A few of these money tips simply may be reminders, while others may be things you’ve never considered. Millionaires make being rich look easy, but in reality many of them have long-established habits in place that help them retain and increase their wealth.
Some of the richest people in the world started from nothing, so don’t be discouraged if you’re in a financial bind. Try these simple money tips to help change your relationship with your bank account.
- Pay yourself first.
Many of us are in the habit of paying our bills first when we receive our paychecks, but that often leaves us with little to put towards savings. If you pay yourself first by setting aside money for your savings, you’ll be less stressed in the long run and better prepared for emergencies. Try saving at least 10% of your monthly income to start.
- Keep a balanced budget.
Do you know where your money is going? Are you living within your means? Millionaires don’t get where they are by spending frivolously. Take a closer look at your monthly earnings and set some spending limits. This will help you curb unnecessary spending and save money for a more lavish lifestyle later on.
- Earn passive income to increase your earnings.
Multiple streams of income are a great way to increase your earnings, and passive income is one way to achieve that. You can create passive income in numerous ways. Try becoming a referral source by asking local businesses you frequent if they have a referral fee. Many will reward you with a small incentive for passing business along.
If you have credit cards, take advantage of cash back rewards. Use your credit card on essential purchases to earn airline mileage or fuel rewards. And don’t forget about SocialBoost (coming soon!) which provides the opportunity for Meed users to earn money from the bank every month just for getting friends and family to become Meed users too.
- Invest in yourself.
One trait that many millionaires share is that they never stop learning. Mark Zuckerberg and Bill Gates lack college degrees, but they make up for it through self-education. Make sure you’re current on trends if you’re in a specialized field and become more well-rounded by seeking information outside your expertise. This could include setting aside an hour to read each day or finding a mentor you can learn from.
- Be prepared for emergencies.
Not only will an emergency fund reduce stress, it will also help you avoid falling into debt due to an unexpected crisis. Make sure you have life, car and health insurance, and create another savings account for emergencies outside of that. Strive towards having at least 12 months of income set aside.
- Automate your spending.
You can’t miss money you never see, so try to automate your spending where possible. This will prevent you from missing bill payments and incurring late fees, but also can be used for long-term savings if you have a 401K or retirement plan at work. With the Meed app, each time you earn SocialBoost income, half of it will go directly into your Meed secured savings account.
- Be decisive.
Napoleon Hill interviewed hundreds of millionaires for his book Think and Grow Rich, and one trait he claims they all have is the ability to make quick, yet smart decisions. Impulsive, irresponsible decisions often happen because of “decision fatigue,” when we spend too much time fretting over simple decisions, so our brains have less energy to spend on more important ones later on.
You can reduce decision fatigue by simplifying your wardrobe or meal planning in advance. This will free up space to give financial decisions the consideration they deserve.
- Be grateful for what you have.
Self-made millionaire Tony Robbins makes gratitude a part of his morning routine. This may seem difficult if you’re struggling, but it’s important to appreciate what you have in order to bring more abundance into your life. Try incorporating it into your morning routine to get your day started off right.
Even if we don’t all reach millionaire status in our lives, these money tips can help us afford the luxuries of the wealthy more often. And more importantly, these money tips can help us build a foundation for long-term financial security for ourselves and the generations after us.
To learn more about how Meed can help you achieve financial freedom, sign up with us at https://meed.net!