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You have probably come across a story or seen someone that just hit a jackpot, and in few month, return to being broke. They become so wretched you could swear they haven’t touched ten thousand naira in their entire life.
Money does not make you rich, knowledge does.
Most people don’t know what to do with plenty money — they can’t handle money. They don’t know the principles, steps and laws to follow to increase money.
They even wonder why they are constantly broke even though they earn big money, or just hit a jackpot.
What do you do with your money when you earn? Do you spend it, or hoard it, or invest it?
These are the simple ways to become rich.
1. First of all, L-EARN. You can’t save what you don’t have. One way to earn is to learn. Someone said, “Learn. Then after learning, remove the ‘L’ and earn!”
Investing in one’s mind via valuable knowledge is the best investment you can ever do. “No knowledge is a waste.” Knowledge is intangible money.
Personally, I am reaping from the knowledge I acquired years ago; they pay me big. Acquire knowledge, learn a skill, work smart — the money come by reflex.
2. Next thing to do after you earn is to SAVE. Don’t spend or invest yet, save first.
Some people go “yippee” immediately they receive salary alert. Time to spend! They have a budget of things to buy, they club, throw a party and spend the money carelessly to the last penny.
Then they return to being broke and anticipate another salary, then repeat the vicious circle again. They live for the moment then wonder why they are always broke.
As a matter of law, you should never spend on what you can do without. You should spend as little as you can on life’s basic necessities. Don’t binge, be frugal, save.
3. After saving, you should invest. Yes, don’t spend yet. Invest. Anywhere. Invest the money. Investment is a sure way to multiply your money. You don’t get rich by earning more. You get rich by investing more.
I invest in my time, I read books, I invest my money in music knowing it will pay in the future. Research, check out companies to invest in, buy shares. This is the magic. Investment increases your money. Poor people but expensive things to look rich but rich people invest the money first, then they now spend on the overflow of the ROI (Return On Investment.)
Never spend your money on liabilities. Buy assets like books(this increases your knowledge), real estate, rent-out houses.
4. Then, after you invest, and receive your ROI (Return On Investment) you can now spend out of the overflow. As a matter of law, never spend a particular amount of money until you have multiplied that money ten times. Then you can spend the ten percent.
This is what I do: Let’s say I just got paid, I write out what I want to buy. Then invest the exact amount of that thing until it multiplies by ten.
Then I can buy go get it. That is money working for you. Rich people don’t work, their money works for them.
Follow these rules stated here, and you will never, ever be broke in your life again.
If you follow these, intently, in a short time, you’d even be surprised at the inflow of money to you.
LEARN. EARN. SAVE. INVEST. and SPEND. Five sure ways to become a millionaire and get out of the circle of poverty!
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