1. Be careful about small expenses
All of us are usually careful about making big
investments and huge purchases. However,
we tend to spend recklessly on seemingly
small expenses.
But of course, these small expenses can
amass to a big amount.
2. Focus on the future
It is very easy to spend money for getting
something that we like but at the end of the
day, you will end up spending everything no
matter how well you earn. Shift your focus to
the future instead of getting satisfaction in the
present.
3. Don’t buy unnecessary things to
make an impression on people
Although we all like to have good feedback
from our peers and friends regarding the
things we own, we need to set a limit for us.
You should buy things that you need but don’t
just buy those to impress others. Otherwise
the sky isn’t the limit for buying things!
“Stop buying things you don’t need, to impress
people you don’t even like.” – Suze Orman
4. Put things in black and white
There are so many expenditures in today’s
world that you would end up without any
savings if you don’t plan and budget your
money; the inflows and the outflows. Wealthy
people know where their money comes from
and where it goes.
An Excel sheet can really help you in this
regard.
“A budget is telling your money where to go,
instead of wondering where it went.”- John C.
Maxwell
5. Work hard
Unlike the common perception that wealthy
people just have fun and enjoy their life, the
reality is that they work harder than the
common person, at least in the most
productive age. So try to increase your
income, and when it gets increased, save a
larger portion of it than ever before.
“I like business and the truth is I save way
more than I spend. I invest. I plan for the
future. I have a special eye for opportunities
and work harder than anyone might expect.” –
Sofia Vergara
6. Save a huge portion of your
income
Again, we think that wealthy people are always
splurging and spending on things. No, they are
not. That is why they remain wealthy.
They always save a portion of their income. So
save a large proportion of what you get. This
will ensure that you do not run out of money at
any point in time.
“Save one-third, live on one-third and give
away one-third.” – Angelina Jolie
7. Make the most of sales and
bargains
Just like us, the rich love to get the highest
value of money. They always try to look for
getting more value through finding great deals,
bargains and discounts.
“Why should you pay more for something that
someone else is paying less for?” – Sarah
Michelle Gellar
8. Invest your savings wisely
We usually ignore the small amounts but such
tiny amounts can add up to a substantial sum.
If you have more, it is even better. To top it, if
you invest the money properly, you will be
amazed at the result yourself.
“A penny here, and a dollar there, placed at
interest, goes on accumulating, and in this way
the desired result is attained. It requires some
training, perhaps, to accomplish this economy,
but when once used to it, you will find there is
more satisfaction in rational saving than in
irrational spending.” – P. T. Barnum
9. Practice the Millionaire’s Formula
A common man’s way of thinking is usually
that he saves after meeting the necessary
expenditures. A wealthy person’s style is the
opposite: we like to call this the Millionaire’s
Formula.
Here’s how it goes: upon receiving your
income, put a certain percentage towards
giving back to the community, and also a
certain percentage for your investments for
your financial goals. Only spend what is left.
“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffet
10. Close leakages
The wealthy don’t ever pay any unnecessary
charges. They remain very careful about the
fees and charges that can be avoided.
“Beware of little expenses; a small leak will
sink a great ship.” – Benjamin Franklin
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