20 simple best Ways to save lots of money in 2020. you can save over $500 every month following these steps.
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What we are focusing on
1. Focus on values.
2. Get a life.
3. Eliminate clutter.
4. Specify your results.
5. Burn your ships.
6. Put in more than you take out.
7. Live below your means.
8. Get rich slowly.
9. Pay lots of taxes.
10. Give it away.
11. They don’t spend beyond their means.
12. They never stop learning.
13. They save and invest early.
14. They have good insurance coverage.
15. They’re wise with unexpected cash windfalls.
16. They hold onto their houses and cars.
17. Salary isn’t the whole story.
18. Put it in writing.
19. Spending Must Align With Goals.
20. Have Plenty of Liquidity.
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1. Focus on values.
I’ve known people who made some money, but I’ve never known anyone who got rich without examining their own values, priorities and beliefs.
Start by writing down a list of things you value, things you believe, what you want, and what you plan to do with this incredible life you have. Start with your values.
2. Get a life.
Before you can handle great wealth, you must make room for it. This is the old, “if you build it, they will come” model.
Trying to squeeze success, wealth, fame or fortune into a small life won’t work. Create a life first; the lifestyle of your dreams will follow.
3. Eliminate clutter.
Trying to create success and achieve wealth while your life’s a mess won’t work. Success requires clear priorities and a passionate commitment. Simplify your life.
Eliminate excuses. Clean up everything that distracts you from reaching your most important goals.
4. Specify your results.
Nobody can hit a target they can’t see. Define your outcomes and set clear, achievable results in advance. Know what “success” looks like! Have measurable, specific outcomes and determine that you will achieve them!
5. Burn your ships.
There’s an ancient story about a Greek general who landed his troops on an enemy shore, then burned his ships.
He wanted to make it very clear: Retreat and failure were not an option! Leave no room for failure.
6. Put in more than you take out.
No one will pay you more than your services are worth! Get clear about that! You just can’t fool people very long.
Your services and your results must be far more valuable than the small fee you charge. Some people will rip you off; the rest will make you rich!
7. Live below your means.
Rich people know this. Wealth is accumulated, re-invested, used wisely and given away. It is never spent! Let the millionaire athletes and folks who win lotteries buy the fancy cars and flashy jewelry.
If you want to achieve great wealth, live simply, invest wisely, enjoy it all!
8. Get rich slowly.
The key to great wealth is to minimize income, while maximizing your assets. Income is taxed.
Income gets spent — think about all the cars, boats, diamonds and houses people with huge incomes like to buy! Investing in assets that are hard to spend (buildings, stocks and bonds, collectible art, etc) creates wealth that is not taxed, and isn’t spent on a casual impulse.
9. Pay lots of taxes.
No, I’m not talking about paying more than you owe, but pay every cent the law requires.
Rich folks don’t haggle over nickels and dimes, they invest to make millions! If you can legally avoid taxes, do so! Use the law to your advantage when you can.
But juggling the books to hide income or save a few bucks, wastes your time, wastes your energy, creates fear of getting caught, and makes you cheap. Don’t do it!
10. Give it away.
You can’t take it with you when you die, and money is not attracted to the selfish, the miserly or the mean.
If you would attract money to your life, be clear about what you want to do with it.
Contribute to charities that will use it for good. Make the world a better, richer place and you’ll create wealth that will last for generations to come. Your children will thank you!
11. They don’t spend beyond their means.
The invisible rich do not stretch financially. They only buy what they can afford and don’t try to keep up with Joneses.
12. They never stop learning.
The invisible rich realize that an investment in their own education is the best investment that they can make.
After all, knowledge is power—and greater knowledge can also lead to a bigger paycheck down the road.
The invisible rich hop on every opportunity possible to continually learn.
13. They save and invest early.
The invisible rich understand the value of putting their money to work. Whether through retirement plans such as 401(k)s, IRAs, 529 plans for college or any other kind of savings plan, the invisible rich understand the concept of compounding and how money can grow over time.
14. They have good insurance coverage.
The invisible rich believe that the cost of insurance is worth it in order to protect what they own and their loved ones.
Whether it be house insurance or life insurance, the invisible rich place great importance on protecting themselves and their family from unforeseen circumstances.
15. They’re wise with unexpected cash windfalls.
Don’t expect the invisible rich to go out and buy a new yacht with a large inheritance that was just received.
Even if the invisible rich hit mega millions, you can expect this group of people to act responsibly with their newfound funds.
16. They hold onto their houses and cars.
The invisible rich don’t need the latest and greatest car model, nor do they need to live in a house with a mortgage that they will have to pay for a lifetime.
Instead, the invisible rich look for cars with moderate loan payments and homes priced at a number that won’t leave them house poor.
17. Salary isn’t the whole story.
Climbing the corporate ladder will only get you so far; at some point, you reach your earning potential and plateau.
The rich know that in order to grow wealth, it’s important to make your money work hard for you — not the other way around.
In fact, Robert Kiyosaki, author of the No. 1 best-selling personal finance book “Rich Dad, Poor Dad,” built his entire money philosophy around this concept.
Generating income from passive, rather than active, income sources is the best way to do this.
Investments that yield passive income include dividend-paying securities, rental properties, profits from a business you do not directly manage on a daily basis — even royalties on creative work or inventions.
18. Put it in writing.
The difference between having an idea and putting it on paper is often what separates the uber-successful from average folks.
And if you equate success with wealth, it might be time to start writing down your goals, both large and small, in order to become rich.
19. Spending Must Align With Goals.
One of the keys to being rich is having goals, said Michael Kay, president of Financial Life Focus and author of “The Feel Rich Project.”
“They know what they care about,” he said. “Maybe it’s passing wealth to another generation, maybe it’s attaining a particular lifestyle.
They are mindful of not wasting resources on things that have no value.”
According to Kay, the wealthy only seem to spend money on things that they care about.
The rest of us can learn from this by setting our own goals and then monitoring our spending to see if it aligns with those goals.
20. Have Plenty of Liquidity.
The rich make sure they have sufficient liquidity, or cash, to cover their short-term needs. They have an emergency fund, so “they don’t have to disrupt their life for an unexpected occurrence,” Kay said.
The fact that rich people have money set aside for rainy days isn’t solely a function of their wealth. They have cash reserves because they are disciplined enough to save.
Everyone should aim to build an emergency fund with enough cash to cover six to nine months of expenses, Kay said.
However, you don’t have to set that much aside all at once. You just need to be working toward that goal with every paycheck.
With that in mind, you should arrange to have a set amount automatically transferred from your checking account to savings each month.
The self education industry is a $355 Million per day industry and is expected to TRIPLE in the next 5 years! And with the right strategy this could be your opportunity to:
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Talk soon