7 Money Skills of the Wealthy

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7-Money-Skills-of-wealthy

Why do people earn more than 10 times more money in their lifetime than the rest of us? Do they work 10 times harder? Are they 10 times smarter? Of course, not! The bottom line is that wealthy people are good at the seven following money skills. Anyone can learn them.

Money Skill #1 – Value of Money

They value each rupee as a money seed. Just like a mango seed contains the power to grow into a mighty mango tree, each rupee has the power to grow into a mighty money tree. If you destroy a mango seed, the mango tree inside also dies. So, too, with a money seed. Wealthy people know that a rupee a day invested well can grow into a millions of rupees. So they are respectful of each rupee they spend.

Money Skill #2 – Control the usage of money

They control their money down to the paisa. Prosperous people take a few extra steps each time they spend money:

  • Shop for the best value.
  • Ask for and expect a discount.
  • Examine their receipt for mistakes.
  • Attempt to turn each expenditure into a legitimate tax deductible business expense.
  • Balance their checkbook to the paisa.
  • File their receipts upon returning to their home or office.

Note: These activities only take an extra minute of time to build long term financial peace of mind.

Money Skill #3 – Habit of saving consciously

Wealthy people love to spend money by wise spending. Moving sheds, they save at least 10% of what they earn.

Money Skill #4 – Investing money carefully

They have a system for investing their money. Imagine a series of buckets where money is siphoned from your main bank account. The first bucket is your emergency bucket.

Let your 10% savings flow there first. You must have at least three months living expenses saved in an insured bank account.

Once this first bucket is filled up, the stream of 10% overflows into one of three additional buckets. These include:

  • Conservative investments.
  • Moderately aggressive investments and
  • Very aggressive investments.

Tip: Contact a reputable investment adviser. Get him to help you put your savings into these three types of mutual funds. The money has to be automatically deducted from your bank account.

Money Skill #5 – Earn through multiple sources

They have multiple streams of income outside their job. This entire book is dedicated to showing you how to increase your earning power.

Money Skill #6 – Shield against liability

They protect themselves with trusts, corporations, limited partnerships, LLCs, and other legal entities. In truth, you want to live like a millionaire. However, you have very few assets in your own name.

Money Skill #7 – Share the wealth with others

They are very generous, donating at least 10% of their income. The secret is that money multiplies faster when it’s divided. When you share freely, you prime the pump of universe. We encourage you to establish a legacy that will outlive you. Plant the money trees from which others will harvest the fruit. This is true prosperity.

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The detailed report is compiled using the proprietary research notes that I have written over last two decades.