“Who wants to be rich?” Of course, you can imagine what the response, more like a chorus, will be. Everyone will signify and respond with, “I want to be rich.” Now, imagine asking that same audience, “Who wants to be poor? or who amongst you all wants to remain poor?” Again, the response will be a chorus, no one. However, there are certain things we do that makes us remain poor. The good news, however, is that if you are tired of being poor, then this video is for you.
1: Figure out why you don’t have money.
The first step to stop being poor is to analyze what might be the possible cause of the situation. Harold Herring suggests asking yourself questions like these; “1. Are you spending more money than what you’ve got?Are you living today off the money you expect to receive tomorrow?
2 :Are you spending money.
you don’t have to compensate for stress in some other area of your life, such as a hurting marriage, troubled or chronically-ill children or a difficult work situation?
3: Are you a victim of Parkinson’s Law?
Parkinson’s Law says that expenses will always rise to meet income.
4:Were you laid off?
If so, why? Was it something you did or didn’t do? Was it something you didn’t know how to do? Do you need a different skillset? Determining the reason why your financial state is the way it is will help you decide what to do next. Whether to cut off certain expenses or to start saving more or whatever it takes to get more money.
5#Cut back on your expenses and invest it in self-development.
Once you have determined what the problem is, it’s time to cut back on certain expenses and channel it into self-development funds. For instance, you might need to get materials on financial intelligence and the likes. You can even get materials that can help you improve your skillset in your field. If you have to, take courses, online and offline, register to attend conferences and seminars that can enlighten you as far as the area of your field is concerned. When you get better at what you do, people will begin to pay you more money to do it. For instance, a young actor will make far less than what a veteran will because the older actor has not only been acting for a long time but has also developed his acting skill to a level to attain mastery in the industry.
Robin Sharma, a Canadian writer.
Best known for his The Monk Who Sold His Ferrari book series, said, “To double your income and success, triple your investment in personal development and professional mastery.”
1. Get a side job.
Getting a side job can help you earn more money to sort bills and have enough money to save and invest with it. You know, the side job doesn’t have to be something difficult or overly demanding. You could even take the time to start growing your business. The idea is to start something that can earn you more money. According to Jarod Kintz, “You gotta run more than your mouth to escape the treadmill of mediocrity. A true hustler jogs during the day, and sleepwalks at night.” Also, working a second job helps you teaches you to become a hard worker, which is an essential ingredient for success.
2. Start budgeting .
You might think that you are not making enough money to make a budget but the truth is that if you don’t know learn how to manage money now that you don’t have so much, how will you manage it when you have more?
According to Frank A. Clark, an American politician, a lawyer and politician.
“Many folks think they aren’t good at earning money when what they don’t know is how to use it.” Budgeting is planning how and when you are going to spend every penny. In short, it means that you know where you are going to spend your money before it comes. Budgeting helps you to plan for expenses in advance and to start to put money aside for the bigger expenses that may come just once a year. Budgeting also allows you to cut off unnecessary expenses and give you the information you need to help you manage your money more wisely.
3. Make saving a priority.
Once you have started planning your budget, savings should be the next on your list. However, when you start saving, make sure you do that with a purpose. Save to invest, not just for the sake of saving. Benjamin Franklin, an American polymath and one of the Founding Fathers of the United States, said, “If you would be wealthy, think of saving as well as getting.” Also, according to Robert Kiyosaki, an American businessman, and author., “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” If you want to become rich, it is important to build a habit of saving, no matter how little it may be.