15 Things Poor People Do That The Rich Don’t


Can we learn from the habits of poor people when it comes to money? Yes, when considered against what the rich would not do.

It is a fact that the choices people make will affect the life they experience.

Quite simply our lives are dictated by the choices we make whether we like it or not.

The video in this post  makes some interesting observations about the choices made by people destined to remain poor relative to those who enjoy greater prosperity and the finer things in life.

Now you might feel that some of the observations made here are a little harsh on the less fortunate but actually in my experience the points being made are bang on the money.

So you’d be wise to listen carefully and think about the underlying messages and be honest with yourself.

Just think about it for a minute and I’m sure you’ll agree. We enhance our value by increasing our knowledge and skills, not knowing who the latest fashionable celebrity is dating. Why would that matter to anyone?

Listen, learn and change as necessary. You don’t have to be poor but, if you are right now, then you need to start making some changes.

Nothing will change unless you do first.

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11 Secrets only millionaires know about wealth

If financial freedom is your aim then it would make sense to learn as much as you can about money, wealth and the way it all works. If you’re serious about accumulating wealth then learning is an on-going process because the more you know the better you’ll become as an investor.

So how much do you know about the modern laws of wealth?  Well you may not know much but you can bet that the majority of millionaires will have a solid grasp of these laws. The one thing they all know is how to make money and how to make sure they preserve the value of their capital and make it grow.

As the old saying goes, if you want to be successful find someone who is successful and copy what they do. If you want to be a millionaire it makes sense to me to copy the things that millionaires do. To get you started this video reveals 11 secrets that only millionaires know. It’s well worth your time and I can recommend it.

If I’ve whetted your appetite for mastering the game of wealth-building then you might want to start reading a few books on the subject. In fact it would be a good idea to purchase your own small library of reference books on money matters which you can then dip in and out of as necessary. One book I found truly inspiring was Secrets of the Millionaire Mind: Think Rich to Get Rich by T Harv Eker.

If you’ve ever wondered why some people achieve wealth effortlessly while others work just as hard but struggle financially then this book is for you. It explains how to master the game of money so that not only will your financial success be achieved but it will show you how to ensure your wealth is retained once you have it.

This book will provide you with insights that will help you take action to transform your financial self, quickly and permanently. It offers dozens of high-income and wealth creation strategies that you can use. Read it and you’ll learn what wealthy people know that others don’t. It sheds light on the cause of almost all financial problems. It even explains how to earn passive income, so that you could be making money even while you’re sleeping. Now how good would that be?

If you’d like to develop your own personal money and financial success blueprint then I recommend you purchase this book. It is available from Amazon and you can buy it here now.

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How to Save Money: 10 Tips to Boost Your Wealth

How to save Money? That’s a question we all ask occasionally. Certainly it’s one to ask if achieving financial freedom is your aim.

Do you have problems saving money?  Does your salary disappear long before your next pay day? Do you experience too much month at the end of the money? Certainly it’s a good idea to put some of your money away each month in order to build a capital sum for the future.

However, that’s easier said than done I can hear you say. How can anyone save money nowadays? That’s a question most people ask frequently.

It isn’t easy but it can be done and it requires determination and financial discipline.  Some people do it, so why not you?

Working for someone else is unlikely to make you rich but, if you have an income, it can provide you with the basis for building wealth. It’s not necessarily about becoming rich. It’s simply about building a capital sum over time which might make your life easier when you’re in need of a large sum of money in the future. That might be to purchase a property when you’re getting married or perhaps when you decide it’s time to retire.

The key thing is to start as early as you possibly can. The earlier you start the more you will benefit from the magic of the compounding effect.

So here are 10 tips to help you start saving your money:-

Tip 1: Pay Yourself First

Each month when you get paid take a percentage of your income, say 10% or whatever is reasonable, and put it away somewhere safe. It will be a bit like tax and other stoppages. Once it’s gone, you get used to managing on what you have left. If it goes at the beginning of the month it’s gone and it’s safe.

Do this each and every month and over time your savings will start to grow faster than you think.

Tip 2: Don’t let expenditure exceed income

Money comes into your hands and then money goes out. You have to make sure that you don’t spend more than you earn. And don’t spend money on stuff you don’t need and probably won’t use.

