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Four Ways To Get Rich

You can make the best of what you have, and take active steps to grow your money. To do so, bear in mind these five key money principles.

Live Below Your Means

It is not how much you earn but how much you save that matters. If there is nothing left each month, you will never be able to find seed money for your investments. If you have been living paycheck to paycheck, learn to live within your means. Once you manage that, learn to live below your means. Draw up a budget and look for areas to trim.

Instead of spending $300 on clothing each month, can you cut it to $150? Instead of going to expensive restaurants every week, how about going just once a month? A savings of $250 per month, put into investments that give you a return of 6 per cent per annum, will find you approximately $116,000 richer in 20 years time. Save and invest 10 times that amount and you will be a millionaire.

Get Professional Advice

Not many of us have the know-how or the time to manage our investments. Worst, we may not even know how to start in planning our finances. We use the excuse that how to start in planning our finances. We use the excuse that we are not rich to warrant professional help. To have a plan that suits your individual needs and resources, be prepared to pay a professional fee, It could well be a small investment that will go a long way for you.

Have A Customized Investment Programme

Each of us has a different need, ability and willingness to take risks and should not settle for an off-the-rack solution. Leaving your money in bank to earn an interest rate that is lower than the inflation rate is safe but not the wisest option either. To grow your money, you must take calculated risks. However, your customized investment portfolio must be continuously monitored again market movements. Make sure your financial advisor is proficient enough to assist you in that.

Be Committed To Stay On Track

Even if you have the best financial adviser to chart out your financial plan for you, it would still require your commitment and discipline. It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes. Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and most of all, self discipline.

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