Many people today lacks financial literacy so therefore they think the easiest way to get rich is through savings, whereas they are doing exactly the opposite. In my previous article which you can find here, I discussed the 3 basic types of income and how you can take a percentage of your earned income and put It in passive form to make your money work for you.
Rich people who has made their dreams their reality has not done so through saving money. Saving is actually an obsolete way of achieving what you want (if you are still thinking of saving money to get rich, it’s high time you head up buddy this is 21th century).
THE ONE SINGLE REASON WHY I DISCOURAGE SAVING MONEY TO GET RICH OR FOR RETIREMENT IS “INFLATION”
INFLATION; this is the rise of usage services like Housing, transportation, clothing, and food. As time goes on, the prices of these amenities increases making the DOLLAR or whatever currency you hold worth less and less. For instance, if you put $10,000 in a savings account, and with a 2% rate of inflation, your $10,000 will only be worth $6000 in 20 years due to inflation. This is why you should invest your money in financial vehicles like REAL ESTATE instead of saving the money.
The best way of making your dream your reality is by making more money ( haven’t you noticed that whenever you save money, something always comes up to take the money away either someone fall sick or your car breaks down and others.)
Now the million dollar question is “how do you make more money”. The strategy I’m going to share with you in this article is used by only 10% of the world’s population uses this strategy because as you already know, only 10% of the population controls 90% of the world’s wealth. All the successful people out there uses on strategy and the strategy is “invest in yourself”. Invest in your mind, invest in your education, invest in your skill and technique, invest in getting more exposure to people who are successful, people who has made their dream their reality.
So the next question is “how do you invest in yourself”. The simple answer to this is to take 20% of your earned income and put it in your personal learning (this includes reading a book, attending seminals, taking workshop and training). Expose yourself to environment which allows you to grow. The honest truth is that you can’t get rich doing 9-5 job. If you don’t grow In your job or business, then you won’t experience a personal self-growth and once there is no personal growth, you will not be able to make more money. I recommend you to read good books on finances. A good start is “THINK AND GROW RICH” by Napoleon Hill. Don’t just read the book, try to comprehend its meaning and put it to good use.
I hope you find my article helpful. Thanks for reading
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