8 ways to create wealth

October 14, 2019 admin Always Chink Positive, opinión

Credit to Author: Tempo Desk| Date: Mon, 14 Oct 2019 08:04:46 +0000

WHETHER you like it or not, the price of goods increases every year. But, if your wealth or your income does not catch up, does not increase, you are going to have a very big problem. There may come a time that you can be taken over by your debts.

Do not allow your expenses to go high while your income remains low. Do not allow yourself to be eaten by debt. If you want to increase your wealth or to create wealth to begin with, here are Yaman Tips: 8 Ways to Create Wealth.

CHANGE YOUR WAY OF THINKING

“Your way of thinking will dictate your way of living,” my mentor, Francis Kong, said.

Wrong way of thinking, wrong way of living

Right way of thinking, right way of living

So what are the wrong way of thinking that really prevents you to become rich and wealthy?

I cannot start because I do not have money. I do not have capital.

Let me tell you this: MONEY CAN NEVER CREATE MONEY.

Give a million to a person without knowledge about managing finances. Get back to him after a year. Probably, he is still poor. Now, take away all of the wealth of the late Henry Sy and Gokongwei. Take away all of their businesses. Get back to them after a year. Most probably, they will become richer.

This just proves that the amount of money you have doesn’t really matter. What matters most is your way of thinking and your knowledge of managing your finances.

CHANGE YOUR LIFESTYLE

Even if you earn a lot and have saved a lot of money, yet you have a lavish lifestyle, that savings will just disappear, too. The solution here is to change your lifestyle.

What are some of the lifestyles that prevent you from becoming richer?

Buying expensive coffee
Buying so much milk tea

You need to be more conscious of your lifestyle before you start increasing your wealth. You may not eliminate these leisure but for a start, you can slash these expenses to half. That move will give you a good amount of savings that can be added to your wealth.

DEVELOP THE HABIT OF SAVING

In saving, it does not matter how much you save. What matters most is that you have formed the discipline of saving. For now, your savings may be small because your income is not that much. But, if your income increases, your savings will also increase because you have trained yourself to always save.

ELIMINATE DEBT

Let’s strive to become debt-free so we can be stress-free!

If you have debt, you are unconsciously becoming a slave to other people and a slave to high interest. If only you get to the bottom of your debt and clear it, the money you are using to pay the high interest can instead go to your wealth.

START TO LEARN A NEW SKILL

Before, all I know was to sell things. Then I started to learn how to speak in front of many people. Now, I have this public speaking career. My mentor, Francis Kong, told me that I should write a book. So I developed the skill of writing. Right now, I have already published 13 best-selling books. Aside from that, I am currently developing the skill of vlogging. In short, more skills, more income.

START A BUSINESS

Imagine having two siomai stands which earns P2,000 a day per stand. Say that you are just open for 20 days a month. P2,000 x 20 days = P40,000 per month. Since you have 2 siomai stands, you can have P80,000 extra money per month only because you started an enterprise.

START TO LEARN FROM SMARTER PEOPLE

The position I have right now is because of the smarter people whom I have learned from. My principle is if I am the smartest person in the room, then I am in the wrong crowd. This just means that I will no longer grow. You need to find mentors and coaches so you can continuously grow and develop yourself.

START A PASSIVE INCOME

Successful and rich people do not work for money. They allow money to work for them and this is where passive income comes in. Passive income simply means that even if you do not do any work, money still comes in. One of the best ways to earn passively is through the stock market.

I have a friend who invested P75,000 in a stock. The stock price was just P0.75 so he bought 100,000 shares. The stock price went up from P0.75 to P75 after 10 years. In 10 years time, his investment of P75,000 became a whopping P7.5 Million!

Do you want this to happen to you? Are you interested in earning your passive income?

Let me help and guide you on how to
http://tempo.com.ph/feed/