basic key to money are many, and those who manage it, will apply not only the general rules but also their own rules that has served to become a winner in that specialty. Perhaps you yourself have your own secrets that have been useful to you in getting the funds you need in life, but it never hurts to hear about some who have offered great advantages to money winners over the years. 1. If you work for a company, take care of your job and try to improve your salary, look for promotions and benefits, get company stock at advantageous prices and secure a pension to which your employer contributes regularly and who participates in good investments of your money. 2. Find a second job if you have a special talent or skill, and use it to earn more money at the same time. Start small and if you do well, it could turn into your own full-time business with a better income. 3. Always challenge yourself to grow further. This always plays a significant part in increasing the inflow of money. 4. Don’t buy things for fun and sell what you don’t use. There’s money hidden in your house! Take an inventory of everything you don’t use and make the most of it. 5. Make a list of how to make more money, your way! Think of a hundred ways you could put more silver in your pockets, from the most realistic to the rarest. This exercise will open your mind to start thinking positively about your potential. 6. Don’t save with one hand and spend with the other. A typical mistake is to keep the money at a 5%-6% interest in the savings account while keeping a high balance on one or more credit cards on which you have to pay interest of 15%. 7. Use whatever money they offer you. People who have used real estate to their advantage often take out a low-interest mortgage to pay for their homes, even if they have money to pay them off. That’s keeping money working for you. Every penny you give to the bank is one less than you can invest. Or they ask the bank for a line of credit on the value of a property to use that money for other businesses. If you’re in debt, make it strategic. 8. Don’t forget that a little money invested over a long period of time will yield great returns. Most of the wealth of millionaires comes from investments they bought for less. Buy quality investments and stay with them for at least five years. 9. Don’t pay too much attention to media alarms or pay too much attention to the terrifying economic predictions of newspapers. Stay informed about the basic facts, but always follow the strategy that has worked for you. 10. Spend less than you earn. Those who have accumulated wealth without inheriting money or winning the lottery, claim that saving is the basis of all fortune. 11. Invest regularly. People who have accumulated money take investments seriously. Diversify your money into stocks and mutual funds, as well as life and health insurance. The essential thing is, even with the ups and downs of the market, put the money to work in a balanced portfolio. 12. Don’t spend too much on goods that lose their value. Having a luxury car is perhaps the dream of many, but curiously enough the solidly wealthy don’t spend on expensive cars. They are more likely to buy a comfortable car than the luxury one.
Hi, I am Nikesh Mehta owner and writer of this site.
I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.