I know what you are thinking. Who in their mind get bored when making money?
These days, I’m seeing a lot of people aspiring to become rich but not willing to hear what they should hear.
At the end, these people ended up listening to many of these so-called business gurus offering online classes worth thousands dollars ended up disappointed.
The reality is you need to do what every successful people in the entire of mankind’s history has been doing, which is to SAVE MONEY!
By now, I’m sure many of you clicked to not read this article further – not wanting to face reality.
Honestly, saving money is the key to becoming and remain wealthy.
No matter how much you make, if you still fail to save money, you’ll eventually become not wealthy.
Don’t believe it?
Just look at the number of business people, celebrities and athletes who made millions of dollars in their prime; yet despite all of the money, they still ended up in bankruptcy.
SO HOW TO SAVE?
“Not Wasting Money Is The Best Way to Save Money.” – Mokokoma Mokhonoana
Saving money alone is not efficient if you want to become wealthy. You need to devise a plan. A budget plan. This allows you to have clearer picture of where your money should be spent and where not to.
Budget plan does not help you solving your financial problems, it helps you see the problems!
Below is a simple process to create a budget:
- Create Your Networth Target – Create where you’d like your total networth be within a dateline. E.g. You aim a total of $500,000 within next 5 years. This means you need to make $8333 each month. This is where you start creating a budget.
- Budget – With a target, creating budget becomes easier. This is where you need to look at your personal finances. Start looking at expenses and cut whatever is necessary. Try to be as lean as possible in your spending. Then, look at your income and determine how much more you need to make money in order to make that $8333 per month. When you’re able to see where you are today in the aspect of wealth and how far are you away from reaching that target, your money awareness is heightened. This is the ‘awareness’ that every individual needs to help them save money.
Obviously, there’s more to it in devising a financial budget – but it would be a very long article to write about, something which I look forward to writing in the future.
Remember! Budget plan does not help you solving your financial problems, it helps you see the problems!
That’s it for today. Let me know in comment section of what you think about the article.