“No money, no talk.”
Does that describe your reality?
That pretty much applies to the majority; getting rich is something many of us want to achieve.
The habit of persistence is the universal rule to success, it applies to wealth management, too. Following are quick little tricks that seem like nothing but make magic in the long run:
#7. Keep the tips for yourself
Paying the service charge from the bill is enough, you don’t always have to tip your server.
If you see a tip jar, it doesn’t automatically mean you have to tip some in.
Of course, it maybe against your personal morality, some people say it’s embarrassment, some say it’s securing wealth.
You decide; money or reputation.
#6. Don’t act on burst expenditures
What do I mean by burst expenditures?
Here’s an analogy:
It’s a hot summer day and you are walking on the streets under the blazing hot sun without water, you feel thirsty and are in need of a drink, you see a cart nearby selling overpriced iced water, and you’re 15 minutes away from home; what do you do? Buy or endure until you get home?
Your answer to this question determines your perseverance for securing wealth.
(Maybe this is why you should carry a bottle of water wherever you go.)
#5. Get a piggy bank
Some people believe piggy banks are only for children.
Not really I say.
Dropping in your daily extras into the jar let alone in a year, you may be astonished with the money you’ve actually accumulated.
The problem is, some people cannot resist the temptation to grab some coins out for a particular reason. If that’s the case for you, I recommend you to use a one-time breakable porcelain/ceramic jar.
Or rubber ones for reusablility.
#4. Eat home, cook it yourself, DIY
Avoid eating outside unless it’s an absolute need.
Instead, go to the market and buy fresh organic food and cook them yourself at home. When you finish, wash the dishes yourself.
Eating outside makes you spend money on things you already have or can do e.g. washing the dishes, rent, service charge…etc. Why eat at someone’s property when you already have a property?
Are you really going to pay 10% service charge for someone to do simple jobs for you e.g. placing an order, carrying your food from the kitchen to your table and doing your bill?
Eat outside ten times, and you’d earn a free meal just from the service charges.
It really adds up in the long run. (is 10% typical anyway?)
#3. Lock your credit cards home, set limits
To secure wealth, the primitive step is to hide/lock it.
Leave your credit cards home and bring a limited amount of cash outside so that you can’t act on uncontrollable burst expenditures.
If you are worried about the just-in-cases, stash some notes in a hidden pocket of your wallet for backup use only.
#2. Set yourself budgets, wisely
Set yourself a budget to use, it doesn’t mean you have to spend it all, you have the choice to save them.
It’s smarter to follow a daily budget system, rather than a monthly routine. Why?
Because using a monthly routine, you may sometimes unknowingly spend a little too much and have insufficient money left even for your basic survival needs, causing you to withdraw from the bank.
Thus, don’t spread a budget system over a long period of time – I say one week is maximum.
#1. Save, invest, for more
A general rule is to save 10% of your income for investment.
If you are not too interested in risk-taking investments, just bank them for interests.
What’s going to secure your money more in case you get a little itchy wanting to use them is to set your savings on a fixed interest rate over a period of time, and because stopping it mid-way will earn you nothing, you might as well not touch it.
- Keep the tips for yourself, service fee is enough
- Don’t act on burst expenditures e.g. bottled water
- Get a piggy bank, preferably a one-time-breakable one
- Buy, cook, eat, wash meals yourself
- Lock credit cards home and limit cash in your wallet
- Set budgets for yourself, the shorter the routine the better
- Save a minimum of 10% of your income and invest, if not, bank for interest
These quick little tips require a good degree of self-control, if you love saving, you can probably do it.