MORE TIME, MORE MONEY PART 7
1 Avoid going to
shopping centers and stores
just for entertainment.
Indulging to the need to window shop will only encourage you to spend more
money on stuff that you don’t really need. Instead, seek other places
to
entertain you, such as the museum,
the park or a friend’s
house. Don’t substitute shopping as a form of entertainment and you
will be better off.
2 Plan to invest on a small
business and use business model
that has a lot of potential of making you rich.
If you have not figured
it out, entrepreneurs go into business since they have
long realized
working on a 9 to 5 job will not make them rich. However, going into business requires
careful planning so make sure to cover all the bases. Start with a solid business model. If
you can’t see yourself raking in thousands or
millions of dollars with your business idea, you may want to explore more possibilities.
3 Carefully identify
and isolate your core strengths
then decide to build on them.
Find something you truly enjoy, this is a strength
that you can potentially build
and invest on. If you go into a business, it is best to venture
into something that will allow you to express your
strengths then you can develop it more through
repetition. A lot of people have successfully reaped great financial rewards
following this route.
Check out if you can cash in on yours.
4 Choose to operate in an industry
with high demand and significant profit margin.
You make profit based on the difference
on how much sales you make and the
amount of money you keep from every sale after deducting
the cost of delivering the goods or service. If you enjoy greater margin, then you will need
a fewer amount of
sales to earn a million. Before
getting into any business, calculate first the possible
margin of the products or service you choose to sell.
5 Opt to use cash.
Instead of
constantly charging your purchases to your credit or debit cards, choose to pay in cash instead
for all those non-‐bill spending such as gas,
eating out and the groceries.
Why? Paying in cash makes the experience of spending more real. There is also the fact that in choosing to spend
cash, you have better control of your expenses
instead of ending up spending
more than you earn.
6 Make some minimal weekly
savings transfers.
Try to deduct a
few dollars off your disposable cash every week. You can start by transferring $20 or $40 per week and transfer
it to your savings. It’s a relatively small amount that you maybe
barely notice but end up saving a large sum
of money over a period of time.
7 Choose to stay home instead of going out.
Going out will
encourage you to spend unnecessarily since you will be tempted to eat at restaurants, stop at the gas
station, go to the mall, etc. It is difficult,
almost impossible to avoid spending when you are on the road so stay at
home instead and seek other free
entertainment. You can also use this
free time to spend with your family.
8 Avoid getting
catalogs or any other emailed
announcements.
All these emails
and newsletters are all designed
by companies to sell you stuff.
When you frequently receive
announcements of cool new products
or
upcoming sales,
it can be very tempting to make a purchase on luxury items or service. Choose to stop all those catalog
and newsletter subscriptions so you don’t have to
deal with trying to resist temptation.
9 Choose to cook at home instead
of eating out.
This may be
difficult to do especially if you are too tired to cook after a grueling day at work. Instead of expensive dinners
or ordering deliveries and takeout fast
food that are not exactly healthy, throw in a quick stir fry using fresh or frozen
veggies. You
can also
research ahead
of time some no-‐fuss
and 10-‐ minute recipes, so cooking homemade and
healthier dishes doesn’t have to be a real burden.
10 Use the envelope system when segregating your money. This is following
the same concept
of paying cash. Use envelopes
in order to split your disposable cash into the different categories. If you empty one envelope, then that means you have completely spent your allotment.
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