More often than not, income earners tend to struggle with their finances, as monies received constantly appear to be insufficient to meet the usual expenses to be incurred.
The lack of financial discipline, unplanned purchases and other factors, are usually responsible for one’s poor financial status. How do you bounce out of such a situation?
YEN.com.gh provides a few guidelines that could come in handy if you wish to live like a millionaire by age 35:
1. Try to cut down on things you spend money on
Without doubt, you would have more money if you spend less of what you earn.
Do take a critical look at the items you usually spend money on, and ask yourself if you need to change a few things in there.
2. Save & invest more
Savings and Investments are two proven ways to ensure that you have sufficient money for a rainy day.
The urge to put aside money for future use may be difficult, but yields positive returns in the long run.
3. Expand your sources of income
One could always find something creative to do, which would ultimately bring in extra income.
It is a lot better if it is something you enjoy doing, as the tendency to stick to it in difficult times would be strong enough.
4. Learn a new skill or go to school
Education contributes in a significant way to one’s financial status. It is generally agreed that the higher your level of education, the more you are likely to earn.
Learning a new skill or getting education could place you at a stage in life at which you could earn a lot more.
5. Learn from the wealthy
Going to school is one half of the picture; learning from the wealthy is another smart way to be like them. Get a mentor, and absorb all the practical principles of wealth creation.
YEN remembers Ebony with a lovely video: