How to Grow Money? Many of these tips may look simple but these are what top millionaire’s have used. Here are the 10 Tips on How to Grow Money:
1. Start to Grow Money Now
If you want to grow money, start to grow now. Not next month, not tomorrow but start today and use time to your advantage for compounded growth. The longer the time horizon, the better for you and lowers your risk too.
2. Invest Regularly
You must cultivate the habit of saving and investing regularly if you really want to grow money. Do not save or invest once or twice a year. Do your best to do save and invest monthly and practice good money arrangement.
3. Continue Learning
Do not stop learning. Attend courses, read books or go for seminars to continue to grow money effectively.
4. Do not underestimate the Power of Starting Small
A lot of people have the belief that they need to have a large sum of money to begin to grow money. That is nonsense. Many wealthy people are what they are today by starting small. Do not underestimate the power of starting small amounts saved and invested over long term. A few dollars saved daily can means a lot.
5. Get Rid of Your Debts
Debt, no matter how small always has interest working against you. Unless you can get significantly higher returns on your money, it is better to clear your debt first. Imagine yourself without owing anyone any money, like your car, your house etc.
6. Generate Passive or Residual Income
To grow money and financially free, you have to keep generating passive or residual income or in other words, make your money grow harder for you.
7. A Dollar Saved is a Dollar Earned
Some people have no qualms about spending a little here and a little bit there but fail to realize that these small amounts can be huge amount in the long run. Each dollar you save now is like laying a brick for your financial fortress. Therefore, the more you save, the faster you grow money.
8. Buy Stocks Not Products
This is one of the best prices advices I heard. If shopping is what you like to do and you want to grow money, stop what you are doing. Instead of buying products, buy the company i.e. buy their stock. A study has shown that majority of wealthy people save and invest at least 25% of their income. It is not because they are rich; this is the REASON why they are rich.
9. Model after Successful People
Do you often read about rich and successful people and hope that you will be like them one day? Take a step further. Study them and find out how they grow money, how they manage their money and investment. Model after them.
10. Unless Your Parents Are Wealthy, Don’t Follow What They Did
If your parents are not wealthy, chances are you will not be wealthy as well if you followed what they do with money or money advices they gave to you. If you want to be financially independent, break out from their practices and money management habits of your parents.
While I cannot guarantee that you will be wealthy if you follow these 10 Tips on How to Grow Money, but I am confident that you will be richer person than what you are now :)
1. Start to Grow Money Now
If you want to grow money, start to grow now. Not next month, not tomorrow but start today and use time to your advantage for compounded growth. The longer the time horizon, the better for you and lowers your risk too.
2. Invest Regularly
You must cultivate the habit of saving and investing regularly if you really want to grow money. Do not save or invest once or twice a year. Do your best to do save and invest monthly and practice good money arrangement.
3. Continue Learning
Do not stop learning. Attend courses, read books or go for seminars to continue to grow money effectively.
4. Do not underestimate the Power of Starting Small
A lot of people have the belief that they need to have a large sum of money to begin to grow money. That is nonsense. Many wealthy people are what they are today by starting small. Do not underestimate the power of starting small amounts saved and invested over long term. A few dollars saved daily can means a lot.
5. Get Rid of Your Debts
Debt, no matter how small always has interest working against you. Unless you can get significantly higher returns on your money, it is better to clear your debt first. Imagine yourself without owing anyone any money, like your car, your house etc.
6. Generate Passive or Residual Income
To grow money and financially free, you have to keep generating passive or residual income or in other words, make your money grow harder for you.
7. A Dollar Saved is a Dollar Earned
Some people have no qualms about spending a little here and a little bit there but fail to realize that these small amounts can be huge amount in the long run. Each dollar you save now is like laying a brick for your financial fortress. Therefore, the more you save, the faster you grow money.
8. Buy Stocks Not Products
This is one of the best prices advices I heard. If shopping is what you like to do and you want to grow money, stop what you are doing. Instead of buying products, buy the company i.e. buy their stock. A study has shown that majority of wealthy people save and invest at least 25% of their income. It is not because they are rich; this is the REASON why they are rich.
9. Model after Successful People
Do you often read about rich and successful people and hope that you will be like them one day? Take a step further. Study them and find out how they grow money, how they manage their money and investment. Model after them.
10. Unless Your Parents Are Wealthy, Don’t Follow What They Did
If your parents are not wealthy, chances are you will not be wealthy as well if you followed what they do with money or money advices they gave to you. If you want to be financially independent, break out from their practices and money management habits of your parents.
While I cannot guarantee that you will be wealthy if you follow these 10 Tips on How to Grow Money, but I am confident that you will be richer person than what you are now :)
Source:
Info from my sifu :)