Tip 3: Make a Budget

Create a budget to cover your basic expenses plus your discretionary expenditure. Limit your discretionary expenditure and stick strictly to your budget. Manage your money properly and you should have something left at the end of the month.

Tip 4: Reduce your expenditure

How often do you buy that expensive coffee on the way to work? Cut out the coffee from Starbucks and the saving over a year can be substantial. If you buy expensive sandwiches from the Deli at lunchtime then you could make another saving by making your own sandwich and taking it to the office with you. ‘Brown bag’ as the Americans say, and that saves money. Again over time the savings will add up.

Tip 5: Ditch the Credit Card

Credit cards can be a convenient means for paying. However they can also be weapons of mass wealth destruction. For a start research studies have shown that people who use their credit cards as a means of payment for every purchase tend to spend more money than people who use cash on average.

Similarly with a credit card it is so easy to spend money you don’t have on things you don’t need both in shops and online.

And if can’t settle you credit card bill in full at the end of the month you’re left with debt and interest payments at extortionate rates. That debt can easily grow to levels which then become difficult to control.

Ditch that credit card and you’ll probably save a lot of money over time.

Tip 6: Downgrade your accommodation

Could you live in a flat or apartment rather than a house? If you live in a big house could you live in a smaller one?

Your lifestyle choices can prove to be expensive. If you want to reduce your expenses then downgrading your accommodation is one way of doing it.

Even a small downgrade can produce a saving which could help in your goal of building a capital sum.

Tip 7: Live without a car.

In some ways life can be easier when you’re mobile. However it comes at a significant cost.

In addition to the capital cost of the car, there is depreciation over time plus the cost of fuel, insurance, maintenance, parking and wear and tear.

The cost of motoring can be high indeed. If you could make do with public transport then you can save a lot of money.

Tip 8: Use Discounts Coupons and Codes

We’re frequently given discount coupons and discount codes but how often do we make full use of them?

Such savings individually may not seem like much but the cumulative effect of this approach can save you a lot of money over time. Never be embarrassed to used discount coupons and codes. Take every opportunity to make savings on your purchases.

Tip 9: Spend Your Money Wisely

How often do we spend our money on stupid stuff? Things we don’t need and/or will never use. Before you buy ask yourself, “Do I really need this item?” and “Will I actually use it?” If your answers are in the negative, or even just probably negative, then don’t waste your money. Save it instead.

Tip 10: Take advantage of tax breaks

Take every opportunity to benefit from tax breaks. Tax evasion is illegal of course but when there is a genuine and honest opportunity to save tax then you should always take advantage of it.

Overall this list of ten tips is by no means comprehensive but these tips will help you save if you are disciplined in your approach to managing your money. So what are you waiting for? Get serious about saving your money now.

If you want to improve your knowledge on how to save money, there are some great books on the subject. Start your financial education right now and buy yourself a couple of decent reference books. And read then, frequently.

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© Roy J Sutton and Mann Island Media Limited 2018. All Rights Reserved.

What’s the difference between saving and investing?

What’s the difference between saving and investing? A friend recently asked me this question and I thought it was interesting because most people appear to view these terms as two words for the same activity. However this is definitely not the case.

Savings:

Essentially saving is the money you manage to retain from your earnings each month, which you then keep in the bank on deposit. Either this money is surplus to your needs or it is a sum which you have proactively taken from your earnings at the beginning of each month in order to ensure that over time you can begin to build a significant capital sum. If you’re adopting such a proactive approach to saving then give yourself a pat on the back. However, even when money is on deposit, you should be seeking the best interest rate you can find.

Investing:

If you are saving regularly then over time you will start to build a significant sum of money and that’s when you can start thinking about investment. The point of investing is to enhance your wealth; to turbo-charge it if you like. To ensure that your hard earned money works for you and grows over time such that it keeps pace with inflation and attains a high enough rate of return to provide you with some capital growth.

Conclusion:

Investment is a serious approach to managing your wealth, spreading risk and diversifying over various asset classes. Being a saver is good; being an investor is even better.

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© Roy J Sutton and Mann Island Media Limited 2017. All Rights Reserved.

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